Economy

Consumers Have Trouble Making Claims As PPI Deadline Looms

Consumers Have Trouble Making Claims As PPI Deadline Looms”

Today, Martin Lewis, the founder of MoneySavingExpert.com, appeared on BBC Breakfast, urging viewers to check to see if they could claim back money for mis-sold PPI.

'It is repayable if you were resold or if the commission was too high they should be giving that back to you'. Web sites crash. Telephone traces get clogged up.

He said: "If you are checking directly with your bank, ask it for a written confirmation that your enquiry has been submitted, and that this means your claim is triggered".

Still very popular on the cold calling list, if you have vaguely made an insurance claim or been in a auto accident, you can expect some unsolicited phone calls trying to help you claim compensation.

Some people have taken to social media to complain of the issues.

"Because once you start, there's no time limit".

The fact that one can reclaim PPI on behalf of someone who has died has been relatively overlooked.

"Then email it to yourself so you have a time stamped contemporaneous note".

It is the last day members of the public can start a claim - and these claims can then be continued and escalated to the Financial Ombudsman Service after the deadline has passed.

If you're unsure whether you had PPI you can contact the bank directly to check - it then has eight weeks to respond to any mis-sold claims. You will need to contact your provider directly, but don't worry: you won't need the paperwork if you don't have it or can't find it. A claim can be made through the FCA website, which the bank or financial provider will receive, and claimants should receive an acknowledgement of the claim within eight to 10 working days.

There are a host of free template complaint letters available online.

There are plenty of claims handling companies that are trying to get people to complain through them because they can charge a fee, but there's no need to do this.

Processing the claim yourself means you'll get to keep all your compensation. You can also call the FCA-managed assistance line on 0800 101 8800.

Nevertheless it was discovered that PPI was usually mis-sold, with many individuals being pressured into buying it and never being made conscious of insurance policies.

Last month, several banks and building societies agreed to submit PPI complaints for you to ensure the deadline is met.



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