Beat the Banks and Reclaim Your Mis-sold PPI
Can I claim PPI compensation?
For some people, deciding if they have a claim for mis-sold payment protection insurance (PPI) is a mystery. We want to make sure that you fully understand the process so that you don’t miss out on claiming your money back.
My bank wrote to be a while back telling me I may have been mis-sold PPI. I don’t think I have a policy and so assumed that it was a marketing letter. But, on talking to my neighbour who is enjoying a PPI compensation payment, I may be able to make a claim. However, her husband said I may be too late as he heard there was a deadline on making claims to banks. Is this right? And do I have a claim?
In 2013, banks and lenders were told by the Financial Conduct Authority to write to their customers who they knew had a PPI policy and invite them to make a claim for compensation.
Any customer who received a letter had three years within which time to make a compensation claim, starting from the date at the top of the letter.
Many people received such a latter but were unsure whether to proceed or not as they were not aware that they had a PPI policy. Thus, many people simple ditched the letter.
Thus, the answer to the question is this:
- When did you receive the letter? You only have three years from the date of the letter to make a claim thus, we suggest finding out if you did have a PPI policy with the bank as soon as possible!
- PPI was added to specific debts, so if you have a credit card with the bank, a loan, mortgage and so on, then you may have a PPI policy on each of them.
- Your bank should be able to tell you if you have a PPI policy and how many
My mother is in her 70s and had a small loan with her bank to help pay moving costs when she sold her property. On looking at the paperwork, I’m sure she had PPI but I think she has a claim for compensation because of her age. Mother is adamant that she did not buy any insurance policy and that the bank, with whom she has banked for 20 years or more would not do such a thing. What do you think?
We suggest you clarify whether this policy is in fact PPI. If it is, your mother will have a claim for compensation because the policy only covered people from the age of 18 to 65, in most cases.
Unfortunately, like many other thousands of customers, your mother’s trust and confidence in the relationship with her bank was not reciprocated meaning she may have been sold the policy without her knowledge or consent.