PPI deadline fast approaching and it’s estimated as much as £10bn of compensation still lies unclaimed
Consumers have until a week on Thursday to file compensation claims for Payment Protection Insurance mis-sold to them in the 1990s and 2000s.
Failure to complain by 11.59pm on August 29 – the deadline set by the Financial Conduct Authority – means they will lose their right to claim any money back.
In some cases if a customer asks a bank or credit card provider whether they sold them the insurance, the institution will treat it as a ‘complaint’, thereby making the customer eligible for compensation if it turns out they were mis-sold PPI.
Do it now! The FCA has had a Arnold Schwarzenegger telling people to get a move on in a series of adverts
The regulator has been urging consumers to ‘jog their memories’ to see if they recall being sold the cover alongside a loan or credit card.
It was often bought unknowingly and, even when purchased knowingly, the insurance rarely paid out as a result of myriad exclusions.
The FCA will provide ‘a week to go’ update this Wednesday, but experts say as much as £10billion of PPI compensation lies unclaimed – £40billion has already been repaid.
Claims forms can be downloaded from fca.org.uk/ppi/help-support or call 0800 101 8800.
You can use the This is Money PPI tool for free to help reclaim money you may be owed.