Figures revealed by the FCA (Financial Conduct Authority) show a massive £350.7 million PPI payout in May 2019. And the numbers continue to rise as the deadline to claim gets closer and closer. The cut-off point to submit a claim set by the FCA is 29th August 2019.
One executive at a high street bank, when describing the explosive growth in claims said “It’s gone nuclear in the second quarter of the year”.
To cope with the pressure many lenders have recruited additional staff to process the flood of new claims.
So what is PPI
PPI (Payment Protection Insurance) is a type of insurance that was sold in addition to financial products like loans, mortgages, credit cards, catalogue accounts and car finance deals. It was designed to help customers meet repayments if they were made redundant or fell ill and were unable to work.
However, policies were widely recognised to be mis-sold from as early as the 1990s, though the financial regulator didn’t start finning companies from 2006. Since then the surge of PPI reclaims has been dubbed the greatest financial scandal the UK has ever seen.
Have you been missold?
You could have been mis-sold PPI if you’ve experienced any of the following:
- It was added to your financial agreement without your consent.
- You were never asked if you had a similar policy that covered you the same way.
- It was not made clear that the policy was optional.
- You were promised a cheaper loan of you took out the policy.
- You were sold a policy when you were not in work.
- You had a pre-existing medical condition which would’ve affected your ability to make a claim.
- The amount of commission paid on the sale was not revealed at the time of purchase.
With the PPI deadline looking it is well worth checking if you are owed. Fill in the FREE Claim Form and we’ll pursue this with your lender.