Published On: Wed, Aug 28th, 2019

Martin Lewis: Money Saving Expert issues PPI deadline warning on This Morning

Martin Lewis appeared on This Morning today to issue an urgent warning about the upcoming PPI deadline. He explained the deadline is tomorrow and it is the last time Brits will be able to claim back money they are owed. PPI, or payment protection insurance, was designed to cover your loan or credit card repayments for a year in the event of an accident. However, for many people this policy was mis-sold which means they could be owed thousands of pounds.

The deadline for reclaiming mis-sold PPI is 11.59 on Thursday 29 August 2019 but Martin explained not to wait until then.

“Thankfully in most cases, banks have agreed that even just checking if you had PPI counts as starting a complaint,” he said.

“So don’t be a last-minute Lilly or Larry. Websites crash. Phone lines get clogged up. You should expect the unexpected to happen with such a huge deadline.

“In your head, imagine today is the real deadline and sort it now.”

For those who are unsure if they are owned money, Martin told viewers they could benefit from taking the time to check.

He said: “If you have had a credit card, a store card, a loan, a mortgage or car finance ever you should be checking today what you’ve got to see if there was PPI on it.

“It is repayable if you were resold or if the commission was too high they should be giving that back to you.”

With the deadline looming, Martin urged people to start the process as soon as possible.

“For the sake of the deadline, asking ‘did I have PPI’ counts as starting the claim,” he said.

“If you’re not sure, just fill in the details anyway and check if you had PPI. I’m not encouraging you to make a spurious claim, more to just get in over the line, and buy yourself more time to find out if you are due money later. If not, simply don’t proceed any further later.”

For those unsure how to make a claim, Martin explained there are tools to check this, such as the MSE tool.

“You don’t need to pay a firm to do this for you – you can do it yourself for free,” Martin explained.

“The easiest way is to use the free MSE tool. Or you can check directly with a bank – if so ask it for written confirmation that your enquiry has been submitted to make sure your claim has been triggered.”

For those making a last minute claim, the Money Saving Expert also gave tips to make sure the claim is tracked.

“If it’s on the phone or in person, make a note of the name of who you spoke to, the time of the call and ask them to assure you that your claim is triggered,” he said.

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

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