Published On: Wed, Aug 21st, 2019

PPI claim deadline: Woman claims back £400 after FCA check | Personal Finance | Finance

Payment Protection Insurance is an insurance policy sold by providers alongside products such as loans, mortgages, credit cards and store cards. Historically, there have been cases where the product has been mis-sold, with some customers unaware they have taken it out in the first place. The deadline to claim compensation for mis-sold Payment Protection Insurance (PPI) is looming. But, up until then (on August 29, 2019), it’s possible to submit claims by those who wish to complain about the way they were sold PPI.

Latest figures from the Financial Conduct Authority (FCA) reveal that a total of £340.4 million was paid to customers who complained about the way they were sold PPI, in June 2019.

And, since January 2011, a total of £36 billion has been paid.

Lisa Simmonds, 53, sought money back on mis-sold PPI – and ended up with a windfall in the hundreds.

Lisa, from Chester, checked her PPI after receiving a letter informing her she’d been paying it on a store card.

And, her successful claim meant she received £400 back.

She said: “When I received the money, I thought ‘wow’ – it felt like money for nothing, like a gift.”

With vet bills for their family pet after an accident to pay for, the money could not have come at a better time for Lisa.

She also used some of the compensation to buy her two young children winter coats.

As a single working mother at the time, working two jobs on zero hours contracts, Lisa had been worried about where she was going to find the money to cover the cost of the vet bills.

She would have struggled to work extra hours for the money in order to have covered the cost otherwise, due to the need for additional childcare arrangements, and was faced between the choice of paying for her children’s coats or paying the bills for their family pet.

Lisa added: “The money was a massive help for me and my family at a difficult time.

“I would have regretted it if I didn’t complain and check to see if I was eligible for a refund.

“Anything you don’t expect is a massive bonus!”

Emma Stranack, FCA’s PPI Deadline Campaign Lead, says: “Leaving things to the last minute is natural behaviour for many of us and we’re sharing these findings to show that anyone who hasn’t yet decided on PPI is not alone in leaving things close to a deadline.

“That said, now is the time to act. We all lead busy lives, and the FCA is prepared for a last-minute flurry of enquiries.

“We’ve extended our PPI helpline hours to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers and will be available for calls on bank holiday Monday.

“Ultimately, we don’t want the UK public to miss their chance to decide.

“So, if you think you might have had credit with a PPI policy attached – particularly in the 90s or 00s – now is the time to get in touch with your provider.

“You need to submit your claim by August 29, or you won’t be able to claim money back for PPI.”

READ MORE: PPI deadline date: How to reclaim cash as deadline for compensation approaches

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