Published On: Wed, Aug 28th, 2019

PPI deadline: How to reclaim mis-sold PPI for free | Personal Finance | Finance

The PPI deadline is at 11.59pm on August 29, meaning people only have one day left to reclaim mis-sold payment protection insurance. PPI enables you to insure repayment of loans, overdrafts, credit cards, mortgages and more. Complaints lodged after the deadline will not be accepted.

Despite this, one third of those yet to complain plan to wait until deadline day on Thursday, according to a survey by the Financial Conduct Authority (FCA).

Founder of consumer site MoneySavingExpert Martin Lewis is urging people to act now to beat the last minute rush.

Leaving a claim until last minute is not recommended as websites can crash and phone lines get swamped.

Consumers who has not complained to their provider by the August 29 deadline will not be able to claim cash back.

READ MORE: PPI check: How to check if YOU are entitled to PPI compensation 

Mr Lewis said: “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 (Wednesday) is the real deadline and sort it NOW.

“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.”

How to reclaim mis-sold PPI for free

There are some companies promising to make a PPI claim on your behalf in exchange for a large percentage of your compensation.

But to reclaim PPI and keep all of your compensation, you should send your claim directly to your provider.

If you can’t remember who your lender was, check your credit file, which you can do free of charge.

On the FCA website you can search for a bank or other provider to find links to their online checking tools.

In most cases, the business who sold you the insurance is the same who provided your loan or credit product.

According to FCA, there are multiple ways you can complain.

These include:

  • Online – many providers have online complaints tools on their websites
  • Post – allow enough time for the complaint to reach your provider before the August 29 deadline
  • Telephone – be aware that phone lines will have limited hours of operation
  • In branch – be aware of the opening and closing times of your local branch

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