Your Money: File your PPI claim soon or face a last-minute rush

THE clock is ticking on PPI claims – with less than two years to go until the deadline.

So, if you have been meaning to complain about mis-sold PPI (payment protection insurance), don’t put it off for much longer – you only have until August 29, 2019.

More than £27 billion has been paid out so far since rules were introduced in 2011 – and complaining could well be less hassle than you think.

There is no need to pay a company to make the claim for you. Here’s our guide …

Which products had PPI added?

As many as 64m PPI policies have been sold in the UK, mostly between 1990 and 2010 – so there’s a wide range of affected products.

You may have had PPI alongside a personal loan, for example, or a credit card, store card, mortgage, or through a big purchase bought on credit, such as a sofa or car finance. You may have had a home shopping account, such as a catalogue account, which had PPI added.

Why might you be entitled to cash?

The Financial Conduct Authority has found that PPI was often mis-sold in the past. Telltale signs include if you felt under pressure to buy PPI or were told you had to have it, or you were told you were more likely to be accepted for a loan or credit if you bought PPI.

What should you do if you have a complaint?

Firstly, get your evidence in order. Go through any old paperwork which may have details such as account numbers, details of who the policy was with and old addresses. If you haven’t got much on file, you can also contact the firm you think you had PPI with to ask for details.

Who should you complain to?

In the first instance, contact the financial business that sold you the PPI. Give as much detail as you can and explain why you think you are entitled to your money back.

You can complain on the websites of many firms, as well as by phone, post or by going into a bank branch. Some providers may have since changed their name or owner.

If you aren’t sure, you can email the FCA at ppi@fca.org.uk

Consumer help bodies like MoneySavingExpert.com and Citizens Advice have free help and information on their websites which can help you to compile a letter of complaint.

What if you’re not happy with what the firm says and/or your complaint gets rejected?

After the firm has had a reasonable chance to look into the complaint, if you’re still not happy, you can go to the free, independent Financial Ombudsman Service.

With nearly two years to go, can’t you just leave it a little longer?

It’s best to do something as soon as you can. Generally speaking, your bank or other provider must receive your complaint by August 2019 – or else it’s goodbye to your complaint.