As the deadline for PPI draws nearer, there are more and more people looking to make PPI claims from mortgages and loans of years past. Here, we are going to look at everything you need to know about PPI and why you should claim today!
What Is PPI?
PPI or Payment Protection Insurance is a style of insurance that was wrongfully sold to millions of people. This was most commonly sold as an additional extra on the top of insurances such as a mortgage or a car finance plan and could lead to you being owed millions. This style of insurance was put in place to ensure that those that are ill can borrow money and have the insurance in place should they miss a repayment.
Do You Need Paperwork To Make A Claim?
It is a common misconception that you need to have paperwork in order to make a claim, however, this is not the case. If you think that you have been mis-sold PPI, you can make a claim either directly or with the use of a PPI claim company. This will not only take the stress away from having to make the claim yourself, but the years of experience that the company possess will help to ensure that your claim is a success. The PPI claim company will contact the lender directly to see if you are entitled to any PPI and the money will be in your account should you be successful. These companies operate on the no win no fee basis meaning that you do not have to pay a penny unless your claim is successful.
The Plevin Case
The Plevin case is a crucial event that took place between Susan Plevin and the high court. It stated that if 50% of your PPI costs went to the lender then you are entitled to PPI claims. Since this historic win, banks have begun to pay PPI to those that have recently been rejected. This is beneficial to individuals who have recently been rejected as the banks have now had to up the budget in order to pay back all those that are rightfully owed.
August 29th 2019
As the deadline of August 29th quickly approaches, there are several people rushing to make their claim as quickly as possible before the deadline. However, due to the vast number of people making claims, there is a backlog that will last long after the PPI deadline has passed. This is beneficial for those that are yet to make a claim as this means that you will still receive payment following this cut of date. However, if you do not have your claim already in the works by this date then you will not receive payment as claims will stop being processed.
Regardless of whether or not you are looking to make a PPI claim in the future or you are already awaiting the results of a claim, it is important to ensure that you have everything in order to get the best possible result of your PPI.