The PPI claims deadline is now just six months away and if you are one of the millions of people with a PPI policy and you haven’t made a claim for possible mis-selling, your time is running out.
If you feel you have been mis-sold PPI you must get your claim in to your lender before August 29th or you will be time-barred and lose the chance forever.
Tens of thousands
The FCA says for the average successful claim is around £1,700, but many of our clients receive much more than that and Janice Smith is the living proof.
She has been paid £94,570.65± compensation by Halifax for a mis-sold policy on her credit card she knew nothing about.
Free PPI Check**
Not satisfied with a rejection from Marks & Spencer which she made herself, she took advantage of our Free PPI Check**. As well as confirming PPI was attached to three loans the check also revealed it was attached to two loans and a credit card from Halifax that she was unaware of.
After formal claims were submitted, both companies admitted the PPI attached to them all had been mis-sold. At first she was told she had been awarded £8,610.50± for the loans by Halifax and another £3,545.59± by Marks & Spencer.
Then she received a second offer from Halifax and this time it was for £94,570.65± on her credit card.
She said: “The figures are unbelievable and I cannot thank Gladstone Brookes enough for all they have done for me.
There is no way I could ever have recovered this amount of money on my own. I wouldn’t have known where to start.
“I feel terribly sorry for people who haven’t pursued making a claim – either because they don’t understand or because they’re nervous. There must be millions out there in the same boat.”
Ten reasons why people don’t claim
The Financial Conduct Authority (FCA) says that as many as 60 million PPI policies have been sold and only around 20 million have had claims for mis-selling.
Their current ‘Do It Now’ advertising campaign urges anyone who thinks they may have a claim to do so before the August deadline, but Janice is right that millions of people still haven’t done so.
Here are ten reasons we receive for not going ahead:
- My friend tried and got nothing so there’s no point.
- No two claims are alike. Your friend may not have had a PPI policy or if they did and it was rejected it could mean that their policy was properly sold to them. But your circumstances could be entirely different and unless you check, you will never know.
- I probably wouldn’t get anything out of it.
- The Free PPI Check** is important as it is designed to find out whether PPI was ever attached to any of your credit agreements which is how Janice found out she had PPI on her credit card. If your lender confirms PPI was or may have been present, it would then be worth finding out for sure whether it was mis-sold to you. If you make a PPI claim with us, we aim to recover all premiums paid as well as interest, but if your claim was unsuccessful, we would not charge you.
- I don’t think I’ve ever taken out any PPI.
- Some policies were taken out as long ago as the 1980s and you may well have forgotten about them. GB has a Free PPI Check** with the majority of the high street banks and a wide variety of other lenders. Its purpose is to find out if PPI was ever attached to any of your agreements before a formal claim is made. Janice had no idea PPI was attached to her credit card.
- It’s too much hassle.
- Some consumers mistakenly think making a claim is a complicated procedure and they don’t want the hassle of seeing it through to the end. GB aim to make the process as smooth as possible for you and communicate with your lender on your behalf, keeping you updated along the way.
- I don’t have the time.
- Making a claim doesn’t have to be a time-consuming process, especially when you think of the potential reward. Our average claim time is between 8 and 16 weeks from the date of the lender’s acknowledgement to a decision being made, and using our expertise we aim to make the claim process as smooth and timely as possible.
- I don’t have any paperwork or account numbers.
- Many people are put off making a claim because they don’t have any paperwork relating to the agreements they signed back in the day. But the Free PPI Check** comes to the rescue again because your lender will look to see if you ever had an agreement with PPI attached as far back as their records go. As part of the claims deadline process the FCA have also ordered the lenders to make it easier for you to check.
- I never win anything.
- Making a PPI claim is not about winning. It is about recovering money that could rightfully be yours. If the policy was mis-sold then our aim is to recover you all premiums paid, plus interest.
- My bank wouldn’t do anything like this to me.
- PPI has been mis-sold by all of Britain’s major banks and many other financial institutions. It was not a personal thing, but was mis-sold on an industrial scale, using sales processes which did not have the best interests of the consumer at heart.
- I wouldn’t know where to start.
- Not everyone can be a financial expert and this is where our friendly, knowledgeable advisors come in. They can guide you through the claims process from start to finish and keep you updated every step of the way.
- I’m sick of this whole PPI thing – it’s been going on too long.
- Yes, it has been going on for a long time – but not for much longer. The PPI claims deadline is now just six months away and will be absolute and final. If you haven’t made your mis-selling claim by then, you will have lost the chance forever.
Billions of pounds
Latest FCA figures show £33.8 billion has already been paid out for successful claims between January 2011 and December last year. Monthly payouts are still averaging £⅓ billion and the banks still have billions of pounds set aside to pay out future successes.
“Some of that money could be rightfully yours. Is it not worth checking to be certain?”
**The free PPI check is stand-alone, no obligation service. Any other services offered may be chargeable
± All redress amounts quoted are prior to fees and taxes.