Payment protection insurance is mis-sold to 3 out of 5 UK borrowers, which means any borrower from the 90s to the year 2010 is likely paying for an insurance policy they are likely ineligible for or could not use. Any borrower who purchased an insurance policy upon a bank employee or financial advisor’s insistence has the right to reclaim their refunds — and in doing so gain the following perks.
The average payment protection insurance refund is about £3,000 and may likely have an additional £300 for PPI compensation, calculated per year by APR. Any consumer repaying their PPI and encountered numerous issues in the process could be recompensed for all expenses they encountered — such as an inflated repayment amount due to interest rates for unpaid PPI policies.
Another is to ensure they get their claim processed before the August 29 2019 PPI claims deadline. The Financial Conduct Authority had confirmed the PPI deadline for 2019. Consumers who process their PPI claims early can retry the process with the Financial Ombudsman with ample time to see whether banks rejected a valid complaint.
Lastly, making a claim also helps the banks streamline their PPI claims process. Admittedly, bank systems for PPI refunds could do better but it is only through pressure and experience could banks improve their services. Do a favour for almost every UK consumer by making the process easier.