Payment protection insurance is the UK’s biggest scandal with over £40bn in refunds to consumers. However, the Financial Conduct Authority might approve a proposed June 2019 deadline despite tremendous displeasure by consumers and consumer groups. Payback Time, a campaign group, believes the deadline could save the banking industry £20bn more to repay consumers in the near future.
Don’t forget to make a PPI claim this early. Once the PPI claims deadline sets in, consumers can expect longer lines and troubling consumer service. The service from claims centres is truly bad currently but under pressure, it could prove troublesome — including the re-evaluation process by re-submitting to the Financial Ombudsman Service.
To make your claim immediately, collect all your billing statements and assess whether you were truly mis-sold PPI. The billing statements and receipts contain the evidence that you have purchased PPI without your consent. If you lack documents, you could use a Data Access Request to collect all your repayment data from your bank — for a fee of £10 on average.
Supporting documents may be needed to prove your ineligibility — such as medical documents for existing medical conditions, an unemployment/termination certificate from your former employer for unemployment or a business employment permit for those who are self-employed.
PPI refunds from your bank must contain your total refund, your PPI compensation of 10% and all the APR additions you have made in the number of years you have paid for the PPI policy. If the bank refuses your claim for any reason, re-submit your claim to the Financial Ombudsman.