Personal Finance

4 Reasons You Should Check If You’re Owed PPI

4 Reasons You Should Check If You're Owed PPI

The average payout for PPI claims is approximately £3000 — and there’s a very good chance you’re entitled to a similar figure.

That amount alone should give you enough motivation to at least check if you’re owed PPI, but there are plenty more reasons to take a look…

There’s a good chance you will have already heard of PPI claims — even if you aren’t sure what they are — due to the abundance of television adverts, or texts and calls you may have received.

Many people tend to write this off as some sort of spam, but in reality, there’s a very good chance that you’re owed PPI. Did you know that £21.7 billion in successful PPI claims has been paid out by banks over the last six years?

So it would not be beneficial to not at least check that you aren’t owed any money for mis-sold PPI, wouldn’t it?

Let’s take a closer look at a few of the reasons why you should be checking if you’re owed PPI and if you’re eligible to make a PPI claim.

The Amount You Receive Could Be Substantial

4 Reasons You Should Check If You're Owed PPI

We already mentioned two figures above that would have grabbed your attention. £21.7 billion — yes, billion — has already been paid out by banks for successful PPI claims, but most importantly, the average payout for PPI claims is £3000.

It’s worth noting that successful PPI claims aren’t like winning a prize or lottery; this is your money that has been taken possibly without your knowledge.

Not everyone will have PPI owed to them and those that do will receive varying amounts, depending on circumstances. But when you consider the potential of what you could gain financially, ignoring it altogether would be unwise

A holiday for the family, paying off debt, adding to a deposit for a house, buying a new car; the funds for any of these things could be yours, but will remain out of your hands unless you claim for it.

There’s a Good Chance You Will Have Been Mis-Sold PPI

4 Reasons You Should Check If You're Owed PPI

Unless you have a particular interest in finance, work in the financial sector, or have read an article about PPI, there’s a good chance you won’t know what it is or what it stands for. It makes sense, as most people don’t have any reason to.

Personal protection insurance (PPI) is commonly included — often unbeknownst to the buyer — as part of the cost of loans, credit cards, mortgages and overdrafts.

At some point in your life, it’s likely that you will have paid out for one of the above, but did you check the paperwork thoroughly? Probably not, as you wouldn’t expect your bank to take funds in an underhanded manner such as mis-selling PPI.

Unfortunately, this has happened a lot in recent years, but banks are now seriously suffering for their mistakes, making it a prime time to take back money that you’re owed.

A Deadline for PPI Claims is in Place

4 Reasons You Should Check If You're Owed PPI

The financial conduct authority (FCA) has put a deadline in place for anyone who is planning to claim on mis-sold PPI. The date you need to take note of is 29th August 2019. That may seem like a long way off now, but you’d be surprised how quickly it will come around, especially if your application takes a while to process.

It’s for this reason that a top PPI claims company will prove to be extremely useful. For example, if you have left your claim until last minute or don’t have time to sort out the paperwork, you could very well miss the deadline.

By working with PPI professionals you will have experienced experts on the job who will make sure the process is as quick and hassle-free as possible.

PPI Claims Companies Are a Huge Benefit

4 Reasons You Should Check If You're Owed PPI

There are multiple reasons why a PPI claims company will be of huge benefit. Haven’t got time to sort out your claim? No worries; the company will take care of everything on your behalf.

Lost the original paperwork needed as evidence? The company will contact the bank on your behalf and get hold of copies of any documents required to file your claim.

There are a lot of PPI companies out there; the sheer volume of adverts you’ll absorb will tell you that. Picking whatever company you happen to find first is never a good idea, as you’ll benefit a lot by choosing the best PPI claims company to suit your needs.

For example, making sure your chosen company offers no win no fee PPI will make sure that you aren’t charged, even if your application is unsuccessful.

PPI claims have been mentioned in the news a lot over the last couple of years, but now that banks are being called out for their past mistakes, there has been no greater time to claim for money that you’re owed.

Now that the PPI deadline has been set, it means more and more people will decide to claim, this could slow down the application process and therefore give you all the more reason to claim as soon as possible.

About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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