Newspaper article Evening Gazette (Middlesbrough, England)

Martin Lewis; Tweet Me @Martinslewis Don't Wait. Time Is Running out to Claim Ppi

Newspaper article Evening Gazette (Middlesbrough, England)

Martin Lewis; Tweet Me @Martinslewis Don't Wait. Time Is Running out to Claim Ppi

Article excerpt

THE UK's biggest financial scam wasn't done by dodgy blokes in back alleys, but by bankers in pinstripe. Yet now the regulator, the FCA, has given in to banks' demands to protect their balance sheets and put a deadline on reclaiming PPI.

More than PS20bn has been repaid so far, and I suspect it'll be PS30bn before we're done.

Everyone who HAS or EVER HAD a loan, credit card, store card, mortgage, overdraft or catalogue debt, should sit up and take note of these five facts: | Just having had PPI means it was probably mis-sold.

| The deadline is 2019, but act ASAP to beat the queue. | Don't assume 'it's not me' - even if you said 'no' to it.

| Don't pay to reclaim. Free tools can do it for you.

| A typical payout is PS3,000 - so it's worth your time.

Here's a quick Q&A WHAT IS PPI? PPI stands for 'payment protection insurance' a policy sold to cover a year's repayments on debts in case of accident, sickness or unemployment, and there's nothing wrong with that.

Yet for years banks saw it as a cash cow, and systematically mis-sold this insurance - as it made them more profit than the loan itself. Reclaiming means you get back all the money you wrongly paid (and interest).

WHEN IS THE DEADLINE? THE FCA has said the last day you will be able to put in a claim for PPI mis-selling is August 29, 2019.

While that sounds a long time away, from this August it'll spend millions promoting the cut off, so the system is likely to get clogged up. So be quick to avoid being stuck at the back of the queue.

WHAT COUNTS AS MIS-SELLING? TYPICAL examples include: they lied that PPI was compulsory, or it would cut loan costs, sometimes it was added without asking, or even after you'd said 'no'.

The bank had a duty to ensure it was suitable for you. For example, you were self-employed but got unemployment cover, or you had a past medical condition they didn't ask about. …

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