Newspaper article Evening Chronicle (Newcastle, England)

There's Still Time to Make a Claim; AUGUST 29 IS THE FINAL DEADLINE FOR MAKING A PPI COMPLAINT. YOU BETTER GET YOUR SKATES ON, SAYS VICKY SHAW

Newspaper article Evening Chronicle (Newcastle, England)

There's Still Time to Make a Claim; AUGUST 29 IS THE FINAL DEADLINE FOR MAKING A PPI COMPLAINT. YOU BETTER GET YOUR SKATES ON, SAYS VICKY SHAW

Article excerpt

Byline: VICKY SHAW

IT FEELS like the PPI scandal has been lingering forever - but the deadline for making a claim is now just around the corner, on August 29.

Even if you find all those PPI adverts really irritating, bear in mind you have now got just weeks left to decide whether or not you want to make a complaint. After that, it'll be too late.

Since January 2011, firms have paid back a total of PS35.7 billion to customers who complained about the way they were sold payment protection insurance (PPI), according to the Financial Conduct Authority (FCA).

So, with the PPI countdown clock ticking, here's what you need to know...

WHAT IS PPI? IF YOU'VE had a loan, mortgage, credit card, store card or bought something on finance, you may have been sold PPI alongside the financial product you took out.

PPI is a type of insurance designed to cover repayments when you can't make them yourself, for example if you became unemployed or ill.

As many as 64 million PPI policies have been sold in the UK, mostly between 1990 and 2010, and some as far back as the 1970s.

SO WHAT'S THE PROBLEM? IT WAS widely mis-sold. PPI was unsuitable for some people, people did not realise it was optional, or in some cases, they did not even know they had a policy.

It's the biggest mis-selling scandal the Financial Ombudsman Service (FOS) - which resolves disputes between consumers and financial firms - has ever seen.

HOW DO I CHECK IF I HAD IT? DIG out any paperwork and see if PPI or payment protection insurance is mentioned. It may have also had another name, such as loan insurance or payment cover. If it's not clear, try looking at statements to see if there was an additional charge next to your payment information. Or contact the provider directly and ask them.

The Financial Conduct Authority (FCA) has contact details for many providers (fca.org. …

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