29 July 2019 09:48
There is just one month left to complain to firms about PPImis-selling as the deadline looms nearer. Consumers have until August 29 2019 to get their complaint in to financial firms or lose their chance of getting their money back. PPI was often added to products such as store cards, credit cards or mortgages. But the insurance, which was intended to protect people if they could not keep up with their payments, due to illness or unemployment for example, was widely-mis-sold. People were pressured into buying it, did not know they had it, or it was unsuitable.
As well as mis-selling, following a court case known as "Plevin", people can also complain on the basis that a high level of commission was earned from the sale of the policy - but they were not told about it. People can complain about commission even if they have had a previous complaint about mis-selling of PPI rejected. An estimated 64 million PPI policies were sold in the UK - and the Financial Conduct Authority (FCA) is urging people to cast their minds back to the 1990s and 2000s, when they may have taken out a policy. The FCA's website includes a list of providers that have sold PPI at www.fca.org.uk/ppi/how-to-complain/search-for-provider. This includes high street stores, catalogue firms, building societies and supermarkets. It is also extending its PPI contact centre opening hours from August 5 to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers. Nearly nine in 10 (87%) UK adults hit a significant milestone during the 1990s and 2000s such as buying a car, home or getting married, the FCA found. Many will have taken out credit to cover the costs - with PPI potentially attached. Although 78% of people say they think they have a good memory, 57% find it difficult to remember important dates and appointments, the survey of 2,000 people across the UK found. Emma Stranack, the FCA's PPI deadline campaign lead, said: "The PPI deadline is closing in. With just over four weeks to go until August 29 2019, we're asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement. "Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with. "If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider - you can search FCA's list at fca.org.uk/ppi. "Providers have online tools that make PPI claims simple and will help you through the process. "It's free to do yourself and you don't need to worry about paperwork. "You just need your date of birth and previous home addresses to get started."