PPI check: How to check if YOU are entitled to PPI compensation – for FREE

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PPI checks are currently at the forefront of a campaign organised by the Financial Conduct Authority (FCA), as some people could be due payments from wrongful selling of insurance. Experts believe some 64 million people took out PPI policies in the UK. According to the FCA, millions of people sold PPI from 1990 to 2010 could be entitled to money back. The only way for people to get this money back is to make a complaint.

How to check if you are entitled to PPI compensation

Payment Protection Insurance was an arrangement which covered repayments in the event people were made redundant or could no longer work for health reasons.

PPI was applicable across several products, including loans, credit cards, store cards and even overdrafts.

People who feel they were mis-sold PPI attached to these loans are eligible to claim money back.

READ MORE: Can you claim PPI on behalf of a relative?

According to the FCA, these products are often sold with PPI:

– Loans (including student loans, business and personal loans)

– Credit cards

– Store cards

– Mortgages (including second charge mortgage)

– Overdrafts

– Car finance

– Products bought on credit (may be listed as a “finance agreement” or “hire purchase”)

– Home shopping accounts

– Home improvement loans

If people have taken out one of the products commonly sold with PPI, they can check with their provider.

People may also get their money back if providers made a hefty commission from selling PPI to them.

Providers will know whether their customers took out PPI, and they are obliged to guide them through the claim process.

Customers can complain online, via the post, in-branch at a provider, and via telephone.

READ MORE: How do you know if you are entitled to PPI?

Complainants should include their name, address, date of birth and full name in any complaints made for PPI.

Policy numbers and other details should be included to speed up the process.

Those who want to complain can do so for free, but the claim must be made by August 29.

August 29 is the deadline for complaints both to the Financial Ombudsman Service and loan providers.

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