MILLIONS of people mis-sold payment protection insurance (PPI) have just six months to make a claim or lose out forever – but some may have misplaced vital paperwork.
Money Saving Expert Martin Lewis has now issued advice on his ITV show to those unsure what they need to potentially get thousands of pounds back.
He said anyone who has had a credit card or loan in the past 30 years could be eligible for a PPI reclaim so rifle through old paperwork.
The expert says inspect original documents and forms to see if they mention anywhere on there about PPI as you could be in line to make a claim.
PPI would also appear on statements and could also be called loan protection, credit insurance, loan repayment insurance, ASU (accident, sickness and unemployment) insurance, account cover or payment cover.’
Martin added on The Martin Lewis Money Show: “Anyone who has had a credit card, loan, mortgage, overdraft, car finance, catalogue debt, in the past 30 years [could claim].
“There may have added to your loans without telling you. They didn’t check it was suitable for you, but they should’ve done.
“You can go back as far as you like, but it’s difficult without documentation. Some reclaim without paperwork, but [the chances of success] are far slimmer.”
Have you been mis-sold PPI?
According to the regulator, it is likely you were mis-sold PPI if you experienced any of the following:
- You were pressured into buying PPI or told you must have PPI
- You were promised a cheaper rate if you bought PPI
- You were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- You were advised to buy PPI that did not suit your circumstances or needs
- You were self-employed, unemployed or retired but advised to buy PPI
- You had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- You were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- It was not made clear that you would pay interest on the PPI if it was added to your loan
- It was not made clear that the PPI would end before the loan or credit was repaid
But he explained you should still go ahead and submit a complaint if you think you were mis-sold PPI and don’t have the paperwork to back it up.
Martin also said to start a claim by August other you may miss out – just write to the lender with evidence and go from there.
Around 60 million PPI policies were sold over the past three decades – during which time there have been 18.4million complaints, according to Britain’s Financial Conduct Authority (FCA).
In 2018, The Financial Conduct Authority put in place a deadline of August 29, 2019, for making a claim if anyone has been missold PPI.
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PPI was an insurance policy attached to credit agreements such as loans, mortgages or credit cards.
The idea of the policies was to cover payments when a policyholder was ill, had an accident or lost their job.
But several reviews have found many people were unaware they had been sold the policies or weren’t actually covered for example if they were self-employed or retired.
For more information about claiming PPI, see our guide to what is payment protection insurance and how do I make a claim?