PPI, Time is running out!

So, you haven’t checked if you are eligible for PPI compensation, this can only mean that you have never taken out a loan or a mortgage!

It used to be common practise to tell you when making a loan application that you would only be accepted if you took out Payment Protection Insurance. I bet that they never told you how much commission they were earning from it!

It is estimated that 45 million policies were mis-sold but now due to new rules even those who have been rejected could be in line for money to be refunded over hidden interest rates!

After August 29 2019, you’ll no longer be able to make a complaint – even if you think you might be owed money.

As part of the countdown, the FCA has also widened the window for customers who might be eligible for compensation – even if they weren’t initially miss-sold.

This means many customers who were previously rejected, could be in line for money back.

It comes on the back of the Plevin ruling – a 2014 court case that ruled brokers were not being entirely transparent about commission rates when selling PPI – which in turn made millions of transactions ‘unfair’.

The FCA set a new rule that says the bank should’ve declared its commission to you if it was over 50%. Yet even the average bank and building society commission was 67%. If they didn’t declare it, you’re entitled to the commission over 50% back, plus interest. This will be £100s or £1,000s for some.

You may have bought payment protection insurance without even knowing it.  Some old policy agreements used pre-ticked boxes that required consumers to request not to have PPI with their loans or credit agreements.

Time is not on your side so act today and call to speak to one of our advisors on 01942 619911. It doesn’t matter if you can’t remember who you took the policy out with, we can do all the research for you.

Posted on by CCKeith in Uncategorized

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