Deadline looms today for anyone wanting to claim for being mis-sold PPI
PUBLISHED: 09:29 29 August 2019 | UPDATED: 09:47 29 August 2019
People who may have been mis-sold PPI, payment protection insurance, have until 11.59pm today to lodge a claim - and here's how to do it free.
It's expected websites may crash and phone-lines falter today as thousands put in a late claim to beat the deadline - so the advice is to do it earlier.
Already £36 billion has been repaid with a typical claim being £3,000. But the deadline is only for a claim to be lodged, which takes minutes, and more details involving more work can be done after it expires.
Martin Lewis, who runs the Moneysavingexpert.com website, and who is a columnist for this newspaper, states: "No wonder my hair's starting to grey (what's left of it). I first warned about PPI way back in 2001. By 2005, I'd published my MSE (Moneysavingexpert) reclaiming guide. Millions of free template letters have been downloaded from it and billions had been paid out before, years later, the regulator was eventually persuaded to intervene.
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"Now, today is PPI deadline day, don't ignore it. And yes, I am shouting, I'd shout from the rooftops if I could. Don't assume you're not due. Check now if you or a deceased relative has ever had a credit/store card, mortgage, overdraft, loan, car finance or catalogue debt."
People can download his free reclaiming toolkit here.
"As long as you start a claim before the deadline, it then proceeds as normal and you're still allowed to escalate it to the free Financial Ombudsman later. Miss it and the only option will be the difficult and riskier court route."
He said most banks will still accept claims online until 11.59pm but phone and branch cut-offs could be earlier.
The minimum info you need initially are your personal details, who your lender was and you can get this by checking your credit file, which should list all your credit accounts that were active within the last six years.
"I'm not encouraging anyone to make spurious claims," said Mr Lewis. "This is just about getting in under the line to buy time to find out if you are due money back. Once you've beaten the deadline, the pressure is off. Then you can follow through our main PPI reclaiming guide at a more leisurely pace."