The FCA has now introduced a deadline of 29th August 2019 after which PPI cannot be reclaimed**. According to the Mirror, many people are owed thousands of pounds on store cards from the 90s and 2000s^. Yet thousands of claims from that era have already been rejected in error and many more have never been started.
What does this mean for me?
Payment Protection Insurance (PPI) is designed to cover your repayments if you become unwell or unemployed. Store cards used to be a popular line of credit that charged a lot of interest if not repaid in full. They were often sold at the till, with PPI just thrown in at the time an application was made. So if you had a store card, you probably had PPI which was mis-sold.
Is it worth reclaiming?
In the Mirror article, they make reference to a couple of case studies. One individual has reclaimed over £24,000 after initially being rejected. Another has reclaimed £450 despite having only paid out £39.50 in premiums.
So if you had a store card, it’s worth checking if you had PPI. The interest alone could make a small premium payment add up to a large claim over time.
Who do I claim from?
Over the years, the lines have become somewhat blurred in terms of which companies are liable to pay up. The majority of store cards had PPI from GE. This was bought by Santander, then New Day purchased the store card business from Santander.
Isn’t it all a bit too difficult?
The PPI reclaim process can be time consuming, so before you get started it’s a good idea to confirm whether you had PPI in the first place. That’s why PPI Checker helps offer a FREE PPI check* which aims to find out whether you had been sold PPI.
To get started, you simply complete an online form to receive some paperwork in the post which must be signed. Then after a few weeks you get the results from your lenders. If PPI is found PPI Checker can even help organise a claim on your behalf.