Yahoo Finance Last chance for PPI claims as compensation deadline looms for the scandal
A watchdog is urging consumers to complain if they believe they have been mis-sold payment protection insurance (PPI), as the deadline looms for claims over the scandal.
Consumers may receive compensation if they were pressured into buying PPI or if rules were breached in other ways when they took it out for credit cards, loans or mortgages.
PPI was intended to cover repayments if consumers found themselves unable to pay through problems like unemployment or illness.
As many as 64 million PPI policies are thought to have been taken out in Britain in the 1990s and 2000s, with many of them mis-sold.
More than £33bn ($41.4bn) has already been paid in compensation to people who complained about their PPI.
PPI was sold on a wide range of products, from personal and business loans to store cards, overdrafts, car finance and home improvement loans.
READ MORE: Half of UK workers fear they could be jobless by end of 2019
A new advertising campaign by the Financial Conduct Authority (FCA) regulator features Arnold Schwarzenegger’s animatronic head in a hydraulic press.
It reminds the public the deadline for complaints is now less than three months away on 29 August this year.
The FCA says consumers should check on the PPI section of its website how to check if they had the insurance and how to complain.
The Money Saving Expert website, run by Martin Lewis, also features comprehensive advice on claims.
We have a comprehensive list of PPI providers who might have sold you PPI. To find yours search here: https://t.co/PXb0MgYbex pic.twitter.com/xyZuSVLzl8
— The FCA PPI Complaints Deadline (@ppifca) June 14, 2019
READ MORE: A simple insurance mistake costs Brits £360m a year
