The majority of people mis-sold payment protection insurance (P.P.I.) have not yet submitted a claim for compensation, according to the Financial Conduct Authority (F.C.A.).
The F.C.A. will unveil an advertising campaign later which highlights the deadline for compensation claims - August 29, 2019.
P.P.I. was designed to ensure anyone with credit and/or a loan would be able to meet the repayments should they become ill or unemployed.
It is estimated that loan companies have paid out approximately £27bn in compensation since the scandal erupted several years ago.
How do I submit a P.P.I claim?
A claims management company will take a quarter of your PPI compensation or more – there is no need to use one.
1. Find all the relevant documents and make copies. This includes anything that shows you’ve taken out a policy, and shows you making payments for it. If you’re not sure whether it’s relevant, copy it.
2. Write a letter to the mortgage, loan or credit card provider who sold you the P.P.I. It shouldn’t take too long to do if you use the Money Advice Service template letter or you can fill in the questionnaire which most of the banks have on their own websites. It’s a standard form that is also used by the Financial Ombudsman Service. Send all the documents you think might be relevant. Explain why you think you were mis-sold P.P.I.
3. If you don’t get a response or decision within eight weeks, send a complaint to the Financial Ombudsman Service (F.O.S.). The Ombudsman will ask you to fill out a questionnaire to decide whether or not you’ve been mis-sold P.P.I.