There is only one day left to make a claim on being refunded PPI.
There is said to be as much as £10billion mis-sold PPI by the banks which can be claimed on.
But the deadline imposed by the Financial Conduct Authority is Thursday, August 29, and this year people are finally getting round to it.
Figures published by the FCA show roughly £330million is being repaid to people every month, with many claims bringing in thousands of pounds.
If you have a claim already applied for before the August 29 date, it will still be dealt with but no new claims can be lodged after that date.
Emma Stranack, FCA’s PPI Deadline campaign lead, said: "Time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible.
"Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses. Search FCA PPI or call 0800 101 88 00 to find out how.
"The 29 August 2019 is the date for submitting a PPI complaint. If your case is still open by this date, your claim will still be processed.”
Why is PPI such a big deal?
These loans were sold to customers without their knowledge. People weren't asked if they wanted to pay for it, nor were they given the choice - it was simply just added to their repayments.
In some cases, the customer already had the cover through their employer, so there was no need for them to be paying for it twice.
Worse, some banks didn't check if it was needed - they simply added it on, and then earned commission on it.
Who could be owed money?
To make a claim for PPI commission, your policy had to still be active in 2008.
Anyone who has taken out a credit card, a loan, a mortgage, overdraft, car on finance, store catalogue card or more in the past 30 years may be owed PPI - you just need to know where to find it.
You may also be owed money even if your claim has been rejected thanks to newer rules around who was mis-sold.
How do I check to see if I have a claim?
Plevin guidelines state if the bank earned more than 50% commission on your PPI, and failed to tell you about it, you are entitled to the amount back - which comes in at an average 67%.
Many people who've had their PPI claims rejected may now be able to claim back the compensation they lost out on instead. To make this claim, your policy had to still be active in 2008.
FCA support on how to file a complaint - for free - is available online at fca.org.uk/ppi or by calling the FCA helpline on 0800 101 8800.
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