Everything You Need to Know About Making a PPI Claim After the Deadline Date

By Rawat Nov4,2023

Are you one of the millions who missed the deadline for making a PPI claim? Don’t despair! We’ve got all the information and tips you need to know about how to still make a successful claim after the deadline date. Whether you were unaware, procrastinated or simply didn’t have time, this blog post is your ultimate guide to getting back what’s rightfully yours. So grab a cuppa, sit back, and let us show you how to navigate this post-deadline PPI claims journey with ease.

Introduction to PPI Claims and the Deadline Date

Payment Protection Insurance (PPI) was a type of insurance policy that was sold alongside loans, credit cards and other forms of credit. The intention of PPI was to protect borrowers in case they were unable to make repayments due to unforeseen circumstances such as illness or unemployment.

However, it was later discovered that many banks and financial institutions had been mis-selling PPI policies to customers who did not need them, resulting in millions of people filing complaints and making claims for refunds. As a result, the Financial Conduct Authority (FCA) set a deadline date for making PPI claims – August 29th, 2019.

In this section, we will provide an overview of what exactly PPI is, how it was mis-sold by banks and why the deadline date has been set. We will also discuss the consequences of missing the deadline date and how you can still make a claim after this date.

Understanding PPI and Why It Was Mis-Sold

PPI, or Payment Protection Insurance, was a financial product that was widely sold by banks and other lenders in the UK between the early 1990s and 2010. It was designed to cover loan repayments for consumers who were unable to make payments due to unforeseen circumstances such as illness, redundancy, or death.

However, over the years it became apparent that PPI was being mis-sold on a massive scale. Many customers were misled into buying PPI policies that they did not need or want, and in some cases were even unaware that they had been sold this insurance at all.

So why exactly was PPI mis-sold? There are several reasons for this widespread issue:

1. Pushy sales tactics: One of the main reasons for the mis-selling of PPI was due to the aggressive sales tactics used by lenders. Sales staff were often incentivized with high commissions for selling PPI policies alongside loans or credit cards, leading them to pressure customers into buying it without fully explaining its terms and conditions.

2. Lack of transparency: Another factor contributing to the mis-selling of PPI is the lack of transparency surrounding its cost and coverage. In many cases, customers were not made aware that PPI premiums would be added onto their loan repayments, resulting in hidden costs and higher monthly payments than expected.

3. Unsuitable policies: Many consumers were also sold unsuitable PPI policies that didn’t meet their needs or provide adequate coverage. For example, self-employed individuals were often sold PPI despite the fact that it would not cover them if they were unable to work due to illness or redundancy.

4. Exclusions and limitations: PPI policies often came with numerous exclusions and limitations that were not clearly explained to customers. This meant that many people who thought they were covered by PPI were actually not eligible for a payout when they needed it most.

5. Ineligible customers: Some customers were sold PPI even though they were ineligible for the insurance, such as those with pre-existing medical conditions or those who were retired. This resulted in these individuals paying for a policy that would never provide them with any benefit.

The mis-selling of PPI was a result of a combination of factors, including the incentives and sales tactics used by lenders, lack of transparency and inadequate explanations of the product’s terms and conditions, as well as unsuitable policies being sold to customers. This led to millions of people being wrongly sold PPI and paying for a product that did not meet their needs or provide them with any real protection.

How to Check If You Were Mis-Sold PPI

If you believe that you were sold Payment Protection Insurance (PPI) without your knowledge or consent, it is important to take action and check if you were mis-sold. This will allow you to make a PPI claim and potentially receive compensation for any financial losses that occurred as a result of the mis-selling.

Here are some steps to follow in order to determine if you were mis-sold PPI:

1. Understand what PPI is: Before you can check if you were mis-sold PPI, it is important to understand what it is. PPI stands for Payment Protection Insurance, which was often sold alongside loans, credit cards, mortgages, and other forms of credit. Its purpose was to cover your repayments in case of illness, injury, or redundancy. However, many people were sold this insurance without their knowledge or consent.

2. Check your loan or credit agreement: The first step in checking if you were mis-sold PPI is by reviewing your loan or credit agreement that may have included the insurance. Look for mentions of PPI and study the terms and conditions carefully. If there is no mention of PPI on your agreement but it was still added onto your payments, then this could indicate that it was mis-sold.

3. Consider when the policy was sold: The majority of PPI policies were sold between 1990 and 2010, so if your loan falls within this time frame then there is a high chance that it included PPI. 

4. Check your monthly statements: If you still have your monthly statements from when you had the loan or credit agreement, check if there were any additional charges for PPI. This could be listed as a separate charge or included in your total repayment amount.

5. Consider your circumstances at the time of sale: PPI was intended to cover repayments in case of illness, injury, or redundancy. If you were unemployed at the time of sale, self-employed, or had a pre-existing medical condition that would not be covered by the insurance, then it is likely that you were mis-sold PPI.

6. Look for any mis-selling tactics: Banks and lenders used various tactics to sell PPI including telling customers that it was mandatory, adding it onto loans without notifying the customer, and not fully explaining the terms and conditions of the insurance. If you experienced any of these tactics, then you may have been mis-sold PPI.

7. Use a claims management company: If you are unsure if you were mis-sold PPI or need help with making a claim, consider using a reputable claims management company. They can review your case and handle the process on your behalf.

If after following these steps you believe that you were indeed mis-sold PPI, you should make a claim as soon as possible. The deadline for making PPI claims is August 29th, 2019. You can make a claim directly to your bank or lender or use a claims management company. Make sure to provide any evidence that supports your claim and be persistent in pursuing it. If successful, you may be eligible for compensation for the financial losses you incurred due to the mis-sold PPI.

The Process of Making a PPI Claim After the Deadline Date

After the deadline for filing PPI claims has passed, many individuals may feel that they have missed their chance to obtain compensation for mis-sold payment protection insurance. However, there is still a possibility to make a PPI claim after the deadline date, although it may involve a more complex process.

The first step in making a PPI claim after the deadline date is to gather all relevant documentation. This includes any records or statements that show proof of your PPI policy and payments made towards it. It is also important to have evidence that shows how and when you were sold the policy, as well as any correspondence with the lender regarding the policy.

Next, you will need to establish whether you have grounds for claiming back your PPI premiums. This can be done by checking if your policy was mis-sold in any way, such as being sold without your knowledge or consent, not being suitable for your needs or circumstances, or being added without your understanding during the application process.

If you believe that you have been mis-sold PPI and have valid reasons for making a claim after the deadline date, then you can proceed with submitting your claim. It is recommended to seek professional guidance from reputable claims management companies who specialise in handling PPI claims.

These professionals will be able to review your case thoroughly and provide an informed opinion on whether it is worth pursuing further. They will also assist in gathering all necessary documentation and presenting a strong case on your behalf.

It is also essential to note that even  after the deadline date, there may still be circumstances where lenders are willing to consider PPI claims, such as in cases of exceptional circumstances or if the claim is made on behalf of a deceased individual.

While making a PPI claim after the deadline date may involve a more challenging process, it is still possible to obtain compensation for mis-sold PPI. Seeking professional guidance and having all relevant documentation can significantly increase your chances of a successful claim.

Tips for a Successful PPI Claim After the Deadline Date

If you have missed the deadline to make a PPI claim, don’t worry – there are still options available for you to successfully receive compensation. Here are some tips for making a successful PPI claim after the deadline date:

1. Gather all necessary information and documentation: Before you start the process of making a PPI claim, it is important to gather all relevant information and documentation. This includes any loan agreements, statements, and other relevant documents that show proof of your PPI payments.

2. Understand your rights: Even after the deadline date has passed, consumers still have the right to make a PPI claim if they were mis-sold the insurance policy. This means that if you were not aware of the PPI on your loan or were pressured into purchasing it, you may still be eligible for compensation.

3. Contact your bank or lender: The first step in making a PPI claim is to contact your bank or lender and inform them about your intention to make a claim. They may have their own internal processes for dealing with claims made after the deadline date, so it’s always best to reach out directly.

4. Seek professional advice: If you are unsure about how to proceed with your PPI claim or feel overwhelmed by the process, it can be beneficial to seek professional advice from a reputable claims management company or solicitor who specialises in handling PPI claims.

5. Provide as much detail as possible: When submitting your PPI claim, be sure to provide as much detail as possible about your loan and the PPI policy. This can include dates, amounts, and any other relevant information that may help support your claim.

6. Be patient: It’s important to remember that making a PPI claim can be a lengthy process, especially after the deadline date has passed. Be patient and stay in communication with your bank or lender to ensure that your claim is being processed.

7. Don’t give up: If your initial claim is denied, don’t give up – you may still have options available to you. You can escalate your claim to the Financial Ombudsman Service (FOS) for an independent review of your case.

Remember, even if you missed the deadline date, it’s always worth trying to make a PPI claim. You may still be entitled to compensation if you were mis-sold PPI on your loan or credit card. 

Final Thoughts

It is important to note that while the deadline date for making a PPI claim has passed, there are still a few things you can do if you believe you have been mis-sold PPI. First and foremost, it is essential to gather all the necessary evidence to support your claim. This includes any documentation related to your loan or credit agreement, as well as any correspondence with your bank or lender regarding PPI.

If you have already submitted a claim before the deadline date but have not received a response yet, don’t lose hope. The Financial Conduct Authority (FCA) has stated that banks and lenders must continue processing claims that were submitted before the deadline date, even if they are received after it. Therefore, if you have not heard back from your bank yet, be patient as they may still be processing your claim.

Another option available is to contact the Financial Ombudsman Service (FOS). They are an independent organisation that helps resolve disputes between consumers and financial institutions. While their decision is not legally binding, they can assist in negotiating a settlement with your bank or lender.

Additionally, some exceptions may apply to the deadline date for certain individuals who were unable to make a claim on time due to circumstances such as illness or disability. If this applies to you, it is worth exploring this option further by contacting either your bank or the FOS.

If none of these options work out for you, it may be best to seek legal advice from a reputable firm specialising in PPI claims. They can assess your case and determine if there are any further steps you can take.

Overall, it is unfortunate that the deadline date for making a PPI claim has passed. However, there are still avenues available for those who believe they have been mis-sold PPI to seek compensation. It is crucial to gather all necessary evidence and explore all options before giving up on your claim. 

By Rawat

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