With us being in the last couple of months of 2018, you may be looking forward to 2019 and thinking about what needs to be ticked off your to do list before you enter the New Year. What’s more, with Christmas just around the corner, you may be desperately searching for any extra pennies that you can use to help make the 25th December one to remember. Therefore, is there really a better time to reclaim PPI than now?

Let’s take a closer look…

What Is PPI?

For those of you who are still unaware as to what PPI actually is, you don’t need to worry.

PPI (payment protection insurance) was mis-sold to customers alongside mortgages, loans and credit cards, with customers being unaware as to what they were buying into. Customers often felt pressured into paying for it, even though they weren’t informed as to what it was.

PPI was intended to cover any payments if customers were to lose their jobs or fall ill and be unable to make their repayments on loans.

Many lenders, including well-known banks such as Lloyds, HSBC and RBS, were involved in the PPI scandal, which has significantly damaged  their reputations and cost them billions of pounds in compensation to innocent customers.

The miss-selling began in the 1990’s, so over the years billions of policies have been mis-sold, therefore when the deadline arrives next year banks and lenders will be relieved, as they won’t have to pay out any more compensation. Hopefully they have learned their lesson.

How Do I Know If I Was Mi-Sold PPI?

If you have lost any documents from when you took out a loan or mortgage and you can’t remember if you were mis-sold PPI then contact a PPI company, such as MoneyBack PPI, who will be able to find out for you.

As long as you know who the lender was, companies such as MoneyBack PPI can find out if you were mis-sold PPI.

Why Is Now The Right Time?

With PPI having been in the news and social media for a while now, why is now the right time for you to claim your compensation?

  • Jammed System

When the deadline was announced, 29th August 2019, many quickly claimed their PPI compensation and many more will do this closer to the deadline date next year. Therefore, to avoid a jammed reclaim system when everyone rushes for their compensation, claim your PPI now.

  • Extra Funds

With Christmas just around the corner, wouldn’t it be helpful to have some extra money to help pay for presents, food and to add a touch of magic with a new outfit? With customers claiming on average £2,000, you could claim even more. Imagine how beneficial these additional funds would be to your Christmas and New Year celebrations.

 Hopefully, with the help of this guide, you will see why the right time to claim your PPI compensation is now.