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There are some no-brainers when it comes to earning extra cash. For example, switching bank accounts at the moment can be very profitable. As well as this, there are other excellent opportunities to get some more money — but, a deadline lingers!
We’ve all been hearing about the impending PPI deadline from Arnold Schwarzenegger’s robotic head on TV adverts and billboards. Although many of us dismiss it as we’re fed up with hearing about PPI, taking time to check if you can reclaim PPI is actually very important.
Did you know that, since 2011, the banks have paid over £30 billion to consumers for mis-sold PPI? This is not a small amount of money and you be due a slice of the action. The Financial Conduct Authority set the deadline for all claims to be made by 29th August 2019. If you want to make a claim, you must do so before this date. Although the date seems far off, the expected swell of PPI claims and increased workloads for banks and claims companies means the deadline could catch you out.
What is the Plevin Ruling?
You’re not alone if you have no idea what Plevin is. However, learning what this is means could earn you some extra money.
Plevin refers to Mrs Susan Plevin and her PPI case against Paragon Personal Finance. The case went to the Supreme Court because it was revealed that 71% of the PPI sale was a commission. The court ruled in the favour of Mrs Plevin and agreed that this was a form of mis-selling of a single premium PPI policy.
You can make a PPI claim under Plevin if over 50% of your PPI sale was a commission. At the time that PPI was mis-sold, many banks had 67% commission on the sale — making so many more people eligible to make a claim.
If you’ve already made a successful PPI claim, you can’t make another claim under Plevin. But, if your claim was rejected, you can claim again and try to get a refund on the commission.
How to Reclaim PPI Before the Deadline
You’ve got just over a year to make your claim before the PPI deadline, but starting sooner rather than later is beneficial. The banks are receiving even more claims than they anticipated, meaning your claim could take considerably longer to complete. Lloyds is already receiving 11,000 claims per week; a figure that will only increase as the deadline edges nearer. From start to finish, a claim can take up to six months to be resolved. So, if you start now you could receive a nice cash boost for Christmas!
If you are aware of your PPI purchases and have all the relevant information and documents, you are able to make a PPI claim yourself. However, for those who are too busy or know you discarded the paperwork long ago, you can contact a reputable claims management company. Always find a claims company that offers a no win, no fee PPI policy and is upfront with its fees (check the fee including tax). A claims company is perfect for those who want somebody else to deal with communication from the bank.
If you can’t find the paperwork regarding your PPI, the bank may have the information if the account was open within the last six years. If your credit card, mortgage or loan was paid off more than six years ago, the provider is not obliged to keep a record of it. However, a claims company or creditor will be able to uncover any previous PPI for you.
Once you find the paperwork and know you had PPI, you can make your claim! Don’t miss your chance to reclaim PPI and receive money which is rightfully yours.
If you enjoyed this post and would like some more money saving ideas, then head over to the saving my family money section here on Savings 4 Savvy Mums where you’ll find over 50 money saving tips to help you save your family more. There’s enough tips to help you save over £300 a month! You could also pop over and follow my family saving Pinterest boards for lots more ideas on how to stop spending and save more; Money Saving Tips for Families and Managing Money for Families.
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