Final Countdown to Reclaim Mis-Sold PPI Policies

It’s the final few months to reclaim PPI. The Financial Conduct Authority (FCA) set 29th August as the deadline for customers to submit PPI claims to the banks. The deadline is a way to encourage people to make claims, rather than put them off. So far — after refunding customers for over a decade — banks have repaid over £34 billion to individuals.

With just a few months remaining, act now if you haven’t yet submitted a complaint. If you’re uncertain whether you’re due a refund or how to reclaim PPI, we explain below.


Why You Should Submit a PPI Claim

If you’re not sure whether you should submit a PPI claim before the deadline, here are some of the reasons why it’s worth taking the time to check for old, mis-sold PPI policies:

  • This is your last opportunity to find out if you were mis-sold a policy — after the deadline, the banks won’t investigate any PPI complaints so don’t miss the last chance to file a claim.
  • It’s believed 64 million PPI policies were sold in the UK. Although it’s not known how many of these were mis-sold, the figure could be millions — meaning if you had a credit card, loan or mortgage in the 1990s, it’s likely you were affected.
  • Filing a claim is free. Some banks allow you to submit PPI claims online, and others require you to send forms. Even if you use a trustworthy PPI claims company, you will only pay them if the claim is successful.

How to Identify Mis-Sold PPI Policies

The first part of reclaiming PPI is to check if you had a PPI policy. Most policies were sold during the 1990s. However, some date back as far as 1970 and many were also attached to products in the early 2000s.

The best way to identify policies is to check your past financial paperwork. If you were mis-sold PPI, it would be listed on the financial agreement or a statement. Be aware that it could have a different name, such as Accident, Sickness and Unemployment cover (ASU) or account cover.

If you can’t locate your paperwork, it’s still possible to submit a claim, but you will need to find the policy number. There are a few ways to do this. You can either contact the bank or lender that you believe could have mis-sold you a policy and ask them if they have a record of it. Alternatively, contact a reputable PPI claims company and give them a few details. They can then begin an investigation into any of your old PPI policies.

No matter what method you choose, if you do find evidence of PPI, you can then make a claim to the bank.


Reclaiming PPI before the Deadline

If a claims company has already identified a PPI policy for you, they can then continue to contact the bank on your behalf. Alternatively, you can file a claim yourself for free. You must state how the PPI was mis-sold to you. There are numerous ways that policies were mis-sold to consumers, including having it added automatically to products and being told that it was compulsory.

Once the bank acknowledges that it has received your claim, it should respond with an outcome within eight weeks. However, it has been known for some banks to take longer to respond to old or complex cases.

If the bank upholds your claim, you will receive a refund shortly afterwards. If the claim is rejected, you can refer the case to the Financial Ombudsman Service (FOS). The FOS has a vast number of PPI complaints to deal with, and the result could take many months or even up to two years. But, if you believe that you have a strong case, it could be worthwhile referring it to the FOS.


The clock is ticking, and the banks are extremely busy in the run-up to the deadline. Even if you can’t remember buying a PPI policy, it’s always worth taking the time to double check. Many people were oblivious to PPI policies yet have received a refund from their bank.


Leave a Reply