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PPI deadline: How to claim before it's too late

Edmund Heaphy
Finance and news reporter
A selection of one pound coins, two pound coins and bank notes

The deadline by which consumers must claim if they believe they have been mis-sold payment protection insurance (PPI) is fast approaching.

Consumers must make a submission by midnight on Thursday, 29 August, the Financial Conduct Authority (FCA) has advised.

The final push to encourage people to make claims comes after new research from the watchdog revealed that almost 20% of those eligible to make a claim have not yet done so.

Emma Stranack, who is coordinating the campaign for the FCA, said it was prepared for a “last-minute flurry of enquiries.”

“We’ve extended our PPI helpline hours to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers and will be available for calls on bank holiday Monday. Ultimately, we don’t want the UK public to miss their chance to decide,” Stranack said.

Tens of billions of pounds in compensation have already been paid out as part of the scandal, which saw the small print of some policies mean customers could never actually make an insurance claim.

Around 64 million payment protection insurance policies, which customers were told would help them repay debts in the event of illness or unemployment, are thought to have been sold in the UK.

PPI was sold alongside a wide range of products, from personal and business loans to store cards, overdrafts, car finance, and home improvement loans.

Consumers may receive compensation if they were pressured into buying PPI or if rules were breached in other ways when they took it out.

The FCA said consumers should visit the PPI section of its website to determine if they had the insurance.

The Money Saving Expert website, run by Martin Lewis, also features comprehensive advice on claims.

Tom Belger contributed reporting.