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Arnold Schwarzenegger gets more people claiming PPI compensation

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24/10/2018
The number of people checking whether they were mis-sold Payment Protection Insurance (PPI) has gone up by 40% since the regulator launched an advertising campaign featuring Arnold Schwarzenegger.

The Financial Conduct Authority (FCA) said four million people have made checking enquiries in the 10 months since the campaign began urging consumers to reclaim PPI by the 29 August 2019 deadline.

In total, seven million complaints have been made since the adverts began, 63% up on the 10 months before the campaign and £3.7bn has been paid out, a 64% increase.

More people are complaining themselves instead of going to claims management companies (CMCs).

What is PPI?

PPI was typically sold with products that people make repayments on, like a loan, credit card or mortgage. It was designed to cover repayments if people couldn’t make them including if they were made redundant or couldn’t work due to an accident, illness, disability or death.

An estimated 50 million PPI policies were sold between the 1990s and the mid-2000s but they were often mis-sold.

Since 2011, around £32.6bn of compensation has been paid on around 20 million policies.

Can I still complain?

The FCA says people who think they have been mis-sold PPI must have filed their complaint with their bank by 29 August 2019, so you still have time to claim.

In fact, it might be worth claiming again if you’ve already received compensation after a Which? investigation found banks were only investigating policies specifically mentioned by a claimant rather than their full policy history.

How can I complain?

If you have paperwork showing you paid PPI, you can complete a template on the Which? or MoneysavingExpert websites and send it back to your bank to reclaim your cash.

If you don’t have any paperwork, you can call or write to your provider to ask if you had PPI. You’ll need to tell them your name, your address at the time you had the product, and dates of the product or PPI. You should receive a response within 40 days. You can then fill in one of the templates.

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