With the deadline to claim for payment protection insurance (PPI) less than a year away, you would think that banks are assisting customers with PPI refunds before it’s too late. However, consumers have found that this isn’t the case.
PPI refunds denied
One consumer, Valerie Henderson, told Which? that she took out multiple loans for her business in the early 2000s. As a self-employed childminder, she did not meet the criteria to be eligible to claim PPI on a loan. Therefore, her adviser should not have sold the policy.
From a total of 17 policies, Valerie only received a refund for just four of the policies. She did not receive any update following the final successful claim in 2014.
Earlier this year, she was prompted to make a final check and discovered that she was owed PPI refunds for the other 13 policies. As a result, Valerie is expecting PPI refunds totalling over £12,000.
Recent Lloyds case
Lloyds Bank recently came under fire from the Competition and Markets Authority (CMA) as they did not notify customers who were owed PPI refunds.
Lloyds has failed to provide 14,000 customers with a PPI update since 2011 when the scandal hit. These customers now have a small time window to claim money that they are owed.
We are urging people who have taken out loans to check their policy. Even if you were eligible for PPI, the level of commission on the policy sale may have been unfair. As a result, you could be refunded the full amount of your policy, even if you’ve previously had a claim rejected. You can read more about unfair financial relationships and what it means for you here.
Do you think you could have had PPI? Have you had a claim rejected? Speak to our expert team today for support and advice on the compensation you may be eligible for.