14:58 04 April 2013
One of Britain’s biggest financial scandals has affected thousands of people for years. For decades, UK’s biggest banks and financial institutions have been stealing £1,000s from unsuspecting borrowers who were not informed that they were sold Payment Protection Insurance or PPI.
The good news though is that you can get your money back. Before you file for a claim, here are some things about PPI that you need to know about.
When did PPI mis-selling start?
There’s no specific start date but experts are sure that the mis-selling have started long time ago. Some believe that PPI was sold as early as 1990.
In June 2008, following a 15-month investigation into PPI, the Competition Commission found that there were around 20 million PPI policies sold in the UK, which generated £5 billion a year for the companies involved.
Is there a deadline I need to reclaim by?
Although there is no deadline as to when you can reclaim your PPI, it is highly recommended that you file for a claim as early as possible. It is much easier to get your money back if your insurance is active in the last six years.
Will they cancel my PPI if I reclaim it?
The answer to this question is yes. So, only cancel your PPI if you’re certain that you do not need it.
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