Martin Lewis warns ‘Do it now, or miss out forever’ as PPI deadline hits
For years on end banks and building societies lied about PPI. They sold it to customers who didn't need it and in many cases couldn't use it in return for fat commissions.
In some cases, they even added it to loans without the customer's permission.
Eventually they were found out – with courts ruling compensation, plus interest, had to be paid.
Later rulings meant even those denied before had to be paid back, while you can also claim compensation for people who were charged in the past but have since died .
At least until tomorrow, that is.
" TOMORROW (THU 29 AUG) IS PPI DEADLINE DAY. DON'T IGNORE IT. And yes, I am shouting," Martin Lewis told readers of MoneySavingEtpert's weekly newsletter on Wednesday.
"Don't assume you're not due. CHECK NOW if you or a deceased relative has ever had a credit/store card, mortgage, overdraft, loan, car finance or catalogue debt," Martin said.
The good news is that to beat the deadline you only need to start the process – something that takes very little time.
"After all, you never know," Martin said.
Consumer association Which? even created a free tool to help you apply.
"It only takes 5 minutes and you only need to know the name of your bank and your address history," Which? said.
And if that's not enough, Martin Lewis has one too – with an emergency PPI reclaiming toolkit live on MoneySavingExpert.
"I’ve developed an emergency toolkit to ensure that if you’re due money, and haven’t done anything yet, at least you can stop the door being slammed shut," Martin wrote in the Sunday Mirror .
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