With just 200 days until the 29 August compensation deadline, it’s high time you ransacked the attic and did something about your PPI.
It takes a couple of months to get a decision and things can only get busier as “six months to go to claim your PPI money” letters pebbledash the UK’s postboxes like ostentatious sneezers.
The average payout for mis-sold payment protection insurance is £2,000, and don’t think cos you’re Captain Sensible and wouldn’t have dreamed of insuring for something that probably wasn’t going to happen, that you don’t have PPI.
I am one of those people, and I think I’ve got three!
Even better, because I’m one of those people, it’s more likely I was mis-sold at least one of my three PPI policies (here’s hoping).
You’ve probably read that you only get PPI compensation if you were mis-sold. That used to be the case, and it’s true you get a lot more money if that’s you. But even if you weren’t, you should get something, due to Plevin, the Bosman ruling of PPI.
For me, PPI falls into the same category as building society windfalls and random share issues (Standard Life).
That of FREE money to whack in my online piggbank.
And I don’t know about you, but when a gift horse (too many animals) is looking me straight in the mouth, I don’t usually blink.
Unless taming that gift horse (double-down on the animals) is beset with all manner of hassles that I’m too busy to contemplate…
I first heard about PPI in Martin Lewis’s weekly newsletter a few years back. It didn’t seem urgent, and even Martin’s step-by-step how-to explanation sent my head spinning (seriously, it’s the Oracle, read it).
Back in 2017, I spotted that Nationwide had an online PPI enquiry form (the only one I could find at the time). Five minutes later, I pressed submit and waited.
Imagine my surprise when my tried-and-trusted current account provider sent me a letter to confirm I had indeed got a PPI policy on an unspecified product I’d long since forgotten about. “Just fill in this 50-page form and we’ll look into it,” (I paraphrase) they said.
The long grass held onto
Well, I got one of those letters, see. A few weeks back. You know the ones: “hand over 24% of the proceeds and we’ll take all the hassle out of things for you.”
(Note to self: keep letters like this for illustrative use in blog posts.)
Now, as many of you will know, I’m a keen member of the financial independence movement, a movement whose members believe that if a job’s worth doing, it’s worth doing yourself.
So keen I’ve written a book about it.
But I must admit, even I was sorely tempted by the claims company’s entreaty. “Just fill in this one-page form and get some FREE money.” Easy.
A quick consult with Martin didn’t help either. “Do it yourself,” he said, yet I couldn’t help feeling that this was going to be an interminable Shackleton-
How wrong could I be? I’m here to tell you that the banks have got their act together with just over six months to go and the heat well and truly on them; and the process is pretty damn easy. It took me just six hours to break the back of it. Here’s what to do:
They’ll write a nice letter to you. Or email you. Or text or telephone you. Most will say no, do not darken our door henceforth, you did not have PPI with us you time-wasting fool (I paraphrase again).
But some will post you a weighty form that you have to fill in and return to them. They’re the ones you did have a PPI policy with. These are the “complaint forms”, designed (I’m convinced) to put you off. I’ve just done my first. Lloyds Bank. In most of the
No need to give a quarter of that FREE Money to a claims company. No need (in retrospect) to put off the task for a good 18 months. Every need to do it now and beat the rush.
I’ll let you know how I get on.
But if we get just one “average payout” of £2k, it’ll be the best Saturday’s work I’ve ever done.
David Sawyer is the bestselling author of RESET: How to Restart Your Life and Get F. U. Money, the first book to translate the millions-strong US financial independence movement to a UK context.