In 2011, it took back-breaking work and extreme patience to claim back your PPI refunds. Banks were unwelcoming customer PPI complaints despite the Supreme Court’s fresh ruling that upheld the then-Financial Services Authority’s PPI refund regulations. The minimum waiting time of eight weeks went for months, which had banks fined for their illicit actions, increasing the total PPI bill once again.
It was just £16b back then. Then it grew to £20b. Now it’s about £32b once the Financial Conduct Authority adds to regulation another landmark Supreme Court ruling.
So how does claiming PPI look like today? Well…
1. You Could Claim For Useless Fraud Cover
Affinion is a credit card security insurance provider and it paid back for your trouble if someone stole your card and used it. New regulation indicates banks have that responsibility already in check. You could claim for this one. It’s a form of PPI that you don’t really need.
2. Loan Insurance
About 45 million PPI policies were sold with loans and credit cards from 1990 to 2010. The biggest insurance scandal yet, PPI is worth £3750 or more depending on the length of time you’ve paid for it. The amount is definitely worth the effort of de-crusting your old banking documents to see how much premiums you’ve paid.
3. Template Letter
Thisismoney.co.uk has some letter templates you could use to claim for PPI. It’s a bit lengthy, but at least a template letter is better than none just like back in 2011.