A third of customers due PPI refunds have yet to put in claims, say experts – and time runs out tonight.
Typical compensation payouts are about £3,000 but customers must start the complaints process by 11.59pm.
A hefty £36 billion has already been paid out to credit customers sold the often over-priced and worthless payment
protection insurance cover. The final bill is expected to hit £44 billion.
There were 64 million PPI policies sold in the UK , many of them to people who had no idea they were even being charged for the insurance.
It was mainly added on to loans, credit and store cards, mortgages , catalogue accounts, car finance and on some overdrafts between the early 90s and 2010.
With most credit providers, a simple enquiry about whether PPI was sold is enough to be considered the start of the complaints process, meaning there is still time to start the procedure. For those who know the name of the lender and have the paperwork, claiming compensation is straightforward.
A claim form will be available on the bank or financial provider’s website There is also one on the website of consumer
group Which?.
Adam French, of Which? said: “If you had any kind of credit product, such a consumer loan, store card, credit card or mortgage up until 2006, you could have been mis-sold PPI.”
