Banks are writing to millions of customers explaining that they may have been mis-sold payment protection insurance (PPI). The FSA has instructed banks to write to between 4 and 12 million customers to ensure that customers who have not yet complained are made aware of the issues regarding PPI mis-selling.
What will be the content of the letters?
The letters will:
- Be written in a language that is jargon free and without any marketing messages
- Make it clear to the customer that the letter is important and that they might have been mis-sold PPI
- Explain that they could have lost out financially and could claim for compensation
- Point out that any claim might be subject to a time limit
If I receive a letter what action should I take?
If you receive a letter you should review your PPI purchase and if you feel you may have been a victim of mis-selling then you should claim immediately
What is the time limit for PPI claims?
Customers must complain within three years of when they were made aware, or ought to have been aware, that they had cause to complain
When can I expect a letter?
With so many customers affected the banks will be issuing letters over a period of time so it is very difficult to be specific on timescales
Will these letters sent to all customers who have or have had PPI?
Not necessarily, as there may still be customers with PPI attached to credit cards, loans or store cards that may fall through the net so it's worth checking your records to check if that applies to you.
Can I only make a claim if a get a letter?
No. It may be possible to still make a claim if you believe you were mis-sold a PPI policy. Thisismoney.co.uk have produced a helpful PPI reclaiming guide which you should read.