We received the payout because of a PPI policy that had been mis-sold to us with a loan. At the time we took out the loan, both myself and my husband were a lot less financially savvy and like most people, we didn’t really have a clue about what PPI was and the scandal that was going to unfold just a few years down the line! So, when the lady at the bank who was arranging the loan told us that we ‘had’ to take out the PPI policy along with the loan or we probably wouldn’t be given it (due to my husband being self-employed), well, it’s safe to say that we caved in just a matter of seconds and agreed to take the PPI too.
What had happened at the bank that day was a classic case of PPI claims mis-selling! Not only was the PPI policy not really suitable for my husband because he was self-employed – pretty ironic given what the bank employee had said that was why we ‘had’ to have it – but it was also a complete lie that we wouldn’t have got the loan if we hadn’t taken out the insurance, as we found out later that the loan and the insurance were completely unconnected.
So, when we heard on the radio years later that this kind of mis-selling had been happening on a systematic scale and that people were able to reclaim the money they had been scammed out of, we didn’t waste any time in putting in a claim and we were very happy to receive a payout of not hundreds but thousands of pounds!
To be honest, I’m quite surprised that people are still able to reclaim mis-sold PPI today but I recently found out that the Financial Conduct Authority – who are a body who oversee the financial services industry – have recently announced a potential deadline for when PPI claims must be made. The deadline is going to be around the Summer of 2019. So, if you want to get a windfall like me and my husband did then now is the time to find out if you’ve ever had PPI or not, before you miss the boat.
Our PPI money came in really handy when we got it as we were renovating our first home at the time and the money we got helped give our renovation a boost that it so desperately needed. Hopefully you won’t have to spend your PPI money on something as boring as that and you can put it towards something fun like a free family holiday instead. Or, if you’re feeling really sensible, then you could even put it into a savings account for use towards a deposit for a home or perhaps put it towards your pension pot! I think I’d find it tough to resist a free holiday myself. 🙂
Anyway, I hope this post helps you to reclaim your mis-sold PPI before it’s too late and that you enjoy spending or saving it however you feel is right.