The PPI (payment protection insurance) scandal was among the largest banking bust-ups in the history of the United Kingdom, and although the deadline to claim it back was in August 2019, the underlying damages it caused can still be seen even now.
It was the result of banks mis-selling insurance policies to individual that were meant to protect them in the event of a loss of income; but in reality, they were massively profitable for the seller, and provided very little (if any) functional benefit to the buyer.
What does this deadline mean for those with outstanding PPI issues? What do the ramifications mean for the rest of the world? If you happen to be interested in the ongoing scandal, or you wanted to try and get some of your own money back, here are some points worth checking out.
It’s Not Entirely Too Late
The deadline to reclaim your PPI is long gone, but that does not necessarily mean that getting at least some of your money back is impossible.
In fact, great companies such as plevinclaims.com can help people claim back undisclosed commissions that may have been associated with the policy, which in some cases, can be a great deal of money.
Despite the official deadline having passed, there may be exceptional circumstances for individuals in specific situations that meant they could not make a claim before the big day.
If one was feeling particularly brave, disgruntled, or a perfect mix of the two, the small claims court might be the way to go.
While this can be costly and potentially ineffective, it could be one of the only ways to go about getting your money back nowadays.
Consider Tax Payouts
Tax on the PPI payouts can account for a large amount of money, sometimes entering the territory of thousands of pounds.
It is possible to claim this money back still, and you can do it directly from the HMRC website, provided you can fight your way through a mountain of paperwork and come out with a coherent document on the other side.
Sometimes, it is best to hire the help of the experts, and this may be a prime example. Coming up against the large legal teams employed by banks with no support is likely not in your best interests, so reaching out for help might be the very best way to go.
What it Means Today
Banks in the UK are still suffering from their PPI misdeeds even now, as there is a backlog of claims, possibly prompted by the deadline itself.
Just in case people’s trust in banks was not at rock bottom, the PPI scandal serves to remind the public about the importance of accountability, corporate responsibility, and a personal understanding of finances.
Many are questioning the bank’s ability to deal with the aftermath of the scandal in the first place, and whether or not they could have been more efficient.
While the deadline may have passed, the opportunity to bite back certainly hasn’t, at least not completely; so if you suspect you were mis-sold some PPI, even if you are a UK resident, it is worth looking into.
