Can I Still Claim PPI in 2024?
- How to claim PPI in 2024
- How Plevin PPI claims work
- What PPI tax is all about
If you’re wondering if you can recoup money you’ve lost in the past quickly, you’ve probably thought about making a PPI claim. Having been mis-sold by companies for many years, it seems a good way of getting back a lump sum in one go. Fortunately, even though the deadline to claim PPI passed a few years back, you can still receive compensation. This article will explain the avenues available and how it works after the PPI claim deadline.
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What Was PPI?
Payment protection insurance, or PPI, was typically sold in addition to products that needed repayments, like loans and mortgages. It was designed to protect people if they suffered from an accident or illness that meant they were unable to repay their debts. It’s generally believed that millions of these policies were mis-sold to consumers, either not being suitable for them, not necessary or otherwise. This gave people grounds to claim PPI compensation.
When Was the PPI Claim Deadline?
The FCA’s deadline for making a claim on PPI was back in 2019. After this date, it hasn’t been possible to receive compensation by contacting the provider or the Financial Ombudsman. The PPI claim deadline means that it is still possible to make a claim, but only by going through court. This is a costly way of going about it. There are, however, other avenues.
How Can I Still Get Money from PPI?
Plevin PPI
While you can instigate court proceedings to collect mis-sold PPI, there is a simpler alternative. If your PPI policy had a high level of commission and this was never disclosed, you can claim PPI compensation through Plevin PPI. This entitles you to any commission that was over 50% of your policy. It’s based on the principle that by not having such a large amount of commission explained to you in the first place, it demonstrated an unfair relationship.
Plevin PPI: Complete Guide gives more detailed information on this subject.
PPI Tax
If you had a payout after 2016, you could be owed tax back on your settlement, thanks to the introduction of the personal savings allowance. When anyone made a claim on PPI, 20% tax was deducted from the amount, giving you less back than you were entitled to. This can be harder to work out by yourself, which is why it can be easier to claim PPI tax back through a claims management company.
Top Reasons to Claim PPI in 2024
If you’re debating whether to go ahead and start your compensation journey, there are many good reasons why Plevin PPI claims or PPI tax claims should be completed as soon as possible.
Lump sum compensation
Damage to finances
Needless expenses
Closure
Awareness
The compensation you receive when you claim PPI is in its entirety as a lump sum. Even if you’ve received PPI compensation in the past, Plevin PPI claims can still be made. This will be an additional settlement separate from the previous claim, as the commission wouldn’t have been paid before.
It’s also useful to claim PPI to compensate you for any financial damage you went through as a result of it. You may have been charged for late fees or missed payments specifically because of the policy. In this way, it’s also recouping the losses for a needless expense that you could have done without in the first place.
By claiming PPI compensation, you can gain closure on a period that could have been a cause for stress. It also raises awareness for others about how they can do the same. The more people claim PPI, the more likely other people can be prevented from falling victim to anything similar that might emerge in future.
Plevin PPI Claims
If you’re looking to be prepared to claim PPI compensation, there are steps you can take to help your case. It can be a lengthy process, which is why it can be easier to use the help of a claims company instead.
Firstly, it’s good to review your policy documents, if you still have them. It will detail all of the information about the PPI policy you had, such as how long it ran for, what you paid and the number on your account. You can easily identify your case if you go to claim PPI through the Plevin rule. Likewise, if the provider of your PPI policy has not been dissolved, you can request all of the information about your policy from them. They should also inform you about how much commission was part of your policy. If it’s over 50%, you can claim PPI compensation via a Plevin PPI claim.
It can also be useful to check your bank statements, to get a true indicator of what you had been paying during the length of your contract. You might be able to use this information to calculate how much your premiums were and the percentage that would have been commission. Additionally, if you know the name of your provider, you can search for them using the FCA’s search page. You won’t be able to claim PPI directly through them, since the deadline has passed, but they might be able to provide you with the information about the commission on your PPI policy.
Claim PPI Through the Plevin Rule
Whether you’ve got all the information handy or if you don’t have time to do the legwork, you could get in contact with a claims management company to sort out the claim for you. It could be that you aren’t able to find any information about your claim, which is where specialist claims staff come in useful. In order to claim PPI through them, you’ll just have to submit your details and they will start the ball rolling on your claim. A modern lifestyle is incredibly demanding, so using a claims company will take the stress and workload off your plate.
Claim PPI Tax Back
Unlike Plevin PPI claims, you won’t receive a larger settlement due to commission. The tax you can reclaim on your PPI settlement is based on your tax band. A 20% taxpayer is entitled to £1,000 savings tax-free in a single year, while a 40% taxpayer is entitled to £500. If your claim amount will push you over this personal allowance, you won’t be able to claim.
To claim PPI tax back, you will need to fill in an R40 form, which requires extensive information. If you do not have time or cannot find information about your case, this can be done for you through a claims management company. They specialise in checking qualifying criteria and will notify you if you’re entitled to money back on your PPI policy.
