Martin Lewis issues another PPI warning – here’s how to check if you’re owed thousands

Millions of people mis-sold PPI risk missing out on thousands of pounds if they don’t act soon, warns Martin Lewis.

At least £34.4 billion has already been paid out to Brits but the Money Saving Expert believes more is still owed.

The 47-year-old urged the nation in his latest newsletter and revealed how there’s three months to submit a claim.

Any claims sent into firms later than 11:59pm on August 29, 2019, won’t be considered and you could miss out on cash.

“You may need to do a bit of prep work”

Martin Lewis

Martin wrote on his website: “You may need to do a bit of prep work, [so] start checking if you can claim right away.

“And don’t leave submitting your claim till the last minute anyway as it can just take the postman losing a letter or an email going astray and you’re stuffed.”

Submitting an application is completely free and you can check if you were mis-sold the insurance by double checking old paperwork.

You should still submit a claim without documentation if you can’t find it although the chances of success are far slimmer without proof.

And those who have been rejected are also told to submit a second claim.

Over the past three decades, around 60 million PPI policies were sold.

In 2018, The Financial Conduct Authority put in place the decline for claiming mis-sold PPI.

PPI is an insurance policy attached to credit agreements such as loans, mortgages or credit cards.

The idea of the policies were to cover payments when a policyholder was ill, had an accident or lost their job.

Martin previously spoke out about PPI on the Martin Lewis Money Show in February.

He told ITV viewers: “Anyone who has had a credit card, loan, mortgage, overdraft, car finance, catalogue debt, in the past 30 years [could claim].

“They may have added to your loans without telling you. They didn’t check it was suitable for you, but they should’ve done.

“You can go back as far as you like, but it’s difficult without documentation. Some reclaim without paperwork, but [the chances of success] are far slimmer.”

  • Martin Lewis

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