Island Life Magazine Ltd October/November 2015 | Page 151

FINANCE

made the claim as part of their estate.

How long does it take?
All we need to start work is basic
information such as name, address, date
of birth, previous banks and financial
institutions and as many previous
addresses as possible. All the client does
then is sign a letter of authority, and a
copy of our terms and conditions.

Can you re-claim PPI on credit cards
and loans as well as mortgages?
Yes, in fact the most common PPI
policies were on unsecured loans, as well
as credit cards, store cards, commercial
overdrafts and mortgages. PPI was
also mis-sold on business loans, on an
industrial scale. Some people weren’t
even aware that they had it.

I’ve heard the banks are closing
PPI claims down in 2018 - is it
still worth claiming?
The FCA has said it’s appropriate to
introduce a time limit on claims and
the final decision will come next Spring,
but it’s looking like it will be two years

from then, which takes us to early 2018
– but that might change, we don’t know.
Banks are lobbying very hard to get it
changed, so people must bring a claim
well before 2018 or it could be timebarred. If the bank has already rejected
your complaint more than 6 months ago
or if the bank wrote to you more than 3
years ago warning you that you may have
been mis-sold PPI, you are already time
barred from taking it to the Financial
Ombudsman Service and that effectively
means you will not get your PPI refund.
The message is to act now.

How long does it take to claim and
before we know if we will receive
any money?
With some banks we will know within
a week of submitti