Want to make a PPI claim? Clock is ticking but it might be easier than you think

August marks the one-year countdown to the deadline for making a PPI claim - and with millions of policies having been taken out, the clock is ticking if you want to make a complaint.

The deadline for PPI complaints is August 29, 2019. As many as 64 million PPI policies have been sold in the UK, mostly in the 20 years after 1990 - but some stretching as far back as the 1970s.

Some £31.5 billion has already been paid back between January 2011 and May 2018 to customers who complained about the way they were sold PPI. If you had a PPI policy you weren't happy about you can complain yourself - for free - and it might be easier than you think.

Here's what you need to know about PPI and making a claim...

What is PPI?

PPI or payment protection insurance was designed to cover repayments if you found you were unable to make them yourself for particular reasons - perhaps due to being made redundant, having an accident or being ill.

What financial products might I have had that PPI has been added to?

PPI was tacked onto products such as personal and business loans, credit cards, store cards, mortgages, catalogue credit and other types of credit, such as car finance and hire purchase agreements for household items.

So why did PPI become controversial?

PPI was found to have often been mis-sold, to people who didn't need it because it was unsuitable, felt under pressure to sign up, or in some cases didn't even realise they had a PPI policy because it was simply added without them asking.

Are there other circumstances in which I could make a PPI claim?

Yes - importantly, you may now find you're entitled to money back just for having the policy - even if you don't think it was mis-sold to you.

There's a new reason you can complain - and it's if the bank or other provider earned a high level of commission from the sale of PPI but you weren't told when you bought it. Providers were often paid commission by the insurer, as a reward for the sale of PPI. The money for this commission would come out of the payments you made for the policy. A high level of commission typically means it was more than half of what you paid for your PPI policy.

These rules mean it's also possible to complain even if you've had a previous complaint about the mis-selling of PPI rejected. You don't need to know or explain how much commission was paid for your PPI policy. If you don't know the details, you can still complain.

How can I check if I had PPI?

If the policy was taken out a very long time ago, or you aren't quite sure, you may need to to a bit of detective work - but there is help out there with this.

Try to dig out any old paperwork you may have which could help - but if you haven't got this you can still ask the firm. The Financial Conduct Authority has page on its website that helps people track down the details of firms (fca.org.uk/ppi/how-to-complain/search-for-provider).

What free help is available for me to make a complaint?

Consumer help websites MoneySavingExpert.com and Resolver.co.uk have free tools which can help take the hassle out of complaining. Citizens Advice, Which?, the Money Advice Service, the Financial Conduct Authority and the Financial Ombudsman Service also have lots of information on their websites.

When making a complaint, remember to include key details which could help firms track down your PPI policy details, such as your date of birth, your policy number if you have it, when you took out the policy and your address at the time you had the policy. It will also help to let the firm know the reason for your complaint.

What if I'm still not happy after making a complaint?

If you have complained to the firm and you're not happy with their response, you can take your complaint to the Financial Ombudsman Service, which resolves disputes between consumers and financial firms.

HOW... BEING FINANCIALLY SAVVY COULD HELP TO GET A DATE

Being good with money may not just help your bank balance - it could boost your love life too, a survey by credit report provider Noddle suggests.

A fifth (18%) of single people see good financial awareness as being among the most attractive qualities in a potential partner, according to the poll. For women, financial awareness is the third most attractive characteristic after personality and cleverness, rating more highly than good job prospects and looks.

But there's no need to splash the cash on a date - when it comes to finding love, boasting about money was found to be the biggest turn-off for both male and female online daters. Jacqueline Dewey, managing director at Noddle.co.uk, says: "Money can be a source of stress and disagreements in relationships, so it's a good idea to find someone with a similar outlook."

Here are some Noddle tips for improving your financial awareness:

1. When it comes to improving your financial awareness, there's nothing better than learning more about finance. Newspapers and magazines geared towards money matters and the financial sections of local newspapers are great resources. You can also find helpful information online.

2. Take control of your cash. It's important to know the ins and outs of all your expenses, so try making a list of everything you spend each month.

3. One way to keep track of your finances is through making a budget. You'll also be able to spot opportunities to make savings.

4. Checking your credit report will give you a snapshot of all your outstanding credit, such as mobile phone and energy bills, credit cards, loans and mortgages. That way you can see how much you owe and spot if anything's not quite right.

5. Free guidance with money matters is available from bodies such as the Money Advice Service. And if you're struggling with debts get help as soon as you can. Bodies like Citizens Advice and StepChange Debt Charity can help.

POUNDNOTES

Financial fact: Some £5.2 billion was paid in inheritance tax last year - an increase of 8% or £388 million compared with 2016-17 - according to HM Revenue and Customs (HMRC) figures.

HOLIDAYMAKERS HIRING MOPEDS ABROAD 'RISK UNAFFORDABLE MEDICAL BILLS'

Holidaymakers are being urged to think twice before hiring mopeds while overseas. Abta, the UK's largest travel association, says many people have dangerous accidents while on holiday after hiring mopeds. It's also reminding holidaymakers of the limitations and exclusions of standard travel insurance policies - many of which will not cover accidents from quad bikes and mopeds, leaving seriously injured holidaymakers facing unaffordable medical bills.

NEW 'SEXTORTION' SCAM IN WHICH VICTIMS ARE SENT THEIR OWN PASSWORDS

Cyber criminals are sending victims their own passwords in an attempt to trick them into believing they have been filmed on their computer watching pornography and demanding payment. Action Fraud said there have been over 110 reports made to it from concerned victims who have received the emails, which contain the victim's own password in the subject line.

The emails demand payment in Bitcoin and claim that the victim has been filmed on their computer watching pornography. Action Fraud suspects fraudsters may have gained victims' passwords from an old data breach.

RETIREMENT INTEREST-ONLY MORTGAGES LAUNCHED BY BUILDING SOCIETY

Leeds Building Society has launched a new range of retirement interest-only mortgages, as part of moves to give older home owners more borrowing options. Interest-only mortgages allow people to make regular interest payments on a loan, without paying off the loan itself - but the capital must be eventually paid off. Leeds' new mortgages are being offered to borrowers aged 55-80. The loans need to be repaid on a specified life event. This could be the sale of the property, moving into residential care, or the death of the borrower.