Reclaim PPI now, or if you've ever been rejected, try again

This content originally appeared in the MSE weekly email on 30 September 2015.

In August we warned of worries the regulator, the Financial Conduct Authority (FCA), may impose a deadline on PPI reclaiming. MoneySavingExpert.com's Martin Lewis and Which?'s Richard Lloyd jointly wrote to the FCA to warn against this, but now Sky reports the FCA board's discussing it. So act ASAP.

• Check NOW if you're owed £1,000s back. PPI was an insurance most commonly sold on loans and credit cards, but mis-sold elsewhere too on mortgages, overdrafts or even catalogue accounts. If you've always assumed you're not owed, you may be wrong – many had it added even if they said no, including Nick: "I didn't think I had PPI, but used your PPI templates. I just received two payments totalling over £10,000 back to 1991. Thanks."

• Did the bank reject you? RESTART your claim. Banks have been fined repeatedly for failing to deal with complaints properly. Many have been WRONGLY rejected. After all, the Financial Ombudsman upholds more than 60% of PPI cases in consumers' favour, even though to get there you need to have been rejected by the bank.  If you were rejected and didn't go to the Ombudsman, try again... Unless you were rejected in the last six months, you need to start from scratch with your bank. Use a template letter, like Barry: "I used the template and was told I was owed nothing. Off to the Ombudsman using the template, and just paid in my cheque today - £17,900. Thanks so much." If your rejection was more recent, you can go straight to the Ombudsman.

• Don't pay to reclaim, do it for FREE. Our Reclaim PPI for Free guide has full step-by-step help and template letters – over six million have been used so far. Plus our 60+ FAQs answer almost everything, including: 1) I've no paperwork. 2) Can I claim if the debt's repaid? 3) Can I claim for a deceased relative? 4) Can the bank use my payout to clear my IVA? 5) Do I pay tax on my reclaim cash? And many more. Give it a try.