Martin Lewis: The deadline for PPI reclaiming may be a month away, but people need to act now to beat queues

With just one month to go to reclaim mis-sold Payment Protection Insurance (PPI) before the 29th August deadline, Martin Lewis warns that now is the time to get a complaint in to beat the inevitable queues.

Martin Lewis, founder of MoneySavingExpert.com said: “The deadline for PPI reclaiming may be a month away, but people really need to sort this out far sooner.

“We’re already seeing huge pressure and an increasing number of claims, which means those who leave it until the last minute are likely to see substantial delays in processing their complaints – and more so if you later have to go on to use the free Financial Ombudsman Service, which will likely be clogged up too. So speed is of the essence – certainly if you care about getting your money back far more quickly.

“While PPI reclaiming is easy to do, and can be done for free, it is easier if you’ve got the documents and it can take a while to search through your old files – first to find out who your lenders were, and then to find out if you had PPI in the first place. If you don’t know, help is still available, but all of these things take time.

“And as the average PPI claim is £3,000, the last thing you want to do is miss out on getting your financial justice due to prevarication.”

Please visit MSE’s Reclaim PPI for Free guide and tool.