PPI deadlines are fast approaching, with an official date of August 29 this year for those who wish to claim. PPI, otherwise known as Payment Protection Insurance, was devised in the 1970s and sold up until 2010. The insurance was designed to cover those in financial difficulty who were unable to pay back loans, mortgages, overdrafts and more. However, many PPI providers mis-sold these plans, and the Financial Conduct Authority (FCA) has conducted a campaign in the UK to ensure those who bought PPI can claim their money back.

How do you know if you have PPI?

PPI was once sold to cover debt repayment, which means it was attached to any plan which required people to pay providers back at a later date.

However, some providers mis-sold the insurance, lied to people about its necessity, and gave the policy without asking.

As a result, many people are unaware they took out PPI in the first place.

READ MORE: Martin Lewis reveals how to claim PPI

These products may have come attached to PPI without people knowing it:

– Loans: Personal, business and student loans

– Credit card

– Store card

– Catalogue credit

– Mortgage: Second charge mortgages included,

– Overdraft

– Car finance: Includes items bought on credit which may have been listed as a ’finance agreement’ or ‘hire purchase

– Home shopping account: Including catalogue account

– Home improvement loan: Includes kitchen, bedroom or sofas

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PPI can also come under these names on official paperwork from providers:

– Accident, sickness and unemployment (ASU) insurance

– Account cover

– Credit insurance

– Credit protection

– Loan care

– Loan insurance

– Loan protection

– Loan repayment insurance

– Mortgage payment protection insurance (MPPI)

– Payment cover

– Protection plan

READ MORE: FCA urges Brits to act NOW on PPI

If someone has taken out a loan or credit product, but they aren’t sure whether they had PPI, they can check with the provider.

Complainants will need their name, date of birth and current/previous addresses.

Then they can find the correct PPI provider via the FCA website, which comes complete with links to PPI checking tools.

Providers can take up to eight weeks to complete a PPI check.

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