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How to save money in Spain, and how to find ways to save money online. Saving money is something that we are all a bit interested in. Find out how you can stop losing money on foreign exchage and currency rates and save money on foreign exchange rates instead. Find out how you can save money by an expat financial review. Learn more about expat health insurance and how you can save money on every day living expenses in Spain. You may even be able to save money on tax, and make the most out of your UK pension

Are You Still Owed PPI? How to Reclaim Payment Protection the Easy Way for Expats
05 May 2019 @ 12:44

The PPI scandal rumbles on. You have up until the end of August 29 2019 to make a claim. If you have not made a claim yet, or found a PPI resolution provider, it is a good idea to so now. Many people are still not sure how to reclaim money owed to them under the PPI scheme. One of the reasons is simply that they are not sure if they had PPI or not. 

PPI was sold under many different names. It is easy to presume it is going to say Payment Protection on your paperwork. However, it is more likely PPI was sold to you under a different name.

These are the most common names, or terms, you will find on your paperwork:

Account Cover
Credit Insurance
Payment Protection
Loan insurance
Loan Protection
Accident, sickness and unemployment insurance ( Abbreviated ASU)
Payment cover
Protection plan

Who Is Affected by PPI Mis-Selling?

Anybody who had a mortgage, a loan or held a credit card in the UK can be affected by the PPI mis-selling scandal. That includes personal loans and car loans. Go through your old paperwork and try to find out as much information as you can. It could be you have a substantial PPI claim hiding in a drawer somewhere. Many expats are affected by PPI but not aware that they can reclaim PPI. Launching a claim as soon as possible would be a good idea as a Brexit could have a negative effect on exchange rates. A lower exchange rate would make your claim worth considerably less and is best avoided.

Companies and banks started to sell PPI back in the late 1980s. If you took out some kind of financial agreement around that time, it is likely that you will have been mis-sold PPI on one financial product or more. Don’t forget this applies to store cards as well.

Leading stores such as Debenhams and Marks and Spencer added PPI to their credit card more or less automatically unless you ticked a box refusing the insurance. Most staff in stores were not well trained and did not explain Payment Protection Insurance would be added to their financial product.

Martin Knipe from the company RYM Claims says many people have still not checked their current or former financial products. You may not have PPI on your mortgage currently, but it does not mean that it was not added on in the past. Martin points out that some customers are concerned to claim PPI from a current loan or credit provider. A claim for PPI is not going to affect your current relationship with your lender. 

This is a list of loan providers which may have sold you PPI:

Credit cards
Store cards
Car finance

I Am An Ex-Pat - Can I Claim PPI?

You certainly can claim PPI even though you are now living abroad. Make sure you have your former UK address details when you contact a former lender or a company specialising in PPI reclaims.

It helps if you have as much information available as possible. An account number or former mortgage agreement will help.

How Much Am I Likely to Get In a PPI Refund?

PPI refunds vary a great deal. According to Martin, it is important to check. Refunds range from a couple of thousand pounds to over £50,000. 

To reclaim your PPI you can try it to go it alone or use a company. Most companies are very successful when it comes to making PPI’s claim on your behalf and know their way around the system. 

 Before you ask a specialist PPI reclaim company to help you, it is important to make sure the company is regulated and authorised by the Financial Conduct Authority. Quality PPI reclaim companies will always make sure they inform you of their FCA number. Once again, it is a good idea for UK expats resident in Spain or any other country to start a PPI reclaim as soon as possible.

Take some time out of your busy day to check if you were possibly mis-sold PPI. You may even have a substantial claim on your hands.

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