-- With the August 2019 deadline date for final PPI claims getting nearer, it’s no surprise that companies like Reclaim Your PPI Ltd are constantly inundated with queries from store card holders. In particular, policy providers to brand names like Debenhams are still regularly paying out owed PPI yet there is still £millions unaccounted for. The biggest concern for Reclaim Your PPI Ltd is that potentially affected customers will leave claiming miss-sold PPI until just before the deadline or not at all. Unfortunately, this could result in customers losing out on potential pay-outs
According to Money Saving Expert (https://www.moneysavingexpert.com/news/reclaim/2017/03/ppi-reclaim-deadline-martins-5-must-knows,) a typical pay-out is £3,000 per customer and while over £20 billion has already been paid out, there is still billions let to claim.
As of the end of August 2017, only 12 million people have claimed miss-sold PPI yet 64 million PPI policies were sold in total. Of those policies, many customers were sold payment protection by major high street names, including Debenhams. In many cases, without their consent or knowledge. This is particularly relevant to customers who may have taken out a Debenhams store card before December 2001. We also know that some Debenhams store card PPI financial providers such as Santander, rejected PPI complaints yet these initially refused customers could still be owed compensation, despite that first rejection, due to the non disclosure of commission attached to these policies. That’s because at the time of the store cards policies being taken out, the Debenhams PPI provider was GE Money, later bought out by Santander UK in 2008. Therefore, historic store cards simply moved under the responsibility of Santander UK. However, due to the change, the Ombudsman would not consider many of the PPI complaints rejected by Santander on cards sold before 1st December 2001. From 2013, New Day bought the Santander store card book and so to date; it is their responsibility to deal with the majority of unclaimed PPI. Customers are mainly unaware of the change. ( https://www.mirror.co.uk/money/you-used-store-card-1990s-7114139 )
As well as previous miss-sold PPI, New Day underwent a business review in the first quarter of 2016, under the remit of the FCA and found that unnecessary default fees and other charges meant that 3% of their customers had paid fees, with up to 180,000 people owed £4 million (http://www.thisismoney.co.uk/money/cardsloans/article-3507671/Store-card-shoppers-line-4million-compensation.html).
Reclaim Your PPI says, it is definitely worth checking whether any Debenhams’ customers held store cards before 1st December 2001 and re-questioning refused PPI claims.
Andy Macdonald of Reclaim Your PPI Ltd says:
“We are dealing with lots of clients in relation to their high street store cards, in many cases these clients were never aware of the PPI policies they were paying for. This is something we are working hard to rectify on their behalf.”
For more information on Reclaim Your PPI Ltd please contact:
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