If you've ever made a claim for PPI and been rejected, you could be about to get a pay-out, thanks to new rules that kick in this week.
On Tuesday, financial regulator the FCA will begin the final countdown for PPI claims.
After August 29 2019, you'll no longer be able to make a complaint - even if you think you might be owed money.
As part of the countdown, the FCA has also widened the window for customers who might be eligible for compensation - even if they weren't initially miss-sold.
This means many customers who were previously rejected, could be in line for money back.
It comes on the back of the Plevin ruling - a 2014 court case that ruled brokers were not being entirely transparent about commission rates when selling PPI – which in turn made millions of transactions 'unfair'.
In other words, if you had PPI on a loan, credit card , mortgage or any other form of debt, and the commission was over 50% (without your knowledge), then you can now claim back any commission above that plus interest.
According to MoneySavingExpert, the average commission rate is at 67% – this would mean two-thirds of the cost of PPI wasn't anything to do with insurance, it was just through sales.
As of today, all firms guilty of this practice will be required to write to previously rejected complainants - an estimated 1.2 million people - to advise them of the new guidelines.
Martin Lewis at MoneySavingExpert explains: "Until now, you were usually only due money back from PPI if the firm had either given you an inappropriate policy, such as employment cover for the self-employed, or lied to you, like saying PPI was compulsory. Yet with Plevin, in most cases it's simply a case of 'Did you have PPI? Then you are owed money.
"This is because after the Plevin case, the regulator the FCA set a new rule that says the bank should've declared its commission to you if it was over 50%. Yet even the average bank and building society commission was 67%. If they didn't declare it, you're entitled to the commission over 50% back, plus interest. This will be £100s or £1,000s for some.
"So if you have a loan, credit card or other debt product that has been active at some point since 2008 and had PPI on it, then if you haven't reclaimed already, you're almost certainly due some money back, even if you don't think you were miss-sold in any other way."
Current figures show an estimated £27.4billion has been repaid in compensation since the PPI scandal broke in 2011 - with banks setting aside more than £40billion to cover payouts over the years.
PPI policies were sold alongside loans, credit cards, store cards and mortgages mostly between the 1990s and 2010.
As the countdown campaign begins, the FCA has launched a new advert to help strip confusion around the scandal.
Andrew Bailey, FCA chief executive, said: "We want to encourage people to decide whether to find out if they had PPI and whether to complain or not. Our message, and Arnie's, is 'do it now' and I urge people to make a decision before the deadline on 29 August 2019."
Alex Neill, Which? managing director said: "With just two years left for consumers to claim compensation for miss-sold PPI it is worrying that so many are unaware of this deadline, while others have been put off from claiming because they think it's too much hassle or they don't want to pay a fee.
"The FCA campaign must encourage more people to claim, including previously unsuccessful claimants to re-submit their complaint due to the new Plevin ruling which has made thousands more consumers eligible for compensation. Consumers who were miss-sold PPI should act now – time is running out."
How to check if you are owed money
Millions of pounds remains unclaimed - which means millions of people are still owed money
Consumers have until 29 August 2019 at the latest to make their complaint, but some consumers, including those who have previously been told by their firm that they may have been mis-sold, may run out of time sooner - so act now.
Make a claim
You can make a claim for free through the FCA, Which? and MoneySavingExpert
If you've a claim to make, do it as soon as possible. If you're unsure as to whether you're actually owed money - skip to point three below.
Write to the company that sold you the policy, explaining why you think you were mis-sold and ask for a refund of everything you've paid plus interest.
If you don't get a helpful or adequate response, write back saying you'll take the matter to the Financial Ombudsman - this should trigger some action on their part.
If you get another no, write to the ombudsman – it's free and it can all be done online.
The Ombudsman Service's website offers plenty of help on how to make a complaint .
You can also use a free complaints service like Resolver to help you.
What if the company no longer exists?
If the company that sold you the cover has gone bust, then you should contact the Financial Services Compensation Scheme on 0800 678 1100.
The Ombudsman Service also encourages people to get in touch with it if they are not sure which company is involved. The service can help direct your complaint to the right person at the company, so that they can look into it first of all.
I'm not sure if I was mis-sold - how can I find out?
If this is the case, you may be able to find out through a credit check, providing it's within the past four to six years.
Your credit report will detail any loan agreement and terms you've had in the past six years.
You can then speak to the lender, but make sure the terms are the correct ones for the date you took out the credit, because they can change over time.
With mis-selling dating back to the late 1980s, it is possible that you won't be able to trace it on your credit file. In this instance, it is recommended that you get in touch with your bank/banks at the time to find out.
Avoid claims management firms at all costs
Making a complaint is free to consumers and most people should not need to use a claims management company to assist them. Websites such as Which? and MoneySavingExpert also provider free-to-access templates to get you started.
According to uSwitch reveal as many as six million consumers have been ripped off by claims management sharks - companies who make complaints on behalf of consumers for a fee - because banks make it too complicated to complain directly.
"The current complaints process is hitting consumers with a double whammy," uSwitch money expert Thomas Lyon said.
"Not only have they received poor service from their bank but they are then required to trawl through an out of date complaints process just to have their grievances heard.
"The hassle involved with making a complaint has created an opportunity for claims management companies to take advantage of consumers, many of whom will end up being penalised twice."