Last chance for Islanders to claim PPI compensation
HUNDREDS of Islanders could miss out on compensation they are entitled to for mis-sold payment protection insurance, according to the head of Citizens Advice Jersey.
The window to claim compensation closes on Thursday.
The insurance, commonly known as PPI, was designed to cover loan repayments when policy holders lost their jobs or had an accident.
During the 1990s and 2000s millions of policies were sold across the British Isles, but many were mis-sold to people who did not want or need them, or who would not be covered.
So far £36 billion has been paid out in compensation, and ahead of the final cut-off for claims, Citizens Advice Jersey chief executive Malcolm Ferey has said there are probably hundreds of people in Jersey who are still entitled to money back.
He is urging people who took out a loan or a credit card in the 90s and 2000s to look into the matter before it is loo late.
He said: ‘PPI was taken out on a number of things – loans, mortgages, and credit cards – and that was in Jersey and the UK.
‘You see all the adverts on TV about claiming the money back with the help of banks, but people don’t need to do that. We have advice on our website about what people need to do, but the cut-off is coming up, so I would urge those who took a loan out during that time to look at it.
‘It is hard to work out any numbers on how many people are still owed money, but I would estimate there are hundreds of people still out there in the Island who haven’t made claims.
‘It is money they’re entitled to and owed, so claims need to be made by Thursday or people will never get another chance.’
For further advice on how to claim back mis-sold PPI go to cab.org.je.