Martin Lewis revealed how to claim back money on your PPI policy today.
The Money Saving Expert, or MSE, explained you might be owed tens of thousands – as long as you claim before August 2019.
He revealed on Good Morning Britain that a new method of PPI reclaiming known as the Plevin ruling meant many more people could receive compensation than ever before.
He said: “News this week that banks could have to pay out £18 billion more in PPI, after a judge in Manchester County Court ruled that a couple Mr and Mrs Doran, should receive all of the 76% commission they paid on their PPI policy – rather than just the amount over 50% – plus interest.
“This is all about the newest type of PPI reclaiming called ‘Plevin’ which is where if the lender didn’t tell you the commission it was receiving for selling Payment Protection Insurance, then the regulator has said if the commission was over 50% you should get back the amount above that (the typical amount was 66% so many are owed just for this alone).
“The court is now being more generous, yet it was a County Court judgement that doesn’t set a precedent, so at the moment it’s only one to watch.
However, he warned you need to act fast to put in a claim, with the period to do so ending in summer next year. “We’re now only a little bit more than a year away from the deadline for PPI reclaiming – the last time to put a claim in is August 2019.
“So anyone who has had a loan, credit or store card, catalogue account, overdraft or car finance ever should check if you were sold the extra insurance and if you were should look to reclaim it.”
“You don’t need to pay anyone to do it, there’s free help online; you can use Martin’s free PPI reclaiming tool, the Which? guide, and the regulator has a helpline on 0800 101 8800 if you’re struggling.
“And it’s well worth doing, as Nichole tweeted me ‘@MartinSLewis with your advice I’ve reclaimed just over £51,600 in Mis-sold PPI & Plevin from 4 Banks/products. #THANKYOU.’
“There was also Carole who tweeted ‘@MartinSLewis just received PPI refund of £5,472.25…didn’t think I qualified so hadn’t claimed! Thanks.'”
He also spoke about water-saving freebies to help you reduce water waste in your home.
He said: “The heatwave in many parts of the country means we’re all being pushed to reduce water usage. Which for many may also cuts bills (especially if on a water meter – but even if not, as more water is heated it can still help).
“If you live in England and Wales you can get free water-saving gadgets from your water company to help reduce water usage and waste.
“For example with Thames Water, United Utilities and Yorkshire Water you can get a free £20ish shower head (which helps reduce water usage, but keeps the same pressure) and free £7ish tap aerators (to regulate the flow of water from your tap).
“While with South West Water and Affinity Water you can free £2 Save-A-Flush bags. To see what else you can get go to Save Water Save Money’s website.”
Finally, he shared how you could get savings up to 50 per cent at Next and M&S from today.
He said: “It’s rumoured that from today (Thursday) M&S will start it’s up to 50 per cent off sale online and in-store on home, beauty and clothing, and either tomorrow or Saturday Next will also start its at least 50 per cent off sale.
“Neither of these have been confirmed by press offices, but early-bird emails have been sent out to some customers and posters in store windows indicates a sale is coming soon. So if there’s something you want it may be worth hanging around a few days to see if it’s reduced in the sale.”
He also explained how to get an extra 20 per cent off the Nike sale using a promotional code.
“Plus, go online to Nike and you can get an extra 20% off in its up to 40% off sale when you enter the code 20EXTRA at the checkout until 11.59pm on Tuesday 10 July.
“For example you could get Men’s Nike SF Air Force 1 mid trainers for £57.18 (£71.47 before the code, reduced from £119.95, next cheapest is £80 at skatedeluxe.com) and Girl’s Nike Free RN 2018 running shoes for £25.98 (£32.47 before the code, reduced from £54.95, next cheapest is £40.24 at Very.”