The journey to PPI has taken years – however, in just a few months’ time, it will be over, for good.

That’s because in 2017, the financial regulator agreed a final deadline for all complaints relating to mis-sold payments protection insurance, and now Martin Lewis has warned it’s time to get every penny back.

"You could be able to reclaim thousands of pounds on policies you should never have been sold in the first place," he explains in this week’s Martin Lewis Money Show.

"And now it’s your last chance to claim it back before the 29 August deadline."

The PPI scandal first blew up in 2008 when the regulator intervened after thousands of complaints around mis-sold payments protection insurance were brought to light.

This is a type of cover that protects customers if the borrower dies, becomes ill or disabled, loses a job or falls victim to another circumstance that leaves them unable to repay their debt.

However, it was later described as the "biggest scandal in banking history" after it emerged millions of people had been sold it against their will.

"Many people told me they didn’t have it and aren’t owed any money. BUT, £30 billion has been paid out in PPI and billions are still unclaimed – so it could definitely be you."

How much could I be owed in PPI?

In tonight’s Money Show, Martin revealed he’s spoken to ordinary people who’ve claimed and received pay-outs of £15,000, £17,000 and even £40,000 even AFTER having their claims rejected.

So it’s time to take action.

Who can claim PPI?

Anyone who has taken out a credit card, a loan, a mortgage, overdraft, car on finance, store catalogue card or more in the past 30 years may be owed PPI – you just need to know where to find it.

Why is PPI such a big deal?

"These loans were sold to customers without their knowledge," explains Martin.

People weren’t asked if they wanted to pay for it, nor were they given the choice – it was simply just added to their repayments.

In some cases, the customer already had it through their employer, so there was no need for them to be paying for it twice.

Worse, some banks didn’t check if it was needed – they simply added it on, and then earned commission on it.

One person Martin spoke to revealed PPI was being sold as a loan on top of his loan. The customer took out a £9,157 loan and in total had £1,402 added to his debt for PPI.

What do I need to make a PPI claim?

Dig out your paperwork and check for phrases such as loan repayments insurance, credit protection insurance, accident sickness or more terms with the word ‘insurance’.

If you don’t have the paperwork but you took out the loan in the past six years, check your credit report. This goes back six years and will detail any information from the provider in question. If you were an Egg card customer, the bank now managing queries is City Bank.

You can check your credit report through Experian, Equifax or Trans Union. Here’s how to check your credit report for free.

What if the company has gone bust?

If the company has ceased trading since you took out the loan, speak to the Financial Services Compensation Scheme who will manage your claim for you.

Can I claim PPI on behalf of a relative who has since died?

Yes, if you’re the primary beneficiary, you claim on their behalf and get the money back in the same way.

So how can I claim back PPI?

There are plenty of free tools to help you online (FSCS, Money Advice Service, MoneySavingExpert) – use these or go directly to the lender or the financial regulator, the FCA.

If your lender rejects you, go to the Ombudsman for free to appeal it.

"Substantial numbers of people win when they appeal through the Ombudsman – so if you genuinely think you have been mis-sold, escalate it," explains Martin.

Where possible, Martin says you should claim it back yourself and avoid any claims management companies.

"They’ll take a 20% cut – but why pay it when you can do it yourself?

"The good thing about these firms is that they will take it to the Ombudsman for you if you’re rejected. So, if you choose to do it yourself – remember to escalate it if you get told no."

What is Plevin all about?

Around 150,000 people that previously had their PPI claims rejected have been told they can claim again after the high court in 2017 ruled that one woman, Susan Plevin, was owed money for the commission the bank earned on the back of her PPI.

"If you think you should be able to reopen your case, do it, take it to the FCA if you’re worried about it," explains Martin.

In short, the new Plevin rules state that if the bank earned more than 50% commission on your PPI – and failed to tell you about it, you are entitled to the amount back – which comes in at an average 67%.

"The good news is even if you weren’t mis-sold PPI, you may be entitled to money back under the Plevin guidelines," he explains.

To make this claim, your policy had to still be active in 2008.

One customer, Mark from Swindon, told Martin he reopened his case and won £1,000 after Christmas.

In short, "if the commission was over 50%, you can get difference between what the commission was and 50% back".

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