There's only ONE month left to claim PPI compensation – here's how ...

VICTIMS of the PPI mis-selling scandal have just one month left to claim compensation - and they could be owed thousands of pounds.

Claims submitted after the deadline - 11:59pm on August 29 2019 - won't be considered for compensation, even if it's valid.

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PPI - or payment protection insurance - was added to credit products such as store cards, credit cards or mortgages.

The insurance policy would protect customers in case they couldn't keep up with repayments due to illness or if they lost their job, for example.

But many customers were pressured by lenders into buying it even if it wasn't right for them or they didn't need it.

Customers can also claim compensation if 50 per cent of your PPI costs was commission and the lender didn't tell you, thanks to a 2017 court ruling known as "Plevin".

Victims are encouraged to submit a complaint again even if they have had a previous claim about mis-selling of PPI rejected.

An estimated 64 million PPI policies were sold in the UK between the 1990s and 2000s.

The Financial Conduct Authority's (FCA) website includes a list of providers that have sold PPI - you can check here if your lender was one.

This includes high street stores, catalogue firms, building societies and supermarkets.

It is also extending its PPI helpline opening hours from August 5 to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers.

Nearly nine in 10 UK adults hit a significant milestone during the 1990s and 2000s such as buying a car, home or getting married, the FCA found.

Many will have taken out credit to cover the costs - with PPI potentially attached.

Emma Stranack, the FCA's PPI deadline campaign lead, said: "The PPI deadline is closing in. With just over four weeks to go until August 29 2019, we're asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement.

"Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.

"If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider."

It's free to submit a claim and many providers have an online tool to guide you through the process.