5 Facts about the Upcoming PPI Claims Deadline
For years, people have been making claims for mis-sold PPI. The PPI misselling scandal has affected thousands of customers in the UK and the banks have paid out billions of pounds in compensation. But, the ongoing impact of mis-sold PPI will be coming to an end soon.
The Financial Conduct Authority (FCA) has announced a deadline for all PPI claims. If you haven’t yet made a PPI claim, it’s not too late. The deadline is two years away, but it’s still important to know your stuff and make your claim within plenty of time. Here are some frequently asked questions about the PPI deadline and making a PPI claim.
- When is the PPI Deadline?
The PPI claims deadline has been set for 29th August 2019. The FCA plans to run a two-year campaign to promote the deadline. This is to ensure that nobody is left unaware that it was the last time they could make a claim.
- Why has a PPI Deadline Been Put in Place?
The FCA announced: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity.”
Customers have been making PPI claims for nearly a decade. The banks have paid out huge sums of money and the Financial Ombudsman (FOS) is suffering under the weight of complaints. In 2016, over 50% of complaints to the FOS were PPI cases. The backlog can create a delay of up to two years for some customers wanting to appeal the decision made by their bank.
The deadline is in place to conclude and put an end to the continuous strain on banks and the FOS. The hope is that by August 2019, everybody eligible to make a claim will have done so.
- Will the PPI Claims Deadline be Extended?
There have been discussions about a deadline for the past few years. The original date set for the deadline was June 2019, but it was quickly moved to August 2019. Will it be changed again? It is highly unlikely that the date will change again or be extended, which is why it’s so important to start your claim as soon as possible.
- PPI No Win No Fee Makes Claiming Easy
You may have heard the term “PPI no win no fee” from claims management companies. This means that if you work with a claims management company, you won’t pay a fee unless your PPI claim is successful. Working with a claims company is simple and, with a no win no fee policy, it makes sense to find out if you could be owed money.
- PPI Claims Can Still Be Made Without Paperwork
In some of the worst cases of mis-sold PPI, customers were sold PPI without their knowledge. For this reason, many customers were unaware that they were sold PPI until the scandal came to light. You could be one of them.
Even if you don’t have any paperwork or statements, you are still able to find out if PPI was sold to you. A top PPI claims company or creditor will be able to find out if PPI was added on any of your products. If you do have your previous statements, be aware that it may not be listed as PPI, so check for other types of insurance which you are unaware or unsure about.
With countless PPI claims being made an even greater rush coming soon, act now before it’s too late. You can contact the bank yourself, or use a reputable PPI claims management company to handle the complaint and all communication for you.
