In 2017, the Financial Conduct Authority announced the deadline for all PPI claims. Doing so has reminded the British public of the original scandal and created a sense of urgency for anyone who is yet to claim. If you’re someone who hasn’t checked if you have been mis-sold PPI, this post will tell you everything you need to know about the deadline.
It’s been more than a decade since it was discovered that British banks had been mis-selling PPI policies. Over the course of many years, the banks were able to take billions of pounds from unassuming customers. This was until 2005, when a report by the Competition Commission (now known as the Competition and Markets Authority) revealed the widespread mis-selling of policies.
If you haven’t checked if you’re owed money or are yet to reclaim PPI, it’s vital that you do so before the deadline arrives. In this article, we’ll give you all of the essential information about the PPI deadline so that you can ensure that you receive any owed money before it’s too late.
When Is the PPI Deadline?
Last year the Financial Conduct Authority (FCA) announced the PPI claims deadline and has since increased awareness with an advertising campaign featuring Arnold Schwarzenegger. Although the deadline isn’t until the 29th August 2019, you must act quickly to make sure that you get ahead of the queue.
It’s also worth noting that there’s likely to be quite a massive queue as a large number of people who were mis-sold PPI are still yet to claim and will have been encouraged to do so because they now have a time limit.
There’s a Good Chance You Were Mis-Sold PPI
PPI is an additional charge that was included with financial services such as credit cards, mortgages and loans. Because of the sheer number of these services that were paid out for on a daily basis, there’s a huge likelihood that you will have been mis-sold PPI at some point.
If you haven’t checked or claimed for mis-sold PPI yet, you should do so sooner rather than later to make sure you claim before the deadline date. The banks have set aside a considerable sum of money to pay for the abundance of claims they predict will be filed leading up to the deadline — it’s safe to say that you don’t want to be at the bottom of that pile.
You Could Reclaim Thousands of Pounds
The average payout for a PPI claim is £1700, but every case is different and you may well be in line to receive several thousand pounds. Such an amount shouldn’t be ignored by anyone.
£400 million was paid to customers in January alone, taking the total amount repaid for mis-sold PPI to over £30 million. This total is set to increase by billions before the deadline arrives, thousands of which could be yours for the taking.
How Do I Claim PPI?
Cold-calling and spammy advertising tactics used by less reputable PPI claims companies have led to a negative image of the entire industry. But the idea that PPI claims companies are out to scam consumers out of their money couldn’t be further from the truth.
Although it is very much possible to claim PPI on your own and you will have no doubt stumbled upon articles explaining how it can be done, if you want to make sure your claim is resolved before the PPI deadline, your best bet is to seek the help of an expert. The first thing you’ll need to do is find the paperwork that proves you were mis-sold PPI — this will be sufficient evidence to make a claim.
If you have lost your paperwork, a PPI claims company will be able to contact your bank and gather all of the evidence they need to reclaim PPI on your behalf. This is also the perfect option if you don’t have a lot of free time or would rather avoid the potential hassle and stress of claiming for PPI.