Have you heard about the upcoming PPI deadline? If not, don’t worry. We’re here to tell you all of the crucial information about the deadline and how you can make a claim within plenty of time.
The official promotion of the PPI deadline was launched on 29th August, with a £42 million ad campaign. The Financial Conduct Authority (FCA) wants to promote the deadline as much as possible. With PPI companies offering no win no fee PPI claims, now is the time to check past statements and find out if you were mis-sold PPI during the scandal.
Since 2011, the banks have paid out a phenomenal £27 billion to customers. It is estimated that as many as 60 billion policies could have been mis-sold. Many people found PPI was sold on multiple products, making their payouts significant. To date, the largest known payout has been £142,000.
Whether you bought a credit card, loan or mortgage with a bank, it’s worth checking if PPI was added to your product. With so much money being paid out by the bank and the number of policies that were mis-sold, you could be owed thousands of pounds.
Take a look at all the facts about the PPI deadline and how you can make a claim within plenty of time before the deadline.
When is the PPI Deadline?
The FCA decided to put a deadline in place to draw a line under the scandal and encourage people to make claims if they haven’t done so already. The reason they are putting so much money into the promotion of the PPI deadline is to make sure that nobody is left unable to claim in two years’ time, but still owed money.
29th August 2019 has been set as the official deadline for PPI claims. All claims need to be started before this date. While many will ignore the two-year deadline and feel that it is a long way away, it’s important to get started as soon as possible.
A PPI claim can take a number of months to be resolved. If the bank rejects your claim, it is possible to make an appeal to the Financial Ombudsman (FOS). However, the FOS has a huge backlog of complaints, meaning a result could take well over a year to come to. It’s best to make a start as soon as possible with your PPI claim, to give you plenty of breathing room from the cut-off date.
How Can I Make a PPI Claim?
Making a PPI claim is much more straightforward than you might think, especially if you bring in some assistance. You can contact your bank directly or, if the bank has been bought-out since the PPI Scandal (Alliance & Leicester, for example), you can contact the new provider.
The more efficient alternative, though, is to use a trustworthy PPI claims company to make a claim on your behalf. If you are busy or don’t want to deal with the communication with the bank, opting to use a PPI claims management company can be extremely beneficial.
What Is a No Win No Fee PPI Claim?
You may well have heard the term “no win no fee PPI claim” on adverts. If you decide to work with the best PPI claims companies, you’ll often be able to take advantage of this offer. It means that if you make a PPI claim and are unsuccessful, you will not have to pay the PPI claims company a single penny for their services.
With a deadline upcoming and help on hand to guide you through the PPI claims process, there’s no need to put it off any longer. With an expected surge in complaints to the bank, it’s best to start your PPI claim as soon as possible.
If you decide to use a PPI claims company, check for the service fee and if they offer a no win no fee PPI claim policy. Make sure you work with a company that offers this, so you can begin your risk-free journey to getting back your money.