The Financial Conduct Authority (FCA) have set the PPI deadline (29th August 2019) for reclaiming mis-sold PPI in an effort to draw a line under the banking industry's biggest scandal.
The Financial Conduct Authority finally gave into pressure from UK banks to put a time limit on when you can reclaim PPI compensation which is rightfully yours.
Andrew Bailey, chief executive of the FCA said: "Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint."
More than £20 billion has already been reclaimed but that could just be a small percentage of what UK banks actually mis-sold.
If you haven't made a PPI claim as of yet, don't delay! The regulator plans to spend millions in advertising the PPI deadline, starting in August 2017, which will most likely delay any PPI claims made afterwards.
If you have ever had a loan, credit card, mortgage or any type of credit in the past, you could be due £1,000s in PPI compensation if you were mis-sold! Start your claim now before the PPI Deadline!
Update – Just having PPI could mean you were mis-sold. A new PPI mis-selling factor called "Plevin", which means if over 50% of your PPI premiums were set out as commission to the lender and this was not explained to you, compensation would be due to you.
With PPI on a loan, on average, over 60% of what was paid in PPI was kept by the banks as commission from insurers, and rarely was this mentioned to the consumer.
You may have been mis-sold payment protection insurance if any of the following statements are relevant to you:
The provider who sold you the PPI has to put you back into the financial position you would have been in if you never took out PPI.
This means you could be entitled to a refund of all the premiums you have paid, as well as any interest paid on those premiums.
You are also entitled to 8% compensation interest on every premium you have paid, from the date you paid it to the date your claim is resolved.
The average compensation awarded to our clients in 2014 was £1850, potentially you could be owed thousands of pounds in compensation!
My Claim Solved is regulated by the claims management regulator in respect of regulated claims activity, we operate a "no win, no fee service*" and charge no hidden fees for using our service.
We have successfully secured over £15 Million of compensation for our clients and win over 80% of our valid PPI claims**.
We have secured compensation amounts from as little as £1 to as much as £34,000!
We have a team of dedicated and trained claims handlers specialising in PPI claims, they put you first and fight your corner to secure you the compensation you are entitled to.
We are one of the leading claims management companies in the UK, we have strong relationships with a number of the biggest providers offering us services that many claims management companies don't have.
We utilise data subject access request which means you can make a claim even if you cannot locate your account numbers because we pay to find this out for you.
To start your PPI claim, complete the form on the right and we will give you a call!
*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.
**A valid claim is an eligible PPI claim where PPI has been identified on the product.