PPI Claim Deadline
The PPI Deadline is Set For August 2019
It was recently announced by the FCA (Financial Conduct Authority) that consumers now have a limited amount of time to make any mis-sold PPI claims, with the final PPI complaint date on the 29th August 2019.
Since PPI mis-selling was originally announced, there has been in excess of £40 Billion paid out in compensation to consumers who were mis-sold the product via a bank, broker or lender. This shows how widespread the mis-selling actually was, and with only an estimated 50% of customers to have claimed back their PPI compensation, there is still much more that has yet to be claimed.
PPI has been one of the UK’s largest mis-selling scandals, massively surpassing the horde of bank charge claims that were submitted back in 2007/8. The FCA are stating that the deadline has been imposed in order to encourage consumers to make a claim, but it isn’t reasonable to impose a time-limit on them that could potentially jeopardise someone not receiving a refund.
Had the banks dealt with mis-sold PPI correctly by locating and refunding the customers, the PPI deadline would never have been necessary. Only one winner will emerge from the PPI deadline, the providers that mis-sold them, unless everybody that was mis-sold PPI makes a claim.
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!
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.