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Understanding the PPI Claims Deadline

 In PPI Claims

There is a very important date established in connection with the Payment Protection Insurance (PPI) programme that will be very critical to thousands of people: 29 August 2019.

If you received a loan, mortgage, or credit card in the last 15 to 20 years, chances are that you were sold PPI. Many of these policies were mis-sold, meaning that the policies were sold to people without their knowledge who didn’t want the repayment insurance, didn’t need it, or wouldn’t be eligible to make a claim on the policy paid premiums.

Only 10% Have Filed Complaints

While many individuals have already made successful claims, it’s estimated that “only about 10 percent of consumers who were sold PPI have so far complained to their banks,” according to the Financial Ombudsman Service. This office stated that about 50 million policies were sold to people who didn’t need them or couldn’t use them, and 90% have yet to file complaints.

It will be necessary to file for a refund in the next two years, now that the deadline has been set by the Financial Conduct Authority (FCA), which plans to conduct a two-year public awareness campaign beginning in August 2017 as they attempt to get millions of people to file complaints.

If you don’t know whether you have PPI or don’t know if you’re eligible to submit a claim, you may want to contact specialists who can assist with the process. The first step is to find out if you have a claim. Then you can find out how much that claim could be worth to you. These early steps are very simple as you just have to fill in a brief online form.

After you do this, you’ll be sent a package that will contain everything you need to file your claim. But there will be no cost to you and you’re under no obligation to continue. If you decide to have the specialists assist you, they will begin the process that could get your money back.

Inadequate Process

According to the chief executive of the FCA, Andrew Bailey, “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 two years is a reasonable time for consumers to decide whether they wish to make a complaint.” Some observers have said that the process has been inadequate thus far because the banks have not been proactive.

Now that the 29 August 2019 deadline has been established and a public awareness campaign is planned, thousands more individuals could begin to file complaints. The ultimate goal of the campaign, and the reason for setting a deadline, is to ensure that banks will do more to help customers get back the money they are owed.

If you’ve had a loan, credit card, or mortgage, especially in the last 15 to 20 years, you should begin the process of finding out if you’re eligible for a PPI refund.

All figures in this article are based on data from http://reclaimppiguide.co.uk/

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