A new year encourages us to start something new. But for PPI claims, 2019 is the year that it’s all coming to an end.
The Financial Conduct Authority (FCA) set 29th August 2019 as the cut-off date for all those wishing to make a claim. This means individuals have just eight months left to contact their bank regarding a claim. While you’re busy striving to keep up with your New Year’s resolutions, don’t let the date of the deadline pass you by.
Whether you want to make a claim yourself or use a PPI claims company, acting soon is a good idea. Thousands of individuals have made successful PPI claims, and there are still more people who are eligible for a refund from their bank.
If you had a credit card, loan or mortgage in the 1990s, there is a high chance that you could have been mis-sold a PPI policy. Take the time to find out before it’s too late.
The PPI Deadline
Officially announced in August 2017, the PPI deadline aims to encourage those who have not yet claimed to do so. The PPI saga has been ongoing for many years. To date, the banks have paid over £33 billion to consumers.
The FCA used the robotic head of Arnold Schwarzenegger to promote the deadline. Television and radio adverts used the famous actor’s recognisable face and voice to inform people of the deadline. The FCA also created a dedicated website and social media pages for individuals to seek further information and guidance.
The deadline campaign has been paid for by the major banks who mis-sold PPI policies. In addition to refunding customers, the banks have contributed £42 billion to advertising the campaign.
It’s estimated that over sixty million people were mis-sold PPI policies. Many consumers were told it was compulsory or had it added automatically. But, for those who willingly bought PPI, there might also be the chance of a refund. The Plevin rule means individuals are eligible to make a PPI claim if their policy had high levels of commission, but they were not aware of this at the time. The Plevin rule has opened the floodgates for even more people to receive a refund from their bank.
Making a PPI Claim
If you want to make a PPI claim, add it to your 2019 to-do list now. When making a claim, you will need evidence of the PPI policy and a clear explanation of how it was mis-sold to you. The banks will be busy responding to customers in the next eight months and a claim can take many weeks to be resolved.
If you aren’t sure where to begin, don’t have the time or energy to make a claim yourself, finding a reputable PPI claims company is a good idea. In 2018, an interim fee cap was introduced, meaning all companies must charge 20% or less, plus VAT. However, some PPI claims companies do charge below this threshold — and have done so before the cap was introduced.
A claims company will do all the work for you. With a few simple details, it can investigate any old PPI policies and contact the bank or lender to make a claim. It’s a great option if you don’t want to deal with the correspondence from the bank.
If your claim is unsuccessful, you can refer the case to the Financial Ombudsman Service (FOS). The FOS has a huge number of claims to deal with so expect a delay.
But with just eight months to go, don’t waste any time. Find out if you’re owed a PPI refund from your bank today.