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The 2019 PPI Deadline – What You Need To Know

You may have heard that there is a PPI deadline looming. It is only a few short months away.  In order to claim your money back, you must do so before the deadline expires at 11.59pm on 29thAugust 2019. This is what you must know about making a claim for compensation, and the deadline…

Deadline

#1 The deadline has been set.

The deadline is firmly in place and for any consumer who thinks they were mis-sold PPI before the summer of 2017 and want to claim their money back, they must do so before August 2019.

The FCA and consumer group - and us - are encouraging customers not to leave their claim to the last minute. We don't know how well IT systems would cope if there is a flurry of cases lodged right up to the deadline and you wouldn't want to miss out on thousands of pounds of compensation due to a computer glitch, would you?

#2 This deadline doesn't include 'new' PPI claims.

If you were mis-sold PPI after July 2017, this deadline won't affect you. But the rate of new PPI sales is so low, this is unlikely to affect you.

This deadline is for PPI policies mis-sold before July 2017 and you have until 11.59pm on 29th August 2019 to lodge your complaint with the bank. Everything else stays the same - the bank has 8 weeks in which to respond and so on. If they refuse your claim, you can still take it to the Financial Ombudsman for their final judgement.

#3 Customers miss out. Possibly.

Some critics are already saying that customers could miss out on the money that is owed to them. The Financial Conduct Authority believes that there has now been a sense of apathy set in with compensation claims for mis-sold PPI and thus, by setting this deadline, customers will be stirred into action.

#4 Another deadline has already passed for many. Or has it?

Back in 2013, banks and lenders were instructed by the Financial Conduct Authority to write to all customers that they knew had a PPI policy and invite them to make a claim. They did this with thousands of people across the UK receive letters from their bank. Customers had three years from the date of the letter within which to make a claim and the first of these deadlines will start to expire in 2016. However, it seems that the FCA is encouraging anyone with a PPI policy to make a claim. Is this you?

#5 The numbers of claims being made per month still number tens of thousands

Many people think that this points to the numbers of PPI claim left as being low but this is not the case. There are still thousands of claim being submitted every month and even though the rate is slowing, the Financial Ombudsman predicts that there are still tens of thousands yet to be made - and some of these could be far more complex than early cases.

If you think you have a claim for mis-sold PPI, call Payment Protection Scotland for more information on how to make a claim.

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