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The Clock Ticking is for PPI Claims

There has been much written in recent months about a PPI claims deadline. Is the clock ticking on PPI claims? If it is, what do you need to do?

Time

August 2019 is the month and the year that spell the end of compensation claims for mis-sold payment protection insurance (PPI). The Financial Conduct Authority (FCA), the body that regulates the banks, lenders and financial companies have put the deadline in place, believing it is the best way forward.

In the past, many organisations, the FCA included, have not been in favour of a deadline. But with no end in sight, it felt like the PPI compensation train could run forever. Consumer apathy is named as one reason why a deadline is important.

The FCA believes that now is the PPI compensation claims must be brought to an orderly conclusion. Although the banks wanted an earlier date, they are not quite getting their own way.

What Happens Now?

Currently, the FCA is working with several creative ad agencies on the best way to create a campaign that will give people the information that they need to make a claim for PPI compensation. TV adverts have started, as have printed adverts such as billboards etc.

This needs to be an all-inclusive advert and promotional campaign as many people assume they don't have a claim because PPI applies to everyone else. What is also confusing is that people are unaware that they have a PPI policy.

PPI was often added on later and either the customer not informed, or they are not aware that the policy is a PPI-type one.

What You Can Do NOW

Rather than waiting for a glossy campaign from the FCA - they are reported to be spending up to £42 million on the campaign - you can act now.

Even if you think PPI doesn't affect you, check all your loans, credit cards and any other accounts on which you borrowed money. This also means store cards for well-known high street stores and products such as car finance.

PPI may be listed on the original paperwork or, it may have its own separate booklet or schedule. It may not be called PPI either. Some banks and lenders gave their protection policies a different name.

Essentially, you are looking for an insurance policy that says it will make repayments on the account in the event you are unable to do so. It might go on to say why it will do this - because you are too ill to work, or you have been redundant etc.

Make a PPI Claim

If you have PPI, you could be entitled to a refund. This means telling the bank the reasons why you were mis-sold the policy.

Our expert team can help. Why not call Payment Protection Scotland today for a no obligation chat?

 

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