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Archive for tag: PPI - Time IS ticking…

PPI - Time IS ticking…

… and your PPI compensation claim could already have a deadline on it

There has been some discussion recently of the Financial Conduct Authority, also known as the FCA, imposing a deadline on compensation claims for mis-sold payment protection insurance (PPI).

They are expected to make their announcement any day, with many pundits believing that ALL PPI compensation claims will need to be made by summer 2018. But, did you know that your compensation claim may already be subject to a deadline and that the deadline is close to expiring?

Three Years Ago

Back in 2013, many banks, building societies and other lenders wrote to customers who they knew had PPI to a) tell them of this and b) to encourage them to explore the possibility of making a claim.

At the time, the FCA wanted to try and push the claiming processes along, as well as stemming the tide of disingenuous claims being made - this is when people make a claim, knowing full well that they did not have a PPI policy. There were some claim management companies who allegedly participated in this too.

It meant the claiming process was becoming log-jammed, something the FCA wanted to end.

It also wanted to put to bed the idea that banks and lenders did NOT know who had PPI, as some of them were claiming. Financial companies and institutions must keep details of transactions and so on for so many years and with many banks also storing this information electronically, they will have the information they need to find out who had PPI - and invite them to make a claim.

By doing this, the FCA also thought that it would be the start of the process in restoring the public's faith and trust in the bank and the financial sector, although this may take some time.

Thus, in 2013, you may have received a letter telling you that the bank believed you had PPI on an account or accounts, and to make a claim for compensation.

This doesn't mean you have a claim and are quid's in but it does tell you some basic facts. You may, however, be thinking 'so what?'

The Three-Year Deadline

As per consumer law, when a bank or lender - or any company - notifies you that you may have been sold something in error, you have three years within which time you can claim compensation.

And this is why 2016 is possibly an important year for you.

We are already half way through the year thus, if you received a letter from your bank or lender regarding PPI, you need to be super-confident that you do not have PPI because time IS ticking on your claim…

Start your claim for PPI compensation today by calling Payment Protection Scotland for a no obligation chat.