Glasgow: 0141 844 0017 * Edinburgh: 0131 224 0094 * Lanarkshire: 01698 286 463

Archive for tag: PPI Deadline

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.

Thousands of people yet to make a PPI claim and the PPI deadline is coming!

The announcement of a PPI deadline in 2017 shocked banks and consumer organisations, albeit for different reasons. The banks wanted the deadline to roll around sooner, but consumer organisations didn't want one at all, and certainly not yet!

Deadline

Their argument was that only 4 in 10 consumers with a claim for PPI compensation had claimed their money back. Introducing a deadline, even it if was two and a half years away at the time, would be putting these customers at a disadvantage.

Claiming PPI compensation is YOUR choice

Banks and some other organisations, including the Financial Conduct Authority (FCA) say that claiming compensation for mis-sold PPI is a consumer choice. It is optional - you don't have to claim your money back.

But, argue consumer groups and financial experts, if people are unaware they have PPI, if consumers are unaware they can claim their money back then it is not a choice.

The FCA agreed and spent £42 million on an advertising campaign as part of the deadline, all with the emphasis of encouraging people to 'make a decision'. Some say this is weak, an ill-conceived advertising campaign that is yet to show any real results.

But why the FSO think so many people are yet to make a claim?

The Financial Services Ombudsmans (FSO) still think that the majority of customers are unaware banks added PPI to loans and credit cards automatically. And they also think that many customers will be aware that some of their other credit accounts, such as catalogues and store cards, would be affected by PPI.

Hence, the term PPI was not mentioned or discussed at the time you and other customers agreed to your loan. So how would you know to look for PPI?

What should customers do?

Asking your bank or lender if there was PPI on your loan is a perfectly legitimate questionand one which your bank must answer in a timely manner.

Whilst banks and other financial institutions bemoan the high level of fraudulent claims, the FSO disagreed with this back in 2013, saying the figure was as low as 3%.

The FSO has taken on hundreds of more staff to deal with PPI complaints being submitted. Some are startlingly simple and should have been resolved by the bank but, they say, many more cases are more complex than this.  They estimate that it will now take 12 to 18 months for PPI cases referred to them to be resolved.

In fact, the FSO is became increasingly impatient with the banks, highlighting the banks lack of depth in investigating PPI, being too quick to dismiss PPI compensation claims by customers. As a result, customers have no other course of redress left other than to refer their case to the FSO, adding to the massive case load it is now ploughing through.

If you believe you have a PPI claim, do not delay any longer - contact Payment Protection Scotland on how they can help you!

Rules for the PPI Deadline Date

You are probably aware by now that the Financial Conduct Authority has set a deadline for PPI compensation claims. In the summer of 2017, they launched their advertising campaign to inform people who want to make a claim for compensation about how to do this.

Deadline

We think it is important that you understand the ruling behind the deadline and why it is important that you don't wait to make a claim for PPI compensation but start your claimas soon as possible.

When it the deadline?

The FCA has decided that the deadline for PPI complaints is 29th August 2019. It is a Thursday and customers have until 11.59pm on that date to make a complaint.

Don't wait

Don't wait to make a complaint as the FCA, along with most banks, believe that there will be an influx of claims for PPI compensation. It takes time for cases to be assessed and providing you have your claim to your bank by 11.59pm on Thursday 29th August 2019, the bank or lender is duty bound to assess your case.

Ways to complaint

If you decide to make a claim, you need to remember that:

  • By post - your letter or PPI claim form for your lender will need to reach them on or before 29th August 2019. Postal claims received from Friday 30th August will NOT be considered.
  • By phone - some lenders and banks have PPI helplines through which customers can make a claim but these will close before midnight. If you leave it too late, you will miss out.
  • Online - if there is an increase in submissions made online on the 29th August, you may find that the bank or lender websites will not be able to cope with the volume of users. If the site crashes, you may find you are unable to lodge your complaint in time.
  • Claim management companies - CMCs such as ourselves will, no doubt, set our date by which we can accept and process PPI compensation claims near to the deadline. To take advantage of our service, you need to contact us straight away to get your case moving.

This deadline is for PPI claims on policies that were sold before summer 2017. Anything sold after that time which the customer believes has been mis-sold will be dealt with separately.

How to claim

Check that you have PPI on loans, credit cards, store cards, catalogues, car finance, any account on which you borrowed money. If you find PPI, you could have a claim.

Or, why not talk to our team about our PPI finding and claim service? With no obligation to continue with a claim, you have nothing to lose!

The FCA’s PPI Deadline Campaign – Will it Work?

It features and animatronic head of Arnold Schwarzenegger which, say the advertising firm behind the campaign, will 'cut through the noise' surrounding PPI. In other words, they say that our identifying with a well-known Hollywood actor will help us to make a decision about whether we want to claim PPI or not.

If you do, you need to make a claim before 29th August 2019. But will the advertising campaign work? Will it galvanise people into action? Or will the British public still be apathetic about making a claim?

Will it…

Mean more nuisance texts?

Some experts believe that any good effect of the advert will be negated by the fresh wave of nuisance texts and calls from some claim management companies and other firms.

Unfortunately, these spam texts and calls have put many people off from making a claim because they seem to promise the earth but deliver very little.

Claim management companies can, however, be a great tool for some people to use for their PPI claims. Always check the company and look for one that offers a no win, no free service and promise a no obligation chat so that you don't get in tied in. It goes without saying: check their fee structure too!

End indecision?

It may have the required effect on people so that as many people as possible claim their money back. PPI was mis-sold to millions of people, with around 64 million policies sold. In our experience, we find that people are unsure about how to find out if they have PPI.

With your authority, we can find out if you have PPI and on what account(s). You then make the decision whether to make a claim or not.

Be taken seriously?

It's hard to tell. At the time of publishing, the adverts had only just hit our screens being shown in prime-time evening slots in between the nation's favourite programmes and soap operas.

The advert aired several times in one night. Hopefully, there are other versions of the advert and that there will be splurges in the promotional side of the campaign. It may be that the adverts become too frequent, leading to more complacency.

Success will be measured by an increase in both people making claims and those who choose to explore whether they have a claim or not.

Work? Hopefully, people will be galvanised into action to find out if they have PPI. The first step is to find out if you have PPI and we can do that for you. For more information about our no win, no fee service, call us today!

PPI Deadline: How to Make a Claim *A Refresher! *

With the PPI campaign about to start, the two-year countdown to the August 2019 PPI deadline is underway.

We thought this was a good time to remind people of how to make a claim.

What is PPI?

PPI stands forpayment protection insuranceand is aninsurance policythat covers your repayments on loans, mortgages etc. should you be unable to make them due to changes or reductions in your income. This lack of income may be due to you being unable to work as a result of sickness, unemployment or redundancy.

You will know if you have PPI (but it may be called something else!) by looking through the agreements and other documentation that came with your loan etc.

What is the problem with PPI?

The idea of insuring your loans against income loss is not a bad idea. The problem stems from the mis-selling of PPI to millions of customers - around 12 million customers, to be more precise.

Bank representatives were paid on a commission basis and this product also provided a massive profit to the banks too. Other problems were:

  • Mis-selling- customers were sold policies that they could not claim on
  • PPI cover runs out- single payment PPI (now banned from sale) was added to a loan as an upfront lump sum fee BUT the cover ran out after 5 years, often falling short of the length of the loan e.g. you would not be covered for the final 5 years, of a 10-year loan
  • Over-priced- many PPI policies were cost far too much compared to the amount of the loan they were meant to cover
  • Limited pay-out period- many customers did not realise that PPI only paid out for a relatively short period of time (usually 12 months)
  • Low cover level- on credit cards, for example, PPI only covered the minimum monthly payments meaning the balance would not be reduced.

How do I know if I was mis-sold PPI?

You may have been mis-sold PPI if:

  • It was NOT made clear PPI wasoptional
  • You were not told of significant exclusions
  • That you would be paying interest in the single payment PPI added to your loan
  • You were not made aware that the cover would 'run out' before the end of the loan it was should be covering
  • If you were advised to take out PPI, then you should have received a written statement as to why the policy was suitable for you
  • You were not told that the PPI policy was being added to your loan or mortgage etc.

How can I claim PPI back?

You can start the claim process yourself or you can come to a specialist like us, PPI Scotland and we can take you through the entire process.

We do charge a fee for this but with thousands of satisfied Scottish customers, there is nothing stopping you from having a no obligation chat with one of our team. Call us and talk through your case with one of our friendly advisers.

PPI, the 2019 Deadline and Your Money

The Financial Conduct Authority, the regulator of the banking and financial industry in the UK, is cutting off compensation claims for mis-sold PPI.

This means that after August 2019, you will not be able to make a claim for PPI compensation for a PPI policy sold prior to spring 2017. If you felt you were mis-sold PPI recently, this is not subject to the deadline.

There have been many changes over the years which now mean that there are key points you need to bear in mind now that the deadline for PPI compensation claims has been confirmed:

#1 Just having PPI means it was probably mis-sold

The outcome of the Plevin case - a customer who argued that by not being told the vast amount of commission her broker was being paid, meant she was duped into buying an overly expensive policy - now means that most people were mis-sold PPI.

Staggeringly, 67% of loan PPI was paid in commission and interest which means that you were paying for others to line their pockets. And because the bank didn't tell you, the courts have now ruled that this is another reason why PPI was mis-sold.

This effectively means that billions more is owed to customers across the UK but with many people still struggling to make a PPI compensation claim, it seems unlikely that everyone will get all their money back.

#2 The deadline may seem a long way of but…

… get your complaint made now and beat the queue! The activity around PPI compensation claims is likely to build as the deadline approaches.

The FCA has also promised an all-encompassing promotional campaign to make people aware of the impending PPI deadline and what they can do to claim their money back.

#3 There are still concerns relating to vulnerable people and their claims

From people with debt to people with learning difficulties as well as the elderly, many consumer groups have raised concerns that the deadline will adversely affect people who may not be able to make a claim.

The FCA has promised it will look at the process and ensure that everyone with a claim gets their money back and that it does not come down to people who 'can' and people who 'cannot'.

#4 Don't assume 'it's not me'

People from all walks of life were mis-sold PPI on loans, credit cards, catalogues, store cards and more. Sometimes, PPI was added without your consent or your knowledge. 

And when it was knowingly sold to you, there were many things the bank or lender did not tell you about the policy. Although it was not the policy at fault, the way in which it was sold and the extortionate premiums made it a problem.

#5 A typical payout Is around £3,000

What are you waiting for? Start your claim today.

Your Step-by-Step Guide to Claiming PPI Compensation BEFORE the August 2019 PPI Deadline

The PPI deadline of 29 August 2019 will start to get more air time in the coming months with the proposed launch of the FCA-led campaign relating to PPI and how to make a claim.

At Payment Protection Scotland, we have always been clear, open and transparent about how to make a claim but we thought we would take a moment to remind you of the steps and some key facts along the way;

Step 1 - Find the paperwork

It may take you some time but finding as much paperwork and documentation as you can regarding your loan, store card, credit card, catalogue accounts etc. will help you when it comes to submitting your complaint regarding PPI.

Key facts;

  • It may not be called PPI- it could be called something such as accident and sickness insurance, or card care, or payment insurance.
  • There is no time limit- you can go back year on yearproviding you have the evidence
  • Lenders can provide evidence- if you don't have the paperwork, you can ask your lender for a copy as they do have it (even if they try and tell you different!). They will only have it for the past 6 years hence this is why some people think that PPI compensation only goes back 6 years and no more.

Step 2 - Deciding if you were mis-sold it

They may have told you it was compulsory or given you the impression you had to buy PPI in order to be accepted. It may not have been suitable for you, e.g. you were too old, too young, unemployed, self-employed…

There are many reasons why PPI could have been mis-sold to you. Our team can help.

Step 3 - Do it yourself or use a claim company

Some customers lodge and shade their own PPI complaint. Other people choose to use a claim management company such as ourselves.

The choice is yours but to help you make the right choice for you, check:

  • How much the company charges
  • Whether they offer a no win, no fee service
  • Avoid those that 'promise' or 'guarantee' success
  • Their success rate and assessment process at the start your case

Step 4 - Expect rejection

Not all banks and lenders hold their hands up the first time and admit they made a mistake. Some try to argue that PPI was right for you.

Don't allow the lender to put you off.

Step 5 - Still not happy? Lodge a complaint with the Financial Ombudsman Service

You will need to lodge a PP complaint with your bank or lender first but if they refuse your claim, you can ask FOS to take a look at your case and make the final decision.

Don't wait for the PPI deadline, start your PPI compensation claim today!

The PPI Deadline – Will it Affect You?

The Financial Conduct Authority (FCA) consulted on the possibility of introducing a blanket PPI deadline that affects all claims. Whilst some people are against it, some people welcome the idea. And some people think that the date needs to be brought closer.

But is this the absolute date by which a claim must be made? And does it affect you?

In Favour of a Deadline

There are many people in favour of a PPI deadline, including banks, some MPs, and financial analyst. The saga has been rolling on for some time, so much so that some financial experts believe that the vast sums of PPI compensation is financially undermining the whole of the banking sector.

Some would say the banks only have themselves to blame and that PPI premiums and sales were once bolstering the banking industry, providing in effect, a false platform.

Against the Deadline

Consumer organisations are mainly not in favour of a PPI deadline but with the attitude of the FCA changing in recent months, they realise that rather than fighting against it, they need to be instrumental in shaping it to the advantage of the consumer.

They say that less than half of consumers entitled to claim PPI compensation have done so. For everyone affected to have a chance to claim their money back, the consumer organisations and banking critics want a comprehensive promotional campaign.

The FCA are currently consulting a creative agency to put together the outline of the project for an advertising company to create a campaign that reaches everyone.

Different date

There was surprise from all quarters of the date - June 2019 - that the FCA muted as the possible deadline date. Most people assumed it would be the year before,

Banks want the date to be closer as allowing the process to carry on for another two and a half years is not what they wanted. PPI compensation is costing them billions of pounds, with banks adding millions more to their compensation funds on a regular basis - they want this outpouring from their profits to stop as soon as possible.

What the PPI Deadline Means to You

It means that if you have yet to make a claim, June 2019 could be the deadline by which time you must make a claim and get your money back.

Whilst it is easy to be sceptical about a PPI deadline and who or what is the driving force behind it, the message is clear: there is going to be an end date to PPI compensation.

Don't let the PPI deadline creep up on you. Don't leave it too late. Contact Payment Protection Scotland today.

Has the June 2019 PPI Deadline Been Confirmed?

With so much alleged 'fake news' swirling around, it is increasingly difficult to know who or what to believe.

This is why at Payment Protection Scotland, we have put together this quick 3 minute read on the proposed PPI deadline and what it means.

Is there a deadline in place?

The June 2019 deadline was proposed by the finance industry watchdog, the Financial Conduct Authority (FCA), back at the start of August 2016.

As yet (March 2017), there has been no firm confirmation of the deadline. But, most people think that the lack of news or further updates means that the deadline will be announced alongside the start of a promotional campaign to make people aware of PPI and how to claim.

Why impose a deadline?

The arguments around PPI and the 'how and why' it was being sold to customers was first raised in the mid-1990s but it wasn't until January 2011 that the first PPI compensation payments were made.

Since then, it is fair to say that there has been an avalanche of claims that is costing the banks and lenders dearly - around £24 billion, in fact, thus far. And there are more claims to be made.

Is everyone in favour of a June 2019 PPI deadline?

There are critics on both sides of the fence.

Some financial experts think that there should be no deadline. They say that as yet, only 40% of people with a genuine and eligible claim for PPI compensation have made a claim. That leaves another 60% of people yet to claim.

If all these people were to make a claim between now and June 2019, the system would be flooded and possible unable to cope with the volume of PPI compensation complaints.

Critics also say that banks haven't done much to allay fears that it could happen again. And some banks and lenders have not always been upfront and honest in their compensating endeavours. Consumer groups and critics worry that banks may try and drag out claims beyond June 2019 and then decide not to pay customers.

Banks are not in favour either.They would prefer a closer deadline and were hoping to have a line drawn under the PPI saga by the end of 2018 at the latest.

What does this mean for PPI claims now?

Until there is confirmation of a PPI deadline, consumers are being encouraged to continue lodging complaints for PPI compensation, if they have the grounds to do so.

And with our help, within weeks you could be enjoying the fruits of your PPI compensation. Don't wait for the June 2019 PPI deadline - start your claim today. Call Payment Protection Scotland today!

 

PPI Deadline 2019 – What Does It Mean?

Have you heard that the Financial Conduct Authority (FCA) may be bowing to pressure and introducing a deadline for PPI compensation claims? What does it mean? And why are the FCA thinking of introducing a deadline?

The FCA up until recently, has always been quite clear that a PPI deadline was some time away. The banks had asked and pressured for a deadline on several occasions previously, but had always been decisively and sharply rebuffed.

Dragging on and on

The first PPI compensation payments were made in January 2011 and now, a full six years and £25.5 billion later, the FCA has decided that a deadline is needed to draw a line under the whole unfortunate and embarrassing episode.

A change at the top

Some commentators note that this conciliatory tone within the FCA has come about since a change in the head of the FCA. Outgoing head Martin Wheatley was stringent in his dislike for a PPI deadline and even less impressed by the banks calling for an end to the mess that they had effectively created.

The new head of the FCA, appointed a year ago in January 2016, Andrew Bailey seems to have a less rambunctious tone toward the British banks and lenders.

Chaotic and deep

There are times when you could describe the PPI compensation process as chaotic.

Back in 2011, the banks made derisory offers of a few hundred pounds to customers who were owed thousands.

Then banks were suggesting that they didn't hold the information to give customers the details they needed to lodge a PPI complaint.

Customers were also having perfectly reasonable and obvious PPI compensation claims turned down thus, resources at the Financial Ombudsman were being swallowed by thousands of PPI compensation cases every month that should have quickly and easily resolved by the banks in the first place.

Then, it became clear that bank staff who sold PPI has made large commissions on sales of PPI something the Supreme Court ruled was unfair.

The PPI saga has also run into billions, with the current total standing at twice the budget for the Summer Olympic Games back in London, 2012.

It is a deeper chasm of embarrassment than anyone could possibly imagine back in the mid-1990s when the sale of PPI was referred to the then Competition Commission.

The deadline stands

If the deadline is confirmed as being June 2019, if you don't claim PPI compensation before this date, it will be too late. Call us now - we can help.