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Archive for tag: PPI Time Limits

PPI and Time Limits!

There are many factors that make for a successful claim for PPI compensation but one which many customers are unaware of are the time limits involved; do you know what they are?

Don't confuse time limits with deadlines!

There have been rumblings from banks and the financial sector about an attempt to impose a deadline by which customers must have made their claims for PPI. However, thus far the financial regulators and consumer organisations, namely the Financial Conduct Authority and the Financial Ombudsman Service have resisted all calls to impose a deadline. In fact, many consumer groups think that the banks, lenders and building societies should be the last people calling the shots when it comes to imposing restrictions or changes to the process of claiming compensation.

So what are the time limits?

Like anything that we buy as a consumer, if the product is defective or not fit for purpose, we have so long in which we can make a claim for a refund.

In terms of PPI, you have 6 years in which to make a complaint regarding PPI or within 3 years of realising there was a problem with it.

But, just because the scandal had been around for a few years now, does not mean that you have run out of time!

If you have been making payments on an account within the last 6 years, it is considered active therefore you can still make a claim.

Have you had a letter?

Some banks, lenders and other companies who mis-sold the product to customers were being encouraged by the FCA to write to people, advising them they may have been mis-sold PPI. This letter, which should be written clearly and without looking like marketing material, invites customers to make a claim.

If you have received this kind of letter then you must be also made aware that the clock is ticking!

You now have 3 years, from the date of the letter to make a claim; attempt to do so outside of this time limit will unfortunately see your claim fall at the first hurdle.

Can PPI Protection Scotland help?

Yes we can and we are only a phone call away - or, if you prefer you can use our online contact form. We will contact you to discuss your case in detail. Once we are sure we can help you make a claim for PPI compensation, all you need to do is complete 1 or 2 forms giving us permission to make the claim on your behalf.

Why not call us to find out more?