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Archive for tag: The PPI Deadline

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.

The PPI Deadline – What you Need to Know

You may have heard that there is a PPI deadline looming and that in order to claim your money back, you must do so before the deadline expires. But all might not be as it appears. This is what you must know about making a claim for compensation, and the deadline…

#1 The deadline has not been set. Yet.

There was a flurry of articles in the press and online at the start of October about a deadline for compensation for mis-sold payment protection insurance (PPI). The suggestion is that claims will need to be made by spring 2018.

However, this is not a firm date as yet as the Financial Conduct Authority are consulting with banks, lenders, consumer groups and the Financial Ombudsman Service.

#2 We won't know if there is to be a deadline until spring 2016.

If there is to be a deadline set, the Financial Conduct Authority have hinted they will announce the date in spring 2016. They will give customers another two years in which they can claim compensation for mis-sold PPI, hence talk of a spring 2018 deadline.

#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 There is another deadline that is looming.

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 deadline will start to expire in 2016.

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

Many people think that this points to the numbers of PPI claims 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, contact Payment Protection Scotland for more information on how to make a claim.