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Archive for tag: Is There a PPI Deadline

Is There a PPI Deadline?

If so, when is it? How will it affect me? Will it affect me?

There are all kinds of questions to be asked and all kinds of answers that you are searching for. One that is a common theme at the moment is the PPI deadline. But, it might not be as clear cut as that…

There has always been a deadline of sorts…

Payment protection insurance (PPI) was mis-sold to thousands upon thousands of customers. Many thousands of people have successfully claimed their money back and are currently enjoying this unexpected windfall.

Back in 2013, banks were told to write to their customers, telling them they may have a claim for PPI and to make a claim. They were told to tell their clients that they had three years from the date of the letter to make a claim.

Therefore, the first batch of letters sent out in 2013 will have a deadline that expires at some point this year. If you re-call receiving a letter from a bank or lender, you need to make a claim.

It may be that you thought it was a marketing letter, touting for business but it wasn't - it was an important letter!

But, what about the BIG PPI deadline?

Currently, the big PPI deadline is under discussion. The proposed date is summer 2018 by which time all claim for PPI compensation will need to have been made.

The banks want a shorter deadline. The consumer organisations want as a long a time as possible for people to be able to make a claim.

The one thing that the Financial Conduct Authority has promised is that there will be a nationwide marketing campaign that targets everyone to encourage them to make a claim.

Could you still claim after this deadline has passed?

It is unlikely which is why consumer groups are adamant that everyone needs to be told officially that a PPI compensation deadline is in place - when it is announced - and that people know how to make a claim.

So, it might not happen then, this PPI compensation deadline?

The compensation process for mis-sold PPI has been running for a number of years, with some people receiving their payouts back in 2011. The one thing that everyone now seems to agree on is that this debacle needs to end - but not before everyone has claimed their money back.

Don't wait to make a claim or wait for the PPI deadline to be announced. Start your claim today!