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Archive for tag: PPI 2018 Deadline

The PPI 2018 Deadline – Everything you Need to Know

Heard there is a proposed PPI deadline but wondering if it affects you? Find out everything you need to know here…

What is PPI?

Payment protection insurance (PPI) was sold to thousands of customers at or around the time they took out a loan, credit card, store card, car finance and so on. In the vast majority of cases, the policy was of little, if any use to the customers.

Many people felt duped into buying it thus, when concerns were raised, it was found that banks and lenders had mis-sold the product to their customers. This led to the process of giving people their money back, something that has been happening since 2011.

The sums of money involved are truly staggering, with £22.5 billion already been returned to 12 million customers - and people are still making claims.

Why impose a deadline, then?

The City watchdog - the Financial Conduct Authority (FCA) - is planning on bringing the shutters down on PPI compensation claims. The suggested deadline date is spring 2018 for all compensation claims for mis-sold PPI to be made.

The FCA has been quoted as saying that they want to bring the PPI saga to an 'orderly conclusion'. What this means is ensuring that anyone who has a claim has every opportunity within which to lodge their complaint and seek compensation.

The exact date has yet to be decided but the FCA, along with consumer organisations are keen to ensure that the customer does not miss out.

The marketing campaign

On announcing the consultation on a proposed PPI compensation deadline in October 2015, the FCA were at pains to ensure that the customer would not be the loser. They said that alongside the announcement of a 2018 PPI deadline, there would be a robust and wide spread campaign to ensure that everyone who had a claim had all the information they needed.

Will this cause an influx of PPI cases?

It very well may do but this is no bad thing. It is important that anyone who was mis-sold PPI makes a claim to get their money back. As a claim management company, we also welcome the idea of a marketing campaign that clearly sets how to make a claim, and what to look for.

What you should do now

Not wait for any announcement of a 2018 PPI deadline but start your claim today. Most cases are simple and straightforward, taking only a matter of weeks to resolve successfully in your favour.

Why not contact Payment Protection Scotland today to see how we can help?