The announcement by the Financial Conduct Authority that the
deadline for PPI claims is set for 29th August 2019
means that the writing is on the wall for PPI compensation
claims.

By the last Thursday in August 2019, anyone wishing to make a
claim for PPI compensation will have to lodge their complaint with
their banks or lender. After this date, there will be no new PPI
cases accepted unless you were mis-sold PPI after August 2017.
Do you want to Claim PPI Compensation?
Thus far, over £30 billion has been paid to customers who had
PPI mis-sold to them by banks and lenders. Even though you may be
thinking the deadline is months away, there are many reasons not to
wait around for it to arrive.
The PPI August 2019 is FIRM
Unless something explosive happens in the next few months, the
deadline for PPI compensation claims of August 2019 will hold
firm.
However, there have been so many changes and issues in the last
few years relating to PPI, never rule out any challenges and
issues!
There could be a bottleneck
The FCA are spending £42 million - a bill paid by the banks - on
an all-encompassing promotional campaign that they say will reach
everyone in society.
Even though they say that there shouldn't be a bottleneck, some
critics argue that everyone with a claim does so in the next two
years, the compensation process could take years to unravel.
You could be entitled to more money than you think
There is a new category of mis-selling called 'Plevin', named
after the customer who brought the case.
This new category within the PPI compensation process stipulates
that if more than 50% of the PPI's cost was paid in commission to a
lender or broker, you are entitled to this money back.
This ruling comes into effect from August 29th this
year and thus, some people who have already claimed may get more
back. For this to count, however, your account will need to have
been active (i.e. made a payment on it) from some point in
2008.
It is a staggering fact but Martin Lewis of
MoneySavingSupermarket.com says that as much as 67% of what
customers paid for PPI was pocketed by the banks.
If you had known the commission was so high, wouldn't you have
queried the cost?
Even if you are positive you didn't buy PPI… CHECK AGAIN!
This is your money and it cannot be emphasised enough that it
was a policy that was mis-sold to millions of people. If you had a
credit card, store card, personal loan, mortgage or any kind of
account from a bank, lender or through a high-street retailer, you
could be entitled to claim thousands of pounds back.
The average PPI claim is still standing at £3,000 per person.
You could claim more - contact the team at Payment Protection
Scotland.