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Archive for tag: PPI Compensation Deadline

When is The PPI Compensation Deadline?

It is the news we have all been waiting for. The Financial Conduct Authority has announced the date by which consumers who want to claim PPI compensation should lodge their complaint by.

It may look, feel and sound far away - 29th August 2019 - but there is a lot to be done before the last Thursday of August in 2019 rolls around.

A Promotional Campaign

Like many other reputable and professional claim management companies specialising in PPI compensation claims, we have, over the years, attempted to provide all our customers and interested parties with as much information relating to PPI compensation claims as possible.

We have encouraged people to check all their paperwork and documentation for PPI. We have encouraged people to contact their bank or lender to ask about PPI and whether a policy was applied to their accounts.

But whilst some people followed these suggestions, there were barriers to others;

  • Not understanding that the problem with PPI applied to them - many people are STILL unaware that they had a PPI policy.
  • Uncertainty on dealing with banks and lenders
  • Lack of time to pursue or chase the bank or lender to give them the information they needed
  • Apathy - the PPI debacle was so big that 'it was almost too good to be true'

But as part of the 29th August 2019 deadline, the FCA has promised an all-reaching promotional campaign that will ensure everyone is encouraged to make a claim for PPI compensation (if they want to).

Preparation… And Then the Hard Work Starts!

The FCA announced the deadline toward the end of March 2017 but with everything else happening in our tumultuous world - terrorist attacks at home and abroad, announcements of snap general elections and so on - the news of the dealing failed to make the headlines.

And this concerns us.

Will the promotional campaign make the headlines? Will people be made aware of the PPI deadline, its importance to them and their potential compensation claim?

The FCA say that the banks and lenders need time to make changes, especially as they may also be contacting and compensating customers on commission payments relating to PPI policy sales.

The FCA say that they too, need time to organise and approve the upcoming promotional campaign, said to be in the hands of a leading advertising company.

But, they say, within three months of the announcement of the deadline, the hard work on making sure that everyone gets their money back starts.

What to Do Now?

Claim your money back. Call Payment Protection Scotland NOW!

What PPI Compensation Deadline?

This and many other questions answered by experts here at Payment Protection Scotland!

My friend was telling me I might be too late to claim PPI compensation from my bank as there was a deadline. Is this the case?

Banks and lenders were told in 2013 to send letters to customers they know had payment protection insurance (PPI) and to invite them to make a claim for compensation. This doesn't mean that the policy was mis-sold to you, but it was a way of telling people that they had PPI and it may not have been sold to them by following all the rules.

But, this did impose a deadline of sorts. Following consumer law, if a bank or seller contacts you to tell you there may be a problem with a policy or product they sold you, and you agree, you have three years from the date of the letter within which time you can claim compensation.

If the deadline passes and you decide to claim, you may find the bank or lender will not honour your claim.

If you did receive a letter from a bank or lender, you will need to make a claim within three years of the date thus, for many people, they will need to submit a claim in 2016 or risk losing out on compensation.

I have been thinking of making a claim for PPI compensation myself but wondering if it would be more advantageous to claim through a claim management company. Are there benefits to using such a company?

Claim management companies, also known as CMCs, deal with all kinds of products and compensation claims, and not just PPI. The mis-selling of PPI and the subsequent claim culture has spawned a new era of CMCs, some new to market place and other established companies created specialist PPI 'arms' to deal with such claims.

You can claim PPI without the help of a company or solicitor but some people prefer to use such a company as they feel it will be too stressful, too time consuming and so on. For some people, their financial affairs are complicated and feel that an expert team will be able to handle it better.

A CMC cannot process or fast-track your claim - despite what their advert may say! - and they will charge a fee, like many other professional services do. Always check what this fee is, how and when they charge it (never pay up front) and always opt for a company with a no win, no fee policy.

Do you have more questions? Call Payment Protection Scotland for the answers!