50 million PPI policies sold since the 1990s – and yours is one of them!
The PPI saga has been rumbling for some time. Just when people thought that it was dying away, something would happen that would fan the flames once more.
This month, the FCA announced that it was formally thinking of placing a deadline of June 2019 for all PPI compensation deadline.
So, you may think, the writing is on the wall for compensation claims for mis-sold payment protection insurance (PPI). The FCA will make their final announcement this coming October but the banking industry are already stunned.
Why the banks are disappointed
Initially, when the FCA announced it was consulting on a proposed PPI deadline, it muted spring or summer 2018 as the possible end date.
The banks, happy that there was a deadline being discussed, were unprepared for the change of date that the FCA announced on August 2 this year.
The deadline extends for two years, giving consumers ample warning that there is a deadline looming and that they must claim before the end date. But this two-year deadline will not start ticking until mid-2017, which disappointed the banks.
Alongside the deadline will be a public awareness campaign that will once again, attempt to cajole people into making a claim. Some experts believe that people have become apathetic since the PPI saga has been running on for so long.
Other people, such as consumer organisation ‘Which?’ suggest that the process of claiming PPI compensation is simply too long and cumbersome.
The banks and lenders, contrary to what they originally said, do know who has a PPI policy but, according to consumer law, the consumer has to prove they were mis-sold it. Although there is a lot of information of why PPI was mis-sold, for some people they are simply unsure or unaware what these reasons are.
What this deadline means for you
If the June 2019 deadline is announced in the coming months, it will mean that time is now limited if you want to claim money back after being mis-sold PPI.
The advice is simple – don’t wait for the deadline to roll around. Make your claim now!
Can Payment Protection Scotland help me?
We work with customers from across Scotland to make a claim for compensation for a PPI policy or policies that were mis-sold to you. You may not be aware that you have PPI or that it was applied to some of your accounts. With this in mind, please call Payment Protection Scotland today!