Can We Expect a Surge of PPI Claims in 2018?

The first month of the New year has slipped by in a blink of an eye! And this is something we need to take note of because the PPI deadline of August 2019 will soon be upon us.

The Payment Protection Insurance (PPI) scandal seemed set to run and run. Back in February 2015, the news was grim for the UK banking industry - the predicted tail off in compensation cases had not happened.

And it didn’t happen the following month, or the months after that until now, at the end of January 2018, some three years later, the number of compensation claims successfully made against mis-sold PPI are remaining steady.

Argument enough, said the anti-PPI deadliners, NOT to impose a PPI deadline.

But the Financial Conduct Authority (FCA), with a new head at the helm, took a slightly different view. The tone was more conciliatory towards the banks. The FCA consulted on a deadline and it agreed that there needed to be an end to the PPI mis-selling saga.

Setting a final deadline date of 11.59pm on 29^th August 2019, it was further away than the banks had hoped for but a loss for the anti-deadline camp too, who protested that to impose one was wrong.

But why?

A Surge in PPI Claims?

Anti-deadliners point out that as yet, less than half of the customers with a potential PPI claim had yet to do so.

This means that technically, should everyone with a potential claim decide to make one, the tidal wave of claims flooding the system would be unprecedented.

But is this likely to happen?

Your Money, Your Claim, Your Choice

The FCA has created an advertising campaign to reach the millions of customers who have yet to make a claim. The £42 million bill will be paid for by the banks and lenders responsible for the PPI mis-selling scandal.

The adverts seen so far urge us to ‘make a decision’, alluding to the people being uncertain about whether to claim or not. With a deadline pending, now is the time to make your claim.

But, if it is your choice because it is your money and your claim. Some people may choose not to claim their money back on the assumption that it won’t amount to much. But, some people will make a claim and if you are one of those people wanting to claim your money back, one phone call to PPI Scotland will set the process in motion.

The deadline is in place and 2018 could be the year that we see a steady climb in PPI compensation claims.

Don’t wait any longer! Contact Payment Protection Scotland to help you with your claim.

> Back to blog