Could You be Set to Claim MORE PPI Compensation?
The announcement of a PPI dealing of 29th August 2019 sent a shock wave through the consumer organisations and lenders alike.
Banks wanted an earlier date whilst some consumer organisations didn’t want a deadline at all. But, if the Financial Conduct Authority thought that imposing a deadline would be trouble-free, they were very much mistaken.
The deadline – what you must do NOW
The deadline means that anyone who wants to claim compensation for mis-sold payment protection insurance (PPI) have until midnight on 29th August 2019 to do so.
After this time, it will be too late to open a new case. This means checking NOW if you have a claim and if you decide to pursue compensation after being mis-sold this now infamous insurance policy, then you must do so before this date.
Cases that have been opened before 29th August 2019 but have yet to be resolved will continue in the system until the matter is settled, either in your favour or against. You can still refer the case to the Financial Ombudsman if you feel the decision being against you is unfair.
The deadline and PPI commission payments
The deadline has been met with derision by many consumer groups. The only group who seems to have taken a more cautious ‘it may be a good thing for consumers’ is Citizens Advice.
However, the vast majority of consumer groups and financial market experts are saying that in their eyes, imposing the deadline is a premature move. This is because, they say, under less than half of the people who have an eligible claim for PPI compensation have yet to lodge their complaint.
If all these consumers decide to claim pre-the deadline date, the system will be swamped.
But, there is one golden ray in the announcement of the PPI deadline. And that is that the FCA has made their decision on how the findings of the Plevin Vs. Paragon case is to be applied.
You may recall the Plevin case. The defendant argued that if she had known how much commission was being paid to the broker for arranging the PPI policy, she would have questioned the cost of it.
The court agreed. If the bank, broker or lender failed to disclose that more than 50% of the cost of PPI was in commission, you will now receive this money back too. Even if you have already claimed and your PPI compensation case is technically closed, you could find a cheque making its way to you!
What should you do now?
Banks and lenders should be writing to you to tell you this new ruling.
But if you are ready to make your PPI compensation claim, you may need our help. Call us to find out more about our no win, no fee service.