Is the rate of PPI claims beginning to slow?
How long do you think the PPI saga has been running? 5 years? 10 years? Forever?
It does feel like not a day goes by when there is a TV or radio advert, a press or website article bringing PPI back into the spotlight.
After several years of compensation claims, you would think that the rate of PPI compensation claims would naturally start to fizzle out. But think again, because there is something happening that could see PPI compensation claims sky-rocket…
PPI compensation claims
The PPI compensation process started many years ago with PPI claims remaining fairly static over the years:
2011 - £104million
2012 - £1.3 billion
2013 - £1.2 billion
2014 - £1 billion
2015 - £1.1 billion
At the time of writing, the claims made thus far in 2016 totalled some £1.2 billion and looks set to carry on climbing.
*The above figures relate to certain banks only, and does not include smaller lenders and banks. By adding these to the annual totals, the figures are much, much higher! *
What will affect the rate of PPI compensation claims?
In one word – deadline.
The FCA closes its consultation relating to imposing a PPI deadline in October this year. It is widely expected that they will endorse a PPI deadline of June 2019. This means that you will have until this date to claim PPI compensation – after this date, there will be no option to claim your money back.
As part of the deadline, the FCA are also promising a marketing campaign that will reach all customers. If this is the case and the desired results happen, then the figures above could double, treble or even quadruple.
This is because there are still plenty of PPI compensation claims left to be made, as under half of the customers with a valid claim have made a bid for compensation.
What this marketing campaign needs to look like
- Authoritative – one issue with PPI is that less-than-reputable claim management companies with big marketing budgets have hogged the marketing of PPI with dubious claims and counter-claims. Information can sometimes be sparse for customers so any marketing campaign needs to be authoritative.
- Banks and lenders also need to be part of it – many people are convinced that banks and lenders know who they owe compensation too and should be making contact with people.
- Not talking down – it is easy for some campaigns to be too simplistic leading some people to feel that the issue does not concern them
- Include claim management companies like Payment Protection Scotland – some people want help to claim PPI compensation, but they need to seek it from the right people. By including companies like Payment Protection Scotland, the marketing campaign could have real value to it.
Make your claim before the PPI June 2019 deadline – make it today!