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Is time running out for PPI compensation claims?

As we basked in the summer of 2015, there was a dark cloud possibly looming on the horizon. The rumours are rife and the banks are supportive of this possible move but, it has pros and cons for the customer.

Time could be running out for PPI compensation claims, with the national press reporting in July that the City regulator, the Financial Conduct Authority is considering imposing a deadline on claims for mis-sold payment protection insurance (PPI).

What is PPI?

Banks have set aside more than £26 billion in compensation thus far making the mis-sale of PPI the biggest scandal to have rocked the financial industry in the UK. People were sold policies that they either did not want or could not have claimed on.

Typically, the PPI policy was sold alongside another financial product such as personal loans, overdrafts, credit cards, stores cards, car finance and so on. The idea was that the policy would make repayments on your debt should you fall ill, and your income was affected.

The worst offender in this mis-selling debacle must surely be Lloyds Banking Group who has set aside another £1.4 billion to make forthcoming compensation payments.

But, experts are warning that the PPI compensation bonanza could be coming to an end. Respected experts such as Martin Lewis from MoneySavingExpert has warned that he thinks a deadline is looming.

But he also highlighted another issue and one that Payment Protection Scotland have been saying for a long time – there is a whole group of people out there who think they are not entitled to claim PPI but are!

Do you have a valid claim?

If you don’t have the paperwork, call the original ban or lender who made the loan and ask them for copies of all paperwork relating to your loan or credit card etc. They have to keep paper copies for six years but, they may have digital copies that date back further than this.

You can make a claim on any account on which you had PPI and there is no time limit on these accounts. However, it may be more difficult in some cases to claim compensation on an account that is very old but, the banks and lenders are realising that the industry has suffered badly as a result of this scandal; as a result, they are compensating in most cases, quickly and fairly.

Do you have a claim?

Make it now before any deadline is announced! If you had a loan, credit card or any other kind of credit product in the last decade or more, the likelihood is you were sold PPI too – claim your money back with Payment Protection Scotland.

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