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PPI apathy – what is it and how can it be cured?

Have you heard of PPI Apathy? This is a condition by which people who have a claim for compensation for mis-sold PPI fail to get their money back.

But why is it happening? And how can it be stopped?

Apathy stems from…?

There are three reasons that alone or combined cause people to abandon hope or become apathetic about a situation – and these three reasons certainly apply to claims for PPI compensation;

  • If you believe that you will never get your money back
  • If you feel that the process of too complex or too simple
  • You don’t think that you have the right skill set or knowledge to go ahead and make a claim

Add to these three reasons that time element of the PPI saga – it has been rumbling on for 10 years or so now – and you can see why many people (including you!) might have come to believe that you don’t have a claim or cannot make a claim, and so on.

Time is ticking

However, there may be something about to come along that wipes out this apathy although some experts suggest that to do so would be nothing short of a miracle.

The Financial Conduct Authority wants to impose a deadline by which time anyone who wants to claim their money back. Failure to claim PPI compensation by this date will see the banks laughing, and you bereft as you have just waved goodbye to thousands of pounds (possibly).

June 2019 is rumoured to be the favoured option for a PPI deadline. The UK is waiting with baited breath as on October 11th 2016, the FCA is expected to make a final announcement about a PPI deadline.

40% have done so – have you?

Not everyone is keen on a PPI deadline because, they say, only 40% of people who have an eligible claim for compensation have done so. That leaves a whopping 60% of customers with PPI compensation claims left to do so between now and June 2019.

That leaves 32 months for banks and lenders to sift through thousands of claims, some of which can be for large sums of compensation.

One businesswoman claimed back a staggering £84,000 although the average is thought to be around £2,000.

How much PPI compensation are you entitled to?

With a deadline on the horizon, the need to launch a PPI compensation claim has never been more urgent. You can lodge a complaint yourself, or you can choose to use a specialist claim management company such as PPI Scotland.

Find out more now by calling Payment Protection Scotland.

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