The August 2019 PPI Deadline – Does it Really Apply to Me?
If you think you have been mis-sold PPI then yes, the August 2019 deadline does apply to you! But there is also a whole swathe of the population that could miss out on PPI compensation because they believe that the deadline does not relate to them. Why is this the case? And what is being done about it?
August 2019 PPI Deadline
The announcement in the spring of 2017 that the deadline was fixed for the final Thursday of August 2019 sent a ripple through the banking industry and consumer groups alike.
The banks had campaigned for an earlier deadline, the consumer organisations for no deadline at all, or at least one that was many, many years into the future.
The idea behind the deadline is to bring an orderly conclusion to the PPI mis-selling scandal. But many believe that the hidden agenda is to save the banking industry from more embarrassment and to stop them haemorrhaging money in the shape of PPI compensation.
Whatever the truth is unless there is a serious change in opinion and unless the deadline is stopped by the judicial review process, the PPI deadline 2019 stands firm.
What does it mean for the customer?
What it means is that unless you claim PPI compensation after being mis-sold the product by midnight on 29th August 2019, you will miss out on compensation.
This deadline applies to PPI policies that were deemed to have been mis-sold prior to spring 2017. PPI policies sold after this date will not be subject to this deadline. However, the notoriety of this insurance policy is such that more customers are looking to income protection rather than PPI to cover repayments on loans etc.
If you know you have PPI and believe you have been mis-sold it, the next step is clear – lodge your complaint to your bank and/or lender as soon as you can, and claim your money back.
But what about people who don’t know they have PPI?
You may think that if you had been sold PPI, you would know! But banks and lenders, by their own admission, added PPI onto customer accounts without them knowing.
There were also times that PPI ‘opt in’ box was already ticked and because of where this box was put – right at the end of the very long fine print – people didn’t know it was there.
Thus, as part of your monthly premium, you were paying for an insurance policy that in all likelihood didn’t cover you.
What happens now?
Consumer groups have been campaigning for some time to make people aware that they may have PPI on an account such as a store card, catalogue account, credit card etc. and not know. As well as checking all your paperwork, the Financial Conduct Authority is in the process of creating what they promise will be, an all-encompassing promotional campaign.
This campaign to make people aware of PPI and how to claim is expected to start in late summer 2017. Here at Payment Protection Scotland, we will keep you posted!