What Does 2017 Hold for PPI Claims?
As we stand at the close of 2016, we tend to look back and reflect in the year gone by. But we also take time to look forward and wonder what the coming year holds in store.
PPI has been around for some time now, with thousands of people already enjoying the compensation they claimed as a result of being mis-sold payment protection insurance (PPI).
Does 2017 promise to be more of the same when it comes to PPI compensation claims in Scotland? Or are there changes coming to the process?
#1 The Outcome of the Plevin Case
The judgement on the Plevin case was delivered over a year ago. This is where a customer brought a case against the PPI provider regarding the amount of commission paid to the broker for arranging the PPI policy. Ms Plevin argued that if she had known how much this commission was, she would have questioned the cost of the policy.
Although you would think this was good news for the customer, the ruling failed to define what level of commission should have been declared to the customer. Commission could have been thousands of pounds, as in the case of Ms Plevin, or it may have a few hundred pounds.
The Financial Conduct Authority (FCA) are considering how this ruling impacts on future PPI compensation claims, and whether it will also need to be applied retrospectively to compensation claims in the past.
#2 PPI Deadline Confirmed and the Marketing Campaign Started
The PPI deadline of June 2019 seems to have been more or less confirmed as the date by which everyone with a claim for compensation after being mis-sold PPI will need to have claimed their money back.
We expect that during the coming year, there will be more discussion, debate and information relating to the promised marketing campaign, encouraging people to come forward and claim their money back by the time the deadline rolls on by.
#3 PPI Claims Will Remain Steady
But we also think that should there be an initial mini-campaign making customers away of the 2019 PPI deadline that there will be a surge of PPI compensation claims both to us, as a specialist claim management company, and to banks and lenders themselves.
#4 Payment Protection Scotland Will Still Be Here to Help You!
We know with certainty that in the coming year, we will carry on working with customers to claim every penny of their money back from banks and lenders that mis-sold them PPI. Will YOU be one of them?