Follow the financial news? Or are you just someone who has an interest in the world of PPI claims? If you are then you may have heard that there is going to be a time restriction on making claims for PPI. So when is the PPI deadline date and just why has this limitation been made on claiming back for mis-sold PPI?
When is the PPI Deadline?
2nd March 2017 update:
The Financial Conduct Authority (FCA) have just announced a PPI deadline of August 29th 2019.
Start your claim now before your mis-sold PPI money is gone!
With £30bn of mis sold ppi money already been set aside by some of Britain’s biggest lenders, this ppi deadline will give potential compliants an opportunity to claim back their mis sold money before a line is drawn under the biggest finanical scandel that we’ve seen.
Why has the PPI deadline date been brought into force?
The PPI scandal has been a costly issue across the financial services industry. Especially for the lenders who have been found to be mis-selling the policies to their customers.
In fact, it is thought that the bill for PPI pay outs is somewhere near £24 billion.
Whilst this is great for those who were mis-sold their policy, it comes as no surprise that this has been a few years that the banks and other lenders will want to forget.
Perhaps with this in mind the Financial Conduct Authority (FCA) have decided that there is a need to enforce a deadline, which will limit the claims which can be made for PPI. All with the hope to draw a line underneath the entire scandal and bring it to a close.
But what about my PPI Claim?
There have been many people across the UK making sure that they claim back the PPI that was mis-sold to them, however, there still seems to be some members of the population that are yet to check for PPI on their accounts. For these people, there really hasn’t been a better time to get in touch with a PPI claims company and ask for their expert guidance and advice in securing these funds.
The PPI deadline date has been set as August 2019. This means that you have just over 2 years in order to make your claim. To ensure that the general public are completely aware of this deadline, the FCA are to put in place a media campaign; highlighting the deadline date and delivering a whole raft of information which will ensure that your PPI check and claim runs as smoothly as possible.
How do I make my PPI claim before the PPI deadline date?
So, now you know that you need to make your claim before June 2019; you may want to know just how you can go about making your claim.
One of the best ways is to go through a PPI claims company; who will process the claim for you.
The first stage is a PPI request being submitted to a lender. A PPI claim company will usually ask the lender to respond to their request within 40 days, however it can take a little longer to check through your records, especially if the account is older or has been closed for some time.
Once the PPI claim company hears back from the lender with regards to your PPH, they will come back to you to confirm whether or not you have a PPI claim. This may be via phone, email, letter or text. If it is believed that PPI was mis-sold on your particular account, then it is then down to you whether or not you want to progress the application and see what money you can receive back.
The PPI claim company will then take on your claim, only asking you to complete a form or speak to them via the phone. This is to ensure that they receive all the relevant information and can process your claim as quickly as possible.
Why not make a PPI check on your accounts today, you may be surprised to learn that there are thousands of pounds available for you to claim back.