March 2nd 2017 Update:
The FCA have just announced that there will be a PPI deadline on making PPI claims, which means that it could soon become too late to put in your claim and get the money that you are entitled to. That date is the 29th August 2019, the official PPI Deadline.
Since the start of the influx of PPI claims, it seems that the PPI deadline has been relatively open-ended. However, it has been announced that the Financial Conduct Authority (FCA) have made a decision to impose a cut-off on how far back PPI claims can be made.
It was thought that the deadline for reclaiming PPI will be set somewhere around the end of June 2019 and in the next two years this will be highlighted to consumers with a public campaign. This date is now set to 29th August 2019.
What does this PPI Deadline mean for me?
You may not even know that you have had PPI applied to your financial agreement, so if you have had a mortgage, loan or credit card over the past 10 years then it is time you checked on whether you are eligible for a claim.
This is particularly true now that a time period to make these claims is going to be imposed.
It isn’t only the people who have yet to make a claim on their PPI that should be aware of these changes. Those people who have had their claim rejected by a bank and want to take it further by contacting the Ombudsman, they should be aware of the time frame too.
Especially since a refusal to pay out from a bank does not necessarily mean that you won’t get the money that is entitled to you; especially if you purse the claim and raise a further complaint.
Anything else that I should know about the PPI deadline?
One question that is likely to be asked now that a PPI deadline has been imposed is how far back can I claim PPI? It is said that the deadline is likely to only be imposed to PPI policies that were sold up until June 2017. However, there is no limit to how long ago your loan, credit card or mortgage was to make a claim.
That said, it is easier to apply for a PPI claim that has been active in the past 6 years and for those policies that are older, there is a lower success rate and it may mean that you need to have all your paperwork to hand if you want to try and make a claim.
When you put in your PPI claim then you will need to ask for written acknowledgement that this claim was received prior to the deadline, otherwise there is a good chance that your claim will not be approved.
It is thought that during December 2016 there will be more guidance, rules and information regarding to the changes put in place by the FCA. Not only this but during 2017 it is likely that there will be a number of media campaigns, all designed to ensure that everyone is up to date on the impending changes.
Our best advice is to pay attention to the PPI deadline date and make sure that you make any PPI claims as soon as you can.
Despite there being some refusals of these claims, there is still a great chance that you will receive the money that you are entitled to. This is especially true if you hand over your claim to one of the PPI claims companies and trust in their expert knowledge and experience.
For anyone asking ‘when is the ppi deadline‘… we may soon know for certain. Until then, you still have time to claim!