There has been some recent news regarding PPI claims and changes made to the timeframe within which you can make a claim back on the money that you have paid out. So, if you are someone that thinks that you may have a claim for PPI, then there is a good chance that you will want to ask when is the PPI deadline?
Tell me more about the PPI deadline
PPI has been a huge part of the financial world for a number of years now, however, the Financial Conduct Agency have decided that it is time to apply a deadline to these claims. This is not only to control the claims but also to ensure that trust is reinstated within the financial services world.
When is the PPI deadline?
Whilst there is no exact date, it is believed that the limitation of making PPI claims or checking for PPI will be June 2019. This means that you have until this date to ensure that you have contacted a PPI claim company or to contact your lender yourself, highlighting your desire to claim back the money mis-sold to you within a PPI policy.
How did the PPI situation arise?
Not sure exactly what was the background behind the PPI situation? Let us take you on a walk down a memory lane. PPI (Payment Protection Insurance) was developed by banks and financial institutions as a method to cover loan, credit card or mortgage repayments if the borrower was unable to pay their debt back. This could be due to sickness, unemployment or injury. Whilst this does sound like a useful policy to take out, for those who found that they needed to make a claim, the realisation dawned that there were a number of exclusions hidden within the policies which made it impossible to do so.
Banks also encouraged their staff to sell this particular product, pushing PPI and trying to make it more appealing to the customers. It was deemed that those lenders mis-sold those policies which resulted in people paying money out that they did not need to.
How much has been paid out on PPI?
According to the FCA website, it is believed that as if January 2016 over £25bn has been paid out to people across the UK relating to PPI policies.
Want to be one of them? Perhaps it is time to see if you can take the total up that little bit more with your very own PPI claim?
You never know how much you may receive back on your particular claim. For larger balances of borrowing the total that you receive could run into the thousands.
Now you know when is the PPI deadline, there has never been a better time to check for PPI and make a claim for PPI Scotland or PPI England. Make sure that you improve your chances of securing a PPI claim refund by using a PPI claims companies to process and pursue your claim.
They have the expertise and knowledge to ensure that you receive the money that you deserve back, all without any hassle, stress or effort on your part. So pick one of the best PPI claims companies and ask them if they can help you to receive the money back that was originally mis-sold to you as part of a PPI policy.