The PPI claims deadline has been set. This means now is the time to make a PPI claim if you haven’t already. With over £27 billion already paid back to customers, much more is expected to be paid out before the deadline in two years’ time.
The Financial Conduct Authority (FCA) has set 29th August 2019 as the official deadline for making PPI claims. This means that you need to act now for your claim to be resolved before the deadline. A PPI claim can take approximately four to six months to be resolved by the bank. But, with the deadline now in place, the banks are likely to receive more complaints and make the waiting time much longer.
Most of the major high street banks were involved in the debacle, making it one of the biggest misselling scandals of all time. Some of the banks have taken a tremendous hit and have paid back billions of pounds to customers. Lloyds Banking Group has been set back over £18 billion due to the scandal.
Are you ready for the PPI claims deadline? Here’s everything you need to do to prepare and be ready to make your claim within plenty of time.
Are you Owed PPI?
The first step to reclaiming PPI is to find out if it was mis-sold to you. PPI was sold alongside credit cards, loans, mortgages, store cards and overdrafts. Therefore, checking the statements of these products to see if any kind of insurance was added is the first part of the process. If you find it on a statement but you do not remember buying it, you could be due a PPI refund.
If you do not have your paperwork, you are still able to make a claim. A reputable PPI claims company will be able to uncover if PPI was on any of your products. You can also use an independent creditor to find out this information.
Some banks have contacted customers who were due a PPI refund. However, these letters could cause issues for those wanting to make a claim before the deadline. Many letters stated that people could claim their money within three years. Depending on when the letter was sent out, it is likely that those three years will end before the deadline.
Martin Lewis of Money Saving Expert expresses concern about this and urges people to contact their bank to find out if they were sent one of these letters. This is another reason why it’s important to start a claim sooner, rather than later.
Use a PPI Claims Company, or Contact the Bank Yourself?
Once you have all of the relevant information, it’s time to start your claim and find out if you have a case for misselling. You are able to contact the bank yourself or use a PPI claims company for assistance. Both methods of making PPI claims can take a number of months, but the latter is usually the less stressful option.
A PPI claims company will handle all communication with the bank and often work on a no win, no fee policy. This means that they won’t take any money unless your claim has been successful. Terms and conditions apply, but always look for PPI claims companies offering a low fee. It’s also important to check that the company is regulated by the Claims Management Regulator. This information should be on their website, or you can check on the claims regulation website.
Whether you’re looking for PPI claims companies or are seeking to contact the bank yourself, start your claim today to stay ahead of the rush and beat the deadline.