Everything You Need to Know about the PPI Deadline

Posted on March 4, 2019 by Canary Claims clock with the word deadline on the face

The PPI deadline is coming. We’ve created this comprehensive guide to tell you everything you need to know about the deadline.

When Is the PPI Deadline?

The PPI deadline is 29th August. The date of the PPI deadline was chosen by the Financial Conduct Authority (FCA). If you want to submit a PPI claim to the bank, you must do so before this date. Don’t delay — the date will soon arrive.

Is the Deadline for Everyone?

Yes. The deadline is valid for anyone who wishes to submit a PPI claim to their bank. However, some consumers might find themselves faced with an earlier PPI claims deadline. If the bank wrote to you previously about a claim, but you did not act, you might have missed the chance. From the date of the letter, you have three years to claim.

If you find that you have been time-barred, it’s not the end. You can still submit a claim but will have to complain about high levels of commission — also known as Plevin. All those wanting to make a PPI claim under the Plevin ruling must also submit their applications before 29th August.

Will All Claims Be Resolved before the Deadline?

If you submit your PPI claim close to the deadline date, you may not receive a result before 29th August. But as long as the bank receives your complaint before this date, it will investigate the claim. The bank should resolve your claim within eight weeks — though be aware that some have been known to take longer.

What if My PPI Claim Is Rejected?

If your PPI claim is rejected, it could be worth sending it to the Financial Ombudsman Service (FOS). The FOS will independently review the case and either uphold the decision made by the bank or reject it and inform the bank to pay your refund.

If you decide to submit your claim to the FOS, be aware of two things:

  • A claim can take up to two years to be resolved.
  • The FOS is receiving a huge number of claims at the moment and is under scrutiny for not resolving them fast enough or fairly.

But if you believe that your case is strong and you should be due a refund, it can be worth submitting your claim to the Ombudsman. Read our guide to the Financial Ombudsman here.

Does the PPI Deadline Affect Claims to the Financial Ombudsman Service?

If the bank rejects your claim and you wish to refer it to the FOS, you can do this within six months of your result — even if this is after the deadline.

How Much Will I Receive from a PPI Claim?

The average PPI claimant receives £1,700 from their bank or lender. Our PPI claims calculator may be able to give you an indication of how much you could get from your bank. If you had more than one PPI policy (and many individuals did), you will be due a more substantial sum of money. To date, the banks have collectively refunded nearly £40 billion to customers.

How to Start Your Claim before the PPI Deadline

We encourage everyone to start their PPI claim as soon as possible. If you can’t find your financial paperwork, it can take a while to identify and uncover mis-sold policies; this is why starting as soon as possible is essential.

You can either make a claim yourself or use the services of a reputable PPI claims company, such as Canary Claims. You can make a claim yourself by finding the old financial paperwork and submitting an application to the bank. If you no longer have the paperwork, you can contact the bank and ask if it still has a record of it.

Alternatively, a PPI claims company can investigate old PPI policies and submit a claim to the bank on your behalf. A claims company will search for multiple policies if you believe that you might have had more than one. If necessary, a claims company can also refer the case to the FOS.

A claims company can be a simpler choice if you don’t have much time and are struggling to remember the lenders and financial products you had. All claims companies operate on a no-win, no-fee basis — meaning you will only pay if your claim is successful. You can start your claim today free, with or without a claims company, so why put it off?

Canary Claims can identify any mis-sold PPI policies and submit a claim to the bank before the deadline. Charging only 15% + VAT (18%) on successful claims and offering a no-win, no-fee policy, we’re the best choice for your PPI claim.