Do you have questions about the PPI deadline? We’re here to answer all of your questions and explain how it affects you.
The Payment Protection Insurance scandal has left millions of UK consumers wondering if they were mis-sold PPI. For over a decade, people have been making claims to their bank to find out and receive a refund. Since 2011, the banks have paid £30 billion to consumers for PPI.
But there is still more money to be paid out to thousands of UK consumers and it’s not too late to find out if you are one of them.
The PPI saga has been ongoing for over a decade and to put an end to the scandal, the Financial Conduct Authority has imposed a deadline for all consumers to make a claim. At Canary Claims, we’re experts in PPI claims. Below, we explain what all of this means.
1. What Is the PPI Claims Deadline?
The deadline has been set by the Financial Conduct Authority (FCA) and it means that everyone will need to make a claim before the cut-off date. The aim is to encourage people to make a claim, rather than put it off. There are still thousands, potentially even millions, of people who are due money from their bank. 64 million PPI policies were sold, meaning there is scope to reasonably believe that millions of these policies were mis-sold.
2. When Is the PPI Claims Deadline?
29th August 2019 is the official deadline. You might have heard this date on various adverts on TV, radio or billboards. This date was chosen to give consumers plenty of time to make a claim, while still creating a sense of urgency. The official campaign to promote the deadline began in August 2017, giving two years for the message to spread and for consumers to take action.
3. Why Is Arnold Schwarzenegger Promoting the PPI Deadline?
You may have seen the familiar face of Arnold Schwarzenegger promoting the campaign. The FCA enlisted the voice and head of the famous actor to promote the deadline. As a familiar face in many UK households for his role in The Terminator, the voice sticks in people’s minds. Arnie’s catchphrase in the promotion of the PPI deadline is “do it now”, which fans will recognise as a famous line from Predator. Of course, it also stresses that consumers shouldn’t delay their PPI claim, but instead do it now.
4. What if You Miss the PPI Deadline?
If you miss the deadline, you won’t be able to make a claim for mis-sold PPI from before 2010. If you believe that you were mis-sold PPI recently, or were mis-sold any other financial product, it will still be possible to make a claim. But for any old PPI policies, all claims must be made by 29th August 2019.
5. Why You Should Claim Before the PPI Deadline
There are a number of reasons why you should make your claim before the deadline. Firstly, some people are facing an earlier claims deadline. If your bank or lender has previously written to you about mis-sold PPI, this means you have less time to make a claim. From the date of the letter, you will only have three years to redeem your refund.
If you lost the letter or threw it away, it’s not necessarily the end of the line for your PPI claim. You can still make a claim under the Plevin ruling, which will allow you to claim based on the percentage of commission on your PPI sale.
The banks are busy handling claims and you don’t want to miss your chance to receive money that is rightfully yours. Remember, you can claim PPI yourself or ask our dedicated team to work on your behalf.
Canary Claims are happy to make a claim on your behalf before the PPI deadline. Fill in our simple form on our secure website and we can start to uncover any evidence of PPI. With a no win, no fee policy [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. The fee would be based on the work done at the time of cancelling at a rate of £120 per hour and up to a maximum total of £180] and only 15% + VAT (18% total) on successful claims, we’re the best claims company.