Survey: Only 16% of People Know about the PPI Claims Deadline
Despite a vigorous campaign from the Financial Conduct Authority, a recent survey conducted by Canary Claims reveals that most of the UK population still don’t know the official deadline for making a claim for payment protection insurance (PPI).
In August this year, the Financial Conduct Authority (FCA) started its campaign to promote the PPI claims deadline. The final cut-off date has been set for 29th August 2019. To promote the campaign, the FCA used the familiar face of Arnold Schwarzenegger, yelling at people to “Do it now!” and decide if they are going to make a PPI claim. A huge amount of money has been spent on the campaign, including £30 million from the banks involved in the scandal.
Yet, despite all that, our survey discovered that just 16% of respondents knew that 29th August 2019 was the date to circle on their calendar. Nearly 54% of respondents had ‘no idea’ of the date when presented with various options. The breakdown of our results are as follows:
We asked 859 respondents: When is the PPI claims deadline?
|31st December 2017||6.4%|
|29th August 2019||16.2%|
|1st October 2019||8.4%|
|1st March 2018||5.6%|
|30th June 2018||4.9%|
|1st January 2020||4.4%|
The worrying result demonstrates that despite people visiting the dedicated PPI website, the message is reaching only some of the UK population. With Christmas and New Year just around the corner, there is no doubt that PPI claims are far from people’s minds at the moment.
However, Kamran Mirshahi, Director of Canary Claims, noted an increase in enquires the day that the deadline was announced, but believes that 2019 will be when the real surge in PPI claims arrives.
“It is our view that 2019 would probably be the year that the claims volumes would substantially increase as we approach the 29 August cut-off”
People may be seeing and hearing the adverts, but the seemingly distant deadline means very little urgency is being created by the campaign.
“We expect a significant build-up of claims to process both at the banks, the Financial Ombudsman Service and claims management companies. The backlog would mean a long wait for latecomers.”
Indeed, with the Financial Ombudsman already dealing with a heavy backlog of claims and the process taking up to two years to complete, those who leave making a PPI claim until 2019 could be in danger of missing out on reclaiming money they are owed.
As of March 2017, over half of the population had yet to claim back a potentially staggering 52 million policies, most of which could have been mis-sold and due a refund. Many people are surprised that they’ve had multiple PPI policies on different products such as loans and credit cards. This is revealed by data requests.
With nearly 85% of the population not knowing the actual deadline date, this may well cause severe problems later down the line. The campaign from the FCA must emphasise how important it is to start a claim soon and not put it off until nearer the deadline.
We encourage everyone to start making PPI claims as soon as possible. The sooner you start your claim, the sooner you can receive your money. Even if you think you weren’t sold PPI, it’s so important to check.
Canary Claims has been helping customers reclaim PPI for nearly a decade. They can handle all communication with the bank over the festive period and keep you informed every step of the way. Don’t be caught out before it’s too late.
PPI claims with Canary Claims are stress-free. Offering a no win, no fee policy and one of the lowest rates around of 15% + VAT (18%), there is no reason not to start your claim today!