Only Seven Months Left to Claim PPI

Posted on February 4, 2019 by Canary Claims PPI Claims deadline, time is running out

Ready to start your PPI claim today? If you haven’t taken the first steps, don’t worry — there is still time left to claim.

You made it through January — well done! Did you stick to your new year’s resolutions? Hopefully you did, but if not, there is one more thing to add to your list of resolutions and things to get done this year — make a PPI claim.

In 2017, the Financial Conduct Authority (FCA) announced a deadline for all consumers to make a claim — 29th August 2019 is the final date for submitting a claim to the bank. The FCA believes that the deadline will allow people to be “prompted to take action rather than put it off.”

However, this date is now just seven months away, and thousands of people are yet to make a claim. Are you one of them? Or, are you unaware if you are one of them? Even if you’re unaware of mis-sold PPI policies, now is the time to discover if you could be eligible for a PPI refund.

Below, we outline why you should take some time to find out if you were mis-sold a PPI policy and how to claim PPI before the upcoming deadline.

Why Claim PPI Today?

The deadline has been set for nearly a year and a half, but there are still thousands of potential mis-sold policies yet to be claimed. Although seven months might seem like a long way off, the time will soon go quickly. What’s more, as more people submit claims closer to the deadline, the longer a claim will take to be settled.

A claim should be resolved within eight weeks at the bank, but a surge in July and August could cause the wait time to be longer.

Here are some facts about the deadline to get you motivated to claim PPI today:

  • The average claimant receives £1,700. But those with multiple PPI policies have seen more substantial amounts.
  • It’s estimated that sixty-four million PPI policies were sold. It’s not known how many of these policies were mis-sold, but this figure indicates that some individuals have more than one policy.
  • The banks have paid over £33 billion to consumers. This demonstrates how wide the mis-selling was.
  • Many people were unknowingly sold a policy. Tactics for mis-selling the insurance included automatically adding it to products, meaning people were unaware for years.

If you had a mortgage, loan or credit card before 2010, it’s 100% worthwhile checking for PPI.

What Happens after the PPI Deadline?

If you stumble across your old financial paperwork in October and find evidence of a mis-sold PPI policy, there isn’t much you can do about it. Although many have deemed it unfair, the deadline is the final date for submitting a claim.

Any outstanding claims at the bank or Financial Ombudsman Service (FOS) will be settled in due course, meaning some will be resolved after the deadline date.

How to Claim PPI Today

We urge everyone to start a claim as soon as possible. Starting today means it’s one less thing to worry about in August. When the deadline arrives, you know that your claim is taken care of.

There are two ways to make a claim. Either, find the evidence and submit it to the bank yourself. If you have the paperwork, you can contact the bank with the proof of a PPI policy and explain how it was mis-sold to you.

Or, use a reputable PPI claims company to do the work for you — such as Canary Claims. A claims company can identify any mis-sold PPI policies and make a case to the bank.

Whichever option you choose — act soon!

Canary Claims is a leading PPI claims company. We charge only 15% + VAT (18%) on successful claims and keep you updated throughout the process. Start your claim with us today.