PPI Claims Increase as Deadline Gets Nearer

Posted on December 17, 2018 by Canary Claims Stack of PPI claims forms

The latest information from the Financial Conduct Authority (FCA) indicates that complaints against financial firms are increasing.

Have you made your PPI claims yet? The clock is ticking as the deadline is now just nine months away. 29th August 2019 is the cut-off date, but consumers are urged not to leave it too late.

The FCA deadline has been promoted online, on television and on billboards across the UK, featuring a robotic head of Austrian-American actor Arnold Schwarzenegger. The campaign cost £42 million — which was mostly paid for by the banks involved in the mis-selling scandal.

Despite mixed reviews of the campaign, the latest information from the FCA reveals that the advertising campaign is working, as the number of claims has increased. In the second half of 2017, PPI complaints rose to over 1.5 million, which, according to official statistics, is the highest number in four years.

In the first half of 2018, over four million complaints were made towards banks and other financial institutions. 42% of these complaints were for mis-sold payment protection insurance, meaning it continues to hold its position as the most complained-about product. It’s likely to remain this way until the PPI deadline arrives.

Along with the advertising campaign, the Plevin rule has led to an influx in claims. This rule allows more people to claim than before due to a court ruling that means consumers can now complain about the commission on a PPI policy. If the bank received over 50% commission on a claim but the customer was not alerted to this at the point of sale, they have grounds for making a PPI claim.

The FCA is currently debating the rules regarding Plevin and whether not reminding customers about the commission on the policy also constitutes mis-selling. If the rules are changed, this could spark even more claims. It’s set to be a busy nine months for the banks.

Over £32 billion has already been paid to consumers for mis-sold PPI, a figure that is likely to continue to increase in the lead-up to the August 2019 deadline. If you still need to make your claim, don’t waste any more time.

How to Make a Claim before the PPI Deadline

Making a claim can take many months, so we suggest starting as soon as possible. As the statistics show, more people are making claims due to the PPI deadline. The banks will likely be busier than ever dealing with the influx, and it could take longer than the expected eight weeks to receive an outcome. Lloyds is expecting 13,000 claims per week until the deadline. The Banking Group has taken the biggest hit for PPI claims, paying out nearly £19 billion in refunds to customers.

If you want to hurry and make your claim soon, there are two ways to do so. Firstly, you can make a PPI claim yourself by finding the old paperwork and evidence of PPI, and contacting the bank with your claim.

The alternative is to allow a trustworthy claims company to do it all for you. A claims company can investigate evidence of multiple PPI policies and contact all the relevant banks and lenders on your behalf. Canary Claims has a decade of experience making claims, so you can trust us with your claim.

Both options could result in you receiving a refund. The average PPI claim amount is £1,700 — this sum could go a long way for many individuals and households. Don’t hesitate — start your PPI claim today.

Canary Claims can make a PPI claim on your behalf before the impending deadline. Contact us today and we can start to identify any mis-sold PPI policies. We charge just 15% + VAT (18%) on successful claims.