The PPI deadline date is getting closer. But with the clock ticking, are you prepared to submit your claim before the cut-off point?
Did you know that the PPI deadline date is looming? The ever-approaching date means you need to take action now if you haven’t yet done so. Thousands of individuals have already made successful cases to their bank and received refunds. Many customers identified multiple PPI policies, resulting in a higher payout.
Below, we outline the essential information you need to know about the deadline and how to process your claim as soon as possible.
When Is the PPI Deadline Date?
The Financial Conduct Authority (FCA) set the 29th August 2019 as the official cut-off date for submitting PPI claims to the bank. The deadline aims to encourage those who have not yet made a claim to do so.
For over a decade, the banks have been refunding and compensating customers. To date, the banks have repaid over £33 billion to customers. If you want to find out if you are due any money, you must do so before 29th August 2019.
How to Claim PPI before the Impending Deadline
Making a PPI claim can take many months, and the process can be particularly long if you need to identify mis-sold PPI policies. There are a few different ways to find out if you had a PPI policy:
- Find old financial paperwork or statements. These will have PPI — or some other variant, such as “card protector” — listed.
- Contact the bank and ask if you had any PPI policies attached to previous loans, credit cards or mortgages.
- Ask an independent creditor to investigate.
- Use the services of a reputable PPI claims company to check for multiple PPI policies.
Once you’ve identified a PPI policy, you could be eligible for a refund if it was mis-sold to you. When making a complaint, you must explain to the bank how a policy was mis-sold. Here are a few ways that the policy was commonly mis-sold:
- You were told it was compulsory with the financial product.
- If you were self-employed, retired or had a pre-existing medical condition when you bought the policy, you might not have been entitled to the insurance. PPI could only be used by those in employment or without pre-existing medical conditions.
- It was automatically added to accounts without your knowledge or consent.
It’s also possible to make a PPI claim due to the amount of commission on the policy. If the cost of a policy comprised more than 50% commission and you were unaware of this, the policy is deemed to have been mis-sold — even if you knowingly bought PPI. This type of claim can now be made due to the Plevin ruling. At the height of the mis-selling scandal, many of the banks made 67% commission on policies, meaning many more people are eligible to claim.
Once you know how PPI was mis-sold to you and you have evidence, you can submit your claim to the appropriate bank or lender. Some banks allow you to claim PPI online.
If you don’t know where to start with making a claim or don’t have time to handle all of the paperwork before the PPI deadline date, you can hire the services of a claims company. A PPI claims company will investigate any old policies and submit the claim to the bank on your behalf.
All you need to do is provide a few details, such as your name, address and any banks or lenders that you previously had accounts with. Act now and don’t miss out before the PPI deadline date. You could be due a refund.
Canary Claims charges just 15% + VAT (18% total) on successful claims. We operate a no-win, no-fee policy, so you can start your claim today for free. Complete our simple online form to get started before the PPI deadline date.