If you haven’t yet made a PPI claim, you need to do it soon, because the deadline is getting closer.
If you haven’t heard about when PPI claims end, where have you been? The Financial Conduct Authority (FCA) announced the deadline last August and kicked off the marketing campaign using the face of Arnold Schwarzenegger. The advertising campaign cost £42 million and was paid for by the banks involved in the PPI scandal.
The PPI Deadline: When is it?
The FCA set the PPI deadline date for 29th August 2019. With just over a year left to make a claim, millions more people could be due a PPI refund. The banks are dealing with an increased number of claims due to the deadline and reputable claims companies, such as Canary Claims, are kept on their toes by hundreds of consumers wanting to make claims every day.
If you were unaware of the FCA PPI deadline, make sure you spread the word and have all your claims made well before this date. We envisage that more claims will be made the closer it gets to the deadline.
Why Is There a PPI Deadline?
Many have argued that a deadline is not beneficial to consumers because thousands could lose out if they don’t make a claim before the imposed date. The reason the FCA imposed a deadline is to encourage people to claim if they haven’t done so already. Andrew Bailey, head of the FCA, said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off.”
After the deadline, the banks are able to stop putting aside money for the vast amount of PPI claims they receive. Lloyds Banking Group has paid over £18 billion to consumers for mis-sold PPI.
The deadline is also good news for the Financial Ombudsman (FOS). It has received an influx of PPI cases since the scandal first emerged. Many consumers refer their cases to the FOS if the bank rejects their PPI claim but they believe it was unfair. Seven out of ten cases referred to the FOS are in relation to PPI. As such, when a case is referred to them, it can take up to two years to be resolved.
How to Claim Before the FCA PPI Deadline
If you haven’t made a claim yet, you still have time. But, we would advise people to make a claim sooner, rather than later. From start to finish, a claim can take up to six months. If you start now, you could be receiving a much-needed lump sum for the Christmas period.
It’s possible to contact each bank and lender yourself to make a PPI claim. But, with over a decade of experience making PPI claims on behalf of clients, Canary Claims can make the case for you.
Simply find the paperwork with evidence of mis-sold PPI and we can do the rest. But, even if you can’t find your old financial statements, you might still be able to make a claim. If you give us some details, such as a name and address, we can find out if you ever had PPI. Once we uncover this, a claim can be made.
Now you know when PPI claims end, you should start your claim. Canary Claims offers a no win, no fee PPI policy — meaning you won’t pay us anything unless your claim is successful. Offering an excellent fee of only 15% + VAT (18% total), you can start today using our simple online contact form.