In the famous words of Arnold Arnold Schwarzenegger in the latest payment protection insurance ad, “Hasta la vista, PPI”.
When is the PPI Deadline?
The Financial Conduct Authority (FCA) has set the deadline for people seeking compensation for mis-sold PPI, as the 29th August 2019. The FCA officially announced the date on 2nd March 2017, in the run-up to a huge two-year campaign to maximise awareness for those eligible for PPI compensation.
If you do not submit your PPI claim by this date, there is a chance you may never recover the money you could be owed, amounting to the possible thousands.
PPI has been described as the ‘biggest mis-selling scandal of all time’, according to Which?. The PPI deadline has been put in place to prompt those that are eligible to come forward and look into submitting a claim, rather than ignoring the possibility. Andrew Bailey, Chief Executive of the FCA, has said: “We have carefully considered the feedback we received, and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”
What Does the PPI Deadline Mean?
The PPI deadline will affect all new payment protection insurance claims. If you attempt to submit a PPI claim after the 29th August 2019, it will not be actioned by the lender. However, should you have put forward your claim before the date, it will still be thoroughly investigated.
The announcement of the date will not hinder the PPI claims you have submitted with Consumer Refund Service. However, we urge all to explore the possibility that they may be entitled to compensation, as you may run out of time. There will be no new claims exempt from the PPI deadline.
What Other Dates Should I Know?
It’s important to note that if you have received letters from your lender, stating that you may have been mis-sold PPI – you should act on them. Consumer rules declare that you lose the right to submit a PPI claim if three years pass from when you knew, or could reasonably have been aware, that you had a right to a complaint. The FCA believes that over three million consumers fit into this category, and more than 1.2 million people will lose out on their right to payment protection insurance compensation by the end of 2017.
What is the Next Step?
The next step in your PPI claim journey is to speak to someone as soon as possible. At Consumer Refund Service, we do our best to recoup as much as possible for you, with huge numbers of successful cases. Get in touch with one of our team today to start your PPI claim.