PPI Deadline Now In Place – Act Now!
If you have not yet claimed any PPI payments that you believe you were mis-sold now is the time to do so as the Financial Conduct Authority (FCA) has introduced a deadline of the 29th August 2019.
August 2019 deadline set for claims
To ensure that you beat the deadline, claims over how PPI was sold must be received by the firm you’re complaining to either on or before 29 August 2019. If the deadline is missed, your complaint will not be considered.
Please Note – Complaints received ahead of the deadline will then be allowed to run their course.
For more on the imposition of this deadline, please visit the FCA website by clicking here.
Are you eligible to claim?
PPI policies were originally designed to protect against sickness or loss of income but many policies were mis-sold, not properly explained or completely unnecessary.
It is possible that you may have had PPI if you’ve taken out or used loan or credit products, including:
- loan (this includes personal loans and business loans)
- credit card
- store card (this is usually from a high street store)
- catalogue credit
- the loan secured on your home (in addition to your mortgage)
- car finance (or anything else bought on credit, such as a bed– this may have been called a ‘finance agreement’ or ‘hire purchase’
- home shopping account (including catalogue accounts)
If you have used any of these products over the past few years, it is definitely worth looking through your paperwork to see if you might have a case.
If you are a little concerned or confused about doing the legwork involved in submitting a claim, Gladstone Brookes is currently offering a PPI check*. For more on this, please click here.
(*correct as of the 21st August 2018)
Bringing stability to the financial market
While the banks have understandably welcomed the news it also gives consumers a deadline in which to act and an advertising campaign will be utilised to spur people on who have not made a claim but believe they are eligible to compensation.
All in all, it should bring more stability to the financial market. However, as the Guardian explored, this may not be the end of the matter. For more on this, we recommend the following article – PPI scandal: ‘serious risks’ of more mis-selling in financial services market
Now is the time to act
If you believe you have a genuine claim now is the time to act. You should in the first instance approach the bank who sold you the policy and if you are not satisfied with their response you should take your case to the Financial Ombudsman Service. There is no need to use a claims management company as complaints are free and you will pay for their services.
Sara Benwell of the Good Housekeeping Guide has written an excellent article on why now is the time to act – The clock is ticking on PPI claims – why you must act now.
Exceptions to the rule
There are a few people who will still be able to claim after 29 August 2019, however.
- The deadline will not apply for any PPI policies taken out after 29 August 2017.
- If you have a live PPI policy now, or buy one in future, AND you make a claim on that policy for a payout (eg, if you become unemployed and claim as a result), if you then find the firm rejects your claim and you want to dispute it and say you were mis-sold, the deadline WON’T apply.
- But if you have a live PPI policy now or buy one up until 29 August 2017, and you want to make a mis-selling claim WITHOUT having claimed on the policy, the deadline WILL apply.
You can find out more about these exceptions by visiting the Money Saving Expert article – Final PPI reclaim deadline set – don’t delay, reclaim NOW to beat the backlog
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