The Financial Conduct Authority (FCA) has stated that just 20% of potential claims for mis-sold payment protection insurance (PPI) have been made so far. They have now set a final deadline of August 2019 for filing claims.
With many PPI claims taking months to go through, and the announcement of the August 29th 2019 deadline, it’s now more important than ever to start the process, and file PPI claims. With the deadline being announced, the likelihood of the system getting backlogged is high. PPI was the largest financial scam ever in the UK. The FCA revealed up to 64m PPI policies were sold over a 20-year period with around £26.6bn in compensation from banks already being paid out to consumers.
It’s all well and good that banks and other providers have paid a large amount out, however, there are many reports that banks are making it extremely difficult for consumers to find out whether they had PPI or not. Even when consumers do find out they’ve had PPI, around half of all claims made are rejected by the banks, forcing people to take their cases to the independent ombudsman.
The FCA have also stated that if the cost of your PPI was made up of more than 50% commission and this wasn’t detailed to you, you can claim the difference back plus interest. Consumers should now receive letters from the firms in question who are now required to write to those clients. If consumers don’t receive these letters, or their claims have previously been rejected by the bank, they are urged to restart their complaints. Banks have been fined for their poor and sometimes non-existent complaints handling so it really is well worth checking.
Although the deadline is approaching, there’s still time to make a PPI claim. The FCA will widely publicise the deadline as will we. If you ever had credit, it’s well worth finding out if you had PPI. Contact Claiming4U today for a quality, no win no fee, service.
Some Key Points.
The FCA has set a deadline of August 2019 for PPI compensation Claims.
The FCA said it would launch a publicity campaign in August 2017 to raise awareness (the banks will pay for this).
13m PPI claims have been made so far, costing the banks £26.2bn.
Martin Lewis, founder of MoneySavingExpert.com, said ‘the FCA’s deadline was a mistake’.
Vickie Sheriff, from Which?, said: “It’s been clear for years that the banks should be working much harder to resolve PPI claims fairly. The current process has been wholly inadequate and driven too many consumers to use claims management companies.”
Using a claims management company will save you time and stress, with no financial risk.