Frequently Asked Questions About PPI Claims and the Upcoming Deadline

WIth so many of us owed money following the payment protection insurance scandal, it’s no surprise that people have a lot of questions about the upcoming PPI deadline and how to make PPI claims. We’re here to answer those frequently asked questions and offer any more key information you might need.

The PPI misselling debacle will soon be finished and customers will no longer be able to make a claim against banks if they were mis-sold PPI. With £27 billion paid out to customers already, it’s important to make a claim now if you think that you are owed money.

When is the PPI Deadline? 

The Financial Conduct Authority (FCA) announced 29th August 2019 as the official deadline for those wishing to make PPI claims. The official campaign has begun to promote the deadline, using Arnold Schwarzenegger as the face of the campaign. The aim of the campaign is to encourage people to make up their minds if they should make a claim or not.

The banks and Financial Ombudsman (FOS) will both be happy about the deadline. In two years’ time, the banks can stop putting aside money for mis-sold PPI and the FOS can work through its huge backlog of PPI complaints.

What is Plevin? 

You may have heard the term ‘Plevin’ or ‘Plevin ruling’ during research about PPI claims. Plevin refers to a PPI case which shed new light on the misselling scandal and created new grounds for customers to make a claim.

If it was not disclosed to you that there was a commission of 50% or more on the PPI sale, this is new grounds for making a PPI claim. Banks and providers often received a commission if they made a PPI sale. If you previously made a PPI claim and it was rejected, this new Plevin ruling could mean that you are entitled to compensation. Of course, it also means that this new rule could cause a fresh influx of complaints to the banks, so it’s important to act quickly. 

Are PPI Claims Easy to Make? 

Making a claim is very easy, but it can take a long time, which is why it’s important to start soon. There are three simple steps to making a claim:

  1. Find any relevant paperwork about the account that PPI may have been mis-sold on. This could be a credit card, loan, mortgage, store card or even an overdraft. Many customers were paying for PPI without their knowledge, which is why it’s so important to check previous statements. If you don’t have the paperwork, this isn’t a problem. You can make a PPI claim without paperwork.
  1. Either contact the bank yourself to make a claim, or, use one of the best PPI claims companies to contact the bank on your behalf.
  1. Wait for a reply from the bank. If you have success, great news! If you are not happy with the bank’s response, you can contact the FOS to try and resolve the situation. This can be a much longer process. 

Should I Use a PPI Claims Company? 

It’s your choice if you would like to use a PPI claims company. However, it’s still important to research and understand how much money they take from a successful claim. Some companies charge 25% + VAT, meaning you will keep less than 75% of your compensation. Look for a PPI claims company offering a low fee and a no win no fee policy. This means that if your claim is not successful, you won’t have to pay the claims company.

Start your claim today to make sure you don’t miss out on reclaiming the money you’re owed before the 2019 deadline!