Recently it has been announced by the FCA (Financial conduct authority) which is the new financial regulatory body that have recently taken over from the FSA (the previous regulatory body) that there will be what is being called a “PPI Deadline”
What Is The PPI Deadline?
The PPI deadline (for those not accustomed to recent developments in the PPI Claims market) is the process of implementing a “final deadline” for individuals looking to make a ppi claim.
For interested individuals more information is available about the “PPI Deadline” here.
The proposed deadline is August 2019 which means that anyone wishing to make a PPI claim will need to do so before August 2019 otherwise they run the risk of missing the opportunity to reclaim their PPI premiums and payments.
For the uninitiated: “PPI” (short for: “Payment protection insurance”) is an insurance product that is designed to protect individuals from missed payments due to unforeseen circumstances, such as illness, unemployment or other issues that occur in peoples lives that may prevent them from making repayments to credit cards, loans, and mortgages.
Why This Will Lead To A Large Influx Of PPI Claims?
Whenever a deadline is implemented (especially in the environment where there has been a long episode of mis-selling to the general public) it is inevitable that (in the light of a deadline) there will be a rush of people wishing to make a claim for a possible PPI Miss-sale.
This influx of new PPI reclaims is expected to begin around August 2017 because there is an awareness campaign that will be aired around this time, which is expected to motivate people as much as possible to claim compensation for miss sold PPI.
People are advised to begin their claim as quickly as they can due to the fact that there will likely be a huge amount of people pushing to make their claim before the deadline, the closer it edges to the PPI deadline the more it is expected to create a backlog of claimants.
What Should I Do If I Have A PPI Claim?
You should consider making a claim as quickly as possible through one of these two available channels.
(1) Contacting a “PPI Company” – This means you will pay a commission to a company that will handle the claim on your behalf, it is usually carried out on a “no win no fee” basis, and these companies are experts in reclaiming PPI & they will have experience in handling all aspects of claiming PPI.
(2) Claiming the compensation yourself – This is also an option for you for if you wish to save money on paying commission to a CMC (Claims Management Company), however this can be a more laborious method of claiming compensation and you may have to chase the claim up with multiple institutions (such as the Financial Ombudsman Service or the FSCS).
Whatever your priorities it is important to take action as soon as possible due to this expected influx of new claimants.
It is expected that August 2019 is the deadline for “New Claims” meaning that as long as you have your claim in by the end of August 2019 you should be well placed to receive compensation if it is owed to you.