25 April 2016
Compensation for mis-sold payment protection insurance (PPI) has already been paid to thousands of customers across Scotland. If you have yet to claim, you need to know that time is running out...
You may have received a letter or a form from a bank or lender some time ago, you will need to make a claim for PPI compensation within three years of the date on the date of the letter. The banks were first told to this in 2012, with the majority of letters being sent in 2013.
This means that 2016 could be the year during which your deadline for claiming PPI expires - and if you haven't claimed, then you could be missing out on thousands of pounds compensation.
If you miss out, you are missing out on claiming back YOUR money that the bank took without your knowledge or consent in many cases. They also took the money after telling you that you must have PPI on a loan when this was NOT the case.
You need to make a claim for PPI compensation immediately. You can do this by responding to the letter or completing the form your bank sent you, or my contacting them directly. For a fee, Scottish PPI Claims can also help you claim your money back.
There is currently discussion between the Financial Conduct Authority, the banks and consumer organisations about the possibility of imposing a deadline for all PPI compensation claims.
This is still yet to be confirmed but the possible date for the last PPI compensation claims has been discussed as being the end of summer 2018.
The banks want to move the date forward as they believe that allowing PPI compensation claims to drag on is causing a sense of apathy amongst customers.
Consumer organisations are adamant that the deadline needs to be as generous as possible as coupled with a promotional campaign aimed at helping people to make a PPI compensation claim, customers will need two or more years to be able to lodge their compliant.
The Financial Conduct Authority want to draw a line under the problem but not at the expense of the consumer but neither does it want the banking sector damaged further.
If you believe you were mis-sold PPI, contact Scottish PPI Claims today. With many years of experience in helping customers to successfully claim compensation for this mis-sold financial product, your case is in good hands.