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Is the Costly PPI Saga About to Come to an End?

17 October 2016

Take a moment to rummage around the internet, and you will notice several stories about the possibility of a OOI deadline being imposed. For anyone yet to make a PPI compensation claim, this news will no doubt send shivers down the spine.

Don't panic!

There are many reasons why the Financial Conduct Authority is looking to impose a deadline for payment protection insurance (PPI) compensation claims. One is customer apathy.

This means that the PPI saga has possibly been running for so long now, that people no longer believe that it is possible there are any claims left to be made.

But there are, and some experts say that there are more claims yet to be made that have been made already. In fact, 60% of people who have an eligible PPI compensation claim have yet to make their case and get their money back.

Which seems odd when you note that when banks added more money to their PPI compensation funds at the start of 2016, that many of them said this was the last time they expected to add to it.

Wishful thinking?

Maybe the prospect of a PPI deadline, an idea that the FCA officially started to consult on in October 2015, was a wishful thinking from the banks. They hoped that with a deadline in place, sooner rather than later, this would be the last time that they would need to add to the pot.

But, it may have been a fanciful notion because the FAC took the wind out of their sails, and surprised most other financial commentators too, with a deadline of June 2019 proposed - and not the summer of 2018 as many people thought it would be.

Announcement expected any time now

The FCA say that they will make the final decision, taking in feedback and suggestions from banks, lenders, consumer organisations and so on, announcing the final deadline date sometime in October 2016.

What this means to you NOW

Don't wait for the deadline announcement. If you think or believe you have a claim for mis-sold PPI, then you need to lodge your complaint with your bank, lender or credit card provider - and do so now.

The banking industry could be facing yet another upsurge in PPI compensation claims, and your case could be one of them.

If you are unsure what to do, contact your lender direct or take a look at their website. Most banks and lenders now have separate sections on their websites about how to make a claim.

Alternatively, you can ask Scottish PPI Claims to work on your behalf. Find out more in one phone call today!