04 July 2016
There could be a deadline looming when it comes to claiming compensation for mis-sold payment protection insurance (PPI), so be warned!
The answer to this is twofold and is may surprise you…
Back in 2013, banks and lenders were told that they needed to write to people who they knew had been sold a PPI policy and inform them that they may have a claim for PPI compensation. Following consumer law, even though they know you have PPI, it is up to you as a customer to prove to the bank that it was mis-sold.
As well as understanding this principle, you also need to be aware that you have three years from the date of the letter within which time to make a claim. This means that the first batch of these letters may well have their deadline looming very soon in 2016.
Did you receive a letter? If you did, contact us for advice relating to making a compensation claim for mis-sold PPI.
In later 2015, there were rumblings and sighs as the Financial Conduct Authority announced it would be consulting on imposing a deadline for PPI compensation claims. The date that many financial industry experts predict that the deadline will be, will be late summer 2018.
The FCA since its head Martin Wheatley departed last year has taken a more conciliatory tone with the banks. This has dismayed some consumer groups who feel that once again, the financial regulator is bowing to both pressure from the City, the lenders and the treasury.
It is important to note that as yet, there has been no announcement relating to an overall deadline being imposed for compensation claims.
This means that if you have a claim for compensation for mis-sold PPI that you should make your claim now.
Until there is an announcement about a PPI deadline and the actual date, everything is pure speculation. Until such time, we will carry on making compensation claims on behalf of our clients when they have had a PPI policy or policies mis-sold to them.
There will be, or so promise the FCA, a marketing campaign that ensures everyone knows there is a PPI deadline looming and encouraging them to make a claim.
We can help you if you have a PPI policy and you think that you were mis-sold it. Why not contact us, to find out more?