22 January 2018
Time ticks away. Constantly slipping by, some days fly by whilst others seem to drag on. The complex state of time can be applied to PPI claims too. But time is ticking away, constantly counting down to the PPI deadline August 2019.
With PPI there is always discussion about time, from the amount of time involved in claiming back PPI compensation to the PPI deadline, now firmly set in the PPI compensation landscape. So how is time affecting your PPI compensation claim?
Back at the start of 2013, the Financial Services Authority (now known as the Financial Conduct Authority) told banks and lender they must write to customers who they had identified could be the victims of PPI mis-selling.
This regulatory body of the UK banking industry set down clear guidelines of this letter, including how it was written and the language used. It had to be clear it was not a marketing letter, but a clear invitation to customers to make a claim for PPI compensation.
But this letter set the clock in motion as from the date of the letter, any customer who receives such a letter has 3 years within which to make a claim for PPI compensation.
And this means there could be hundreds, thousands of customers whose PPI compensation plans could be scuppered before they have started. You need to call us, right now…
There are stories in the press of people receiving huge sums of money as a result of having an account with PPI added to it for many, many years and yet your bank may have said that because it was longer than 6 years ago you are not entitled to claim. But, this is all down to the activity on your account.
But the FCA has been clear. This mis-selling of PPI was a crime most heinous and banks, lender and financial companies need to do the right thing: compensate their customers.
It was a discussion that dominated the PPI saga for some time and although previously, calls for a deadline have been rebuked, the time came when the FCA said, it made sense to draw a line under the whole thing.
Giving customers more than two years notice, the FCA set the PPI deadline for August 2019. Not everyone was happy with one claim management company trying to force the decision to a judicial review. The case failed but it placed the FCA in an uncomfortable spotlight: just whose side are they on?
But the deadline has been announced. And it is standing firm and so no, the clock is ticking on PPI compensation claim. Don't wait and don't miss out: if you have a PPI policy, you may have a claim for compensation. Contact Scottish PPI Claims - we can help!