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Scotland Wide PPI Specialists

The PPI Deadline – What it Really Means

02 October 2017

The PPI deadline has been set. The Financial Conduct Authority has announced that anyone wishing to make a complaint about mis-sold PPI has until 29th August 2019 to do so.


The PPI Deadline

The promised TV advertising campaign has started, to mixed reviews, with the robotic head of Arnold Schwarzenegger imploring us to 'do it now' and to 'make a decision'. But the PPI deadline date was decided upon and announced on 2nd March 2017. Even though the date is two years away, some of the banks were not happy with the length of time the consumer had been given, preferring instead a shorter time span so a line could be drawn under the whole mis-selling saga.

Why Impose a Deadline?

The idea of imposing a PPI deadline has been muted several times in the past so why the change of heart now? Andrew Bailey, the current Chief Executive of the FCA has taken a more conciliatory tone to that of his predecessor.

He says that the deadline should galvanise people into action to make a claim for PPI compensation who unto now, had not done so. Of course, claiming PPI is not compulsory but the FCA, along with consumer organisations are encouraging people to make a claim.

Will the Deadline Affect an Ongoing PPI Claim?

Currently, we are working with hundreds of customers to find out if they have PPI and also to claim their money back. These cases are open and live and the announcement of a PPI deadline does not affect these cases.

But there are some that could be affected - yours! If you are yet to make a claim for PPI compensation or even check if you have or have had PPI, then time is running out. And, just as the robotic head of Arnold Schwarzenegger urges you to do so, you need to make a decision about whether you pursue compensation or not.

What Happens After the Deadline?

The deadline is set for the start of cases thus, providing you lodge your complaint on or before 29th August 2019, you can claim compensation.

But this is the warning being given by the FCA - after this date, no compensation claims for 'historic' mis-selling of PPI (old cases, pre-2017) will not be considered. And that means you could potentially lose out on thousands of pounds of PPI compensation - YOUR MONEY!

What Do I Do Now?

You can make a PPI complaint yourself or if you are unsure, need help, are simply too busy to pursue several lenders and banks for your money back or prefer someone else to deal with your claim, you can call us today. Our team are waiting to help you, just as they have helped thousands of people to successfully claim PPI!