Over the last few years, people have been able to lodge a complaint and potentially claim back thousands of pounds in compensation from the banks, as a consequence of mis-selling. The scale of the problem will probably never be fully quantified, but for one lady, in particular, it resulted in a repayment totalling £65,000. (Source) Although not everyone will be entitled to such a vast amount, if you haven’t already checked to see if you qualify for any refund it is still worthwhile investigating.
The government agency in charge of dealing with PPI claims announced on 2nd March 2017 that they were setting a closing deadline for customers to lodge a claim (Source). The date was subsequently announced as the 29th August 2019, meaning that at the time of writing this article there are about two years remaining to conduct your due diligence.
Although there is little doubt that the banking industry acted wrongly, which is why people have been entitled to claim compensation for a number of years, from a financial and business perspective, there needs to be some sort of closure to this situation. Banks cannot be expected to deal with the uncertainty of repayments for an unlimited period of time, as this could affect future planning and investment. There is also an argument that by setting a well-publicised deadline for claims, this will actually assist potential victims as it will force them to lodge a claim.
There is no way of knowing exactly how many people have not checked to see if they are owed compensation, but there is a widely held belief that there are still many thousands, perhaps millions of families who could be affected. The aim of the FCA is to apply pressure to everyone to ensure they start the claims process before the deadline arrives.
Although two years may seem a long time away, the deadline will come round much quicker than expected. As the deadline approaches, and presumably the FCA warning adverts increase in volume, there is likely to be a dramatic increase in people lodging potential claims. This will inevitably lead to a backlog and further delays in the system.
Although there is no way of knowing for certain, the closer to the deadline people leave it the greater the likelihood that paperwork can get misplaced, in which case the deadline could be missed. If and when that scenario occurs, it will be very difficult to argue that there was insufficient time to make a claim. To avoid any problems, and ensure that there is still time to lodge a second claim should any problems arise, it is advisable to conduct your searches as quickly as possible.
On the 30th August, consumers will no longer be able to lodge a complaint or try to claim back compensation for PPI claims. The exception to this deadline will be for policies that were sold after 29th August 2017, as those claims or complaints will not be subject to this time limit.
The PPI scandal has been a topic of controversy for the past few years, with many people affected by the massive scandal. It is still consistently the most complained about financial product by far.
However, only 25% of people who are owed a refund for mis-sold PPI are thought to have actually claimed and received their rightfully owed money. Proposing a deadline would therefore seem to be somewhat premature. However, the prospect of a deadline being put in place is obviously very appealing to banks, who will potentially be saving a large amount of money as they will not have to repay the masses of customers who are owed PPI refunds.
In fact, it has been suggested by the campaign group Payback Time that banks are expecting to save as much as £23 billion in unpaid PPI refunds. This very substantial figure not only explains why banks have been so eager for the deadline to be enforced, but also highlights just how much money is still owed to unsuspecting clients.
Financial experts have also suggested that banks are in a reasonably desperate situation regarding their capital, and the PPI deadline will give them an opportunity to rebuild their assets at an earlier convenience.
With the banking industry having reason to be eager for the deadline to be enforced, as well as the economy to consider, it has been discussed that the deadline will be confirmed this year, and will be enforced in June 2019. To make sure that as many people as possible receive the compensation they deserve before the deadline, an advertising campaign worth £42 million has been organised to be launched for the 2 years preceding the deadline.
If you have reason to believe that you are one of the many people still owed a refund for PPI, it is highly advisable that you should act quickly, given that banks and the financial industry are gearing up for the deadline being confirmed.
It is now more important than ever to check if you are owed a large sum of money. Many people have been refunded thousands of pounds after having paid unknowingly for PPI policies which were not beneficial to them, you could be one of the victims.
All you have to do to get the process started is complete a free check, for which you will only have to provide your name, current address, date of birth and select the relevant lenders that you have previously borrowed from in the form of a loan, credit card or mortgage. Following this, we will be able to send you the pre-filled forms for you to simply add your signature. Don’t worry, we do not need any account numbers.
With the deadline in sight, don’t delay starting the process, check today to see if you could receive a large PPI refund.
There are many people involved in this financial scandal, and clearly, everyone will find themselves in a different situation. There are two main categories that people fall into –
If you have never previously lodged a complaint against any financial organisation for the mis selling of PPI, then it is essential that you start the process as quickly as possible. You can either speak to the company in question directly and lodge the complaint. This will need to be done with each individual bank or credit card company for every claim that you want to make.
The alternative is to contact a leading company in lodging claims and letting them do all the work for you. At Have I Got Ppi UK we have the expertise and knowledge to ensure that the entire procedure is a seamless and quick as possible. To start the process just click here and fill in the form.
We will then send you all of the appropriate forms to fill in, don’t worry they are quick and easy. Once complete simply send them back to us, and we will get to work.
Our friendly and helpful customer service team will keep in touch with you, constantly keeping you up to date with the status of your claim. We have already successfully helped thousands of customers and look forward to helping many more people in the future.
Many people have lodged a claim in the past few years, only for that claim to be turned down by the financial institution in question. If this is the situation you find yourself in, then there are certain procedures you need to follow.
Provided you were rejected within the last six months, and you did have PPI then the next step is to make a complaint to the Financial Ombudsman. It is important to note that you must lodge the complaint within six months of your claim being declined. This timeline starts from the date of the final letter issued by the bank informing you of their decision to reject your claim. You will also need some evidence that you had PPI as if you were declined due to not having had it; then there is nothing that can be done.
If you have been declined, do not give up, in many circumstances the banks are using this as a strategy to reduce their exposure to claims. They will have provided a list of reasons why your claim was declined, but in general, most of these will be non-specific in their nature and can be disputed. Fortunately for the banks, the majority of people accept their ruling and do not proceed further, which is exactly the response the banks were hoping for in the first place.
To speed the procedure up, and if you are still adamant that you have a valid claim get in contact with our friendly customer service team and we will walk you through the appeals procedure. We have an excellent success rate at winning these appeals, and we will keep you informed of the progress every step of the way.
Perhaps the most important piece of advice we can give anyone reading this article is to start making enquiries urgently. The alternative which doesn’t bear thinking about is to take no action whatsoever and miss out on a significant settlement. Remember if you do get any money back this is money that belonged to you in the first place and was taken from you without your knowledge.
The clock is ticking, and the financial companies cannot wait for the 29th August 2018. Do not be one of the many people who will inevitably miss the deadline. Take decisive action today and reclaim the money that is rightfully yours.