- Part 1 - PPI Claim Address List for All Banks
- Part 2 - How to Make a PPI Claim against RBS
- Part 3 - How to Make a PPI Claim against Barclays or Barclaycard
- Part 4 - How to Make a PPI Claim against MBNA
- Part 5 - How to Make a PPI Claim against Lloyds TSB
- Part 6 - Most successful reasons for making a PPI claim
- Part 7 - How to make a PPI Claim against Bank of Scotland
- Part 8 - Help – My PPI Claim was Rejected – What to do next
- Part 9 - Why do I pay tax on my PPI refund?
- Part 10 - PPI Calculator
- Part 11 - Deadline looms for new PPI Claims
What is the PPI deadline? Is time running out to make a PPI claim? Or is it already too late to make a PPI Claim?
With the PPI saga that has been running for years, you might think that your chance to claim back missold PPI has expired.
It hasn’t, yet, but with proposals being discussed about a PPI deadline, it is clear that the current situation cannot last forever.
What is the PPI deadline for making Claims?
The good news is that time has not run out yet to make a PPI Claim. Any bank that missold Payment Protection Insurance is still obliged to handle your PPI Claim and provide a refund of your premiums plus interest.
However that might all be about to change. The PPI misselling scandal has caused the banks losses of billions of pounds in refunded PPI claims.
The scale of this misselling scandal and subsequent claims is simply mind boggling.
Now that they are having to pay out fantastic amounts in PPI claims, some in the industry are trying to push the idea that enough is enough.
The PPI complaint and redress scheme was supposed to be open ended, with no fixed end date or deadline. But several players in the banking industry are pushing back on the Financial Conduct Authority (FCA) to set a deadline or end date to the PPI complaints process. This would be a date after which no new PPI claims could be started.
From the banks point of view, they have had to employ thousands of extra staff to deal with the aftermath of the PPI misselling saga, and between the infrastructure and overhead costs and the PPI refunds themselves, this whole process is eating into their profits.
PPI Deadline Proposed
To help the banks to plan ahead beyond the PPI misselling fiasco, they want to know when the pain will be over.
So far, the FCA has resisted attempts to set a deadline for new PPI complaints to be lodged. But with pressure mounting from the likes of Lloyds, Barclays and RBS, the FCA has proposed a tentative deadline of spring 2018.
So far, this is only a proposal. Right now there is no fixed deadline to the PPI Claims process. But this news shows that time may be running out.
While still two years away, this proposed deadline should act as a wake-up call to consumers.
Have you been thinking of making a PPI claim but putting it off. Well this news of a PPI deadline should be a clear message to get your skates on, get your paperwork together and don’t delay any more.
In the short term a deadline to PPI claims will actually cause the banks more pain as customers rush to submit last minute complaints. But the banks will be happy to accept this in the knowledge that it will all be over soon.