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.

During the good times the banks were creaming it in PPI revenues, a scandal that saw PPI missold for ten years or more.

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.




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2 Comments:

  1. Finished my loan with loyds in 2003 it was for 20500 pound in 2006 got back two me and said i did not have ppi but the ombidsman got in touch with them and told them to look again it turns out i did had phone call couple days ago spoke two nice chap explanid my loan two him it was a homeinprovement loan has i just moved and it needed bit of work went into swansea branch he told me that this was the best ppi for this type loan so i did not now it was wrong at time or missed sold i put all paperwork in 2003 butt i got lies no they are going two pay me out but i need two now i will be paid what iam owed its been 13 years in all how much should i get back if any one can help please

    • Please check out the PPI Calculator page on this site. It will give you an approximate idea of how much your claim may be worth.

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