You might have been thinking about claiming mis-sold PPI but just put it off – maybe you didn’t have the time or don’t think you’ll qualify. Well, if you want to look into getting compensation, you’ll need to do it before the 29 August 2019. That’s when the Financial Conduct Authority (FCA) has set the PPI deadline.
So if you still want to claim, what does this mean for you? What will actually happen after the 2019 deadline and when do you need to think about claiming?
Don’t stress about it – we’ve got the answers to all of your questions.
But first, if you haven’t claimed because you don’t think you’ll qualify, consider this – there have been 13 million successful PPI claims so far. That’s 1 in 5 people in the UK!
The FCA has put the PPI deadline in place to clear up the remaining claims quickly. That means they want people to claim now if they can – not just leave it for another day. You can read more about the FCA’s decision on PPI on its website.
It originally looked like the FCA was planning the PPI deadline a bit earlier, for June 2019. The August 2019 date gives consumers over two years to seek compensation – and the FCA is planning to start a public awareness campaign from this August.
After the PPI deadline in August 2019, you won’t be able to claim for compensation anymore. The banks have set aside billions of pounds to cover the remaining PPI claims
And what’s more, the FCA has also changed the rules about who can actually reclaim PPI. This is thanks to the ‘Plevin’ case where a customer managed to claim because she didn’t know about the large commission the lender took from her PPI payments.
Under the new rules, you could claim if over 50% of your PPI’s cost was commission and you weren’t aware of this. You could get back any extra over the 50%, as long your PPI policy was active since 2008. It doesn’t have to still be active now – just as long as it was active for some time after 2008.
If you took out a loan, credit card or mortgage in the past, check to see if you could claim. It’s possible you still might not know about any mis-sold PPI.
And Plevin could mean that if you had a claim rejected before, you might be able to claim now. Lenders will write to you if they rejected your claim in the past but the Plevin ruling now means you have a case. But if you’ve never tried to claim, they don’t have to get in touch with you.
Hopefully, the FCA public awareness campaign means that everyone who has a claim puts it in before the PPI deadline. It’s likely that we’ll start seeing quite a lot about PPI over the next two years.
Saying that, it’s still important you make sure you put your claim in so you don’t miss out. And with the deadline now finalised, it’s a good time to really start thinking about this.
If you’re unsure if you can get compensation as a result of being mis-sold PPI policy, get in touch with OpenDoor (Legal Services) Ltd on 03301 020 220. We have experience in dealing with a number of claims having successfully claimed over 14 million pounds for PPI customers and also dealing with packaged account complaints. We operate on a no win, no fee basis. The cost of our service is 25%, plus VAT, of any compensation awarded to you. Terms apply. For further information, please visit www.Open-Door.co.uk where you can also request a call back.