| Banks, Claiming PPI Compensation, PPI, PPI Deadline, PPI Refund

deadline-ppi

A time bar on Payment Protection Insurance (PPI) claims has now been put in place. So far PPI claims have generated a refund of almost £30billion.

Nevertheless, the city watchdog believes it’s high time to draw a line under the whole PPI saga. The FCA in discussions with some of the major High Street Banks have worked out an appropriate time to draw a conclusion to this dreadful saga against the Financial Institutions.

It is been already confirmed that the time when all the PPI claims would be ceased, is August 2019. But, the actual date is yet to be decided as to when this would take place.

Though 2019 will bring all the PPI claims to an end, it won’t really mean that the scandal would die down. This is simply because all the claims that are already in the system would still continue to get resolved over a particular period of time, especially the ones that are with the Financial Ombudsman Service (FOS).

Thus, banks would be unable to successfully draw a line under this PPI scandal until around 2020/2021 and then too there will possibly be a few lazybones.

If you haven’t yet found out whether PPI was applied to any of the facility taken out by you in the past, then “now” it is the time to do so. There’s no excuse in waiting or trying to ward off not taking the “bull by the horns”, as the time bar would eventually creep up and you could perhaps be kicking yourself if you haven’t found out whether PPI was actually applied to any of the facility taken by you.

Many individuals are still unwilling to find out whether PPI had been applied and the numbers are quite astounding.If not tens of millions, there are at least millions of policies that have not yet been claimed.

It’s discovered that this is chiefly because of three reasons, that is the customer either doesn’t know that they have been sold  PPI; or the customer doesn’t have appropriate information, account details or paperwork; or they simply think that all this is a waste of time.

You might or might not be aware that PPI was applied, but if it was and you’re unaware of it, then a potential claim could be running into hundreds or thousands of pounds waiting for you.

You might also be unwilling to employ a third party in order to deal with the claim on behalf of you, thinking that you’ll lose some of your hard earned money. However, if you’ve not yet made a claim, then you could perhaps lose 100% of whatever money you rightfully owe.

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