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Financial conduct authority (FCA) is responsible for placing the time limit on Payment protection insurance (PPI). You can claim your mis-sold PPI policy up to the end of August 2019, and in order to make a claim, it is important for you to start collecting your evidences and documents, and apply before the deadline.

Reason of setting an end date

The FCA has set an end date to save the banks as they were getting huge amount of PPI claims in the late 1980’s, 1990’s and early 2000’s which was hinting uncertainty with the banks. Many people are against the idea of setting a time limit and think that it is unproductive and inappropriate. It is believed that important measures should be taken to support the customers who suffered and are still suffering from the mis-selling that happened three decades ago.

However, no one is responding to such arguments and thus, there is now no excuse to not claim what is rightfully yours, irrespective of applied PPI policies to any facilities in present or in past.

What should you do to claim compensation?

Firstly, take time to answer some of these important questions: –

  • Have you claimed for PPI in the past?
  • Did you ever have a credit card and a loan?
  • When will your credit card and loan facility finish or is it already finished?
  • Have you ever applied for PPI from any lender?
  • Are you sure that you have never applied for a PPI policy?

It will be beneficial for you, if you will answer these questions and know if you were ever sold PPI and check if PPI was added to the facilities you had or have, and whether they are closed or open, old or new.

Keep a track of time before it’s too late,as after August 2019 you will worry about your old credit card facility that you had in 1990’s and think that you should have checked. However, by then it will be too late for things to workout.

It will be advantageous to consider it as a priority and check now to avoid any kind of disappointment and rush in the future.

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