PPI deadline date is set

By September 5, 2018 No Comments
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PPI claims deadline was announced for 2019. People who seek compensation over mis-sold payment protection insurance (PPI) need to make their claims before 29 August 2019. The final deadline has been set by the Financial Conduct Authority (FCA) in 2018 and it is unlikely that it would be extended.

The official deadline for PPI claims is 29th August 2019 and banks are allowed not to consider claims send after the deadline. So if you have a claim over how you were sold PPI, it must be received by the bank or firm you’re complaining to on or before August 29, 2019.

PPI is an insurance policy that was attached to all credit agreements such as loans, mortgages or credit cards.  Payment Protection Insurance is designed to cover loan or credit card payments if you cannot work, for example, if you become ill or lose your job. Banks and other lenders sold PPI to their customers without fully explaining what it covered. In the worst case scenarios, the banks/lenders lied to customers by telling them it was a compulsory element of a loan, or they simply added it without the borrowers’ consent.

All people who have ever had a loan, credit card or mortgage are advised to check their documents as they are likely to be due PPI refund. If you can’t find any old statements or a copy of the original credit agreement, it is a good idea to approach the bank or other lenders and ask any relevant paperwork.

Most PPI policies ever sold, are now considered to be mis-sold, which means banks must refund all the money paid to customers.

Just 12 million people have claimed, despite 64 million policies being sold – meaning many more are likely to be able to claim. Average claim is £2000, but many banks’ customers get much more.

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