5 Facts About the PPI Deadline & Using PPI Claims Companies

5 Facts About the PPI Deadline & Using PPI Claims Companies

Are you tuned out to PPI adverts and just can’t be bothered to check if you’re owed PPI? You’re not alone. There are many people who believe they were never sold PPI and ignore all the texts and phone calls they receive from PPI claims companies.

But, now is the time to listen, take note and check if you are owed PPI. The Financial Conduct Authority (FCA) has put a PPI deadline in place. This means that all PPI claims need to be made by 29th August 2019. That date may not seem like it’s going to be here very soon, but with just a few days left in 2017, it soon will be. This is the final chance you have to check if you are owed PPI.

Some people have received thousands of pounds from their bank and they didn’t even realise that PPI was mis-sold to them. Over £28 billion has already been paid to consumers. If you took out a loan, credit card, mortgage, overdraft or store card, you could be due a refund for mis-sold PPI.

If you haven’t heard about the deadline or are unsure if you should use a PPI claims company to make a claim, here are some facts to help you.

The PPI deadline has a dedicated website and hotline

As part of the PPI deadline promotion, the FCA has a set up a website dedicated to PPI. There is also a hotline for people to call if you have any queries about making a claim. The website is easy to use and is a great source of information about what constitutes as misselling and what to look for on previous statements.

PPI claims companies charges are being capped

Some claims companies can charge over 30% for their services, but this is coming to an end. As of April 2018, new regulations are coming into place which requires PPI claims companies to set their fees to no higher than 20% + VAT.

Many reputable PPI claims companies already offer low fees of below 20%, but as of April, this will be a standard across all claims companies. Remember to always check if a company is registered with the claims management regulator.

The PPI deadline means you could wait longer for your money

The FCA spent £42 million on the campaign to promote the PPI deadline. With any luck, it’s reaching people who still haven’t made a claim and encouraging them to do so. If people are making claims, the banks are likely to be receiving an influx of PPI cases. This means it can take a number of months for your case to be dealt with and money paid out.

To make sure you can get your money as soon as possible, start your claim now. Think how useful that cash could be for next Christmas!

PPI claims companies can save you time

One of the benefits of hiring a company to make a claim for you is the amount of time that you can save. You don’t need to bother finding the paperwork and account details, as they can do this for you. They will also deal with all communication with the bank, meaning you don’t need to write a letter or call the bank. This is all taken care of.

For those who are busy, PPI claims companies really can take away a lot of the hassle.

Claim PPI today – you won’t regret it!

With PPI companies offering a no win no fee policy, there is nothing to lose by making a claim. Even making the claim yourself only means spending some money on stamps. You might find yourself soon turning into one of those people who said “I never knew I had it!” and cashing a cheque for thousands of pounds. In less than two years, you won’t be able to find out. Don’t miss out on the chance now.

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