This topic comes with some ambiguity as there are two areas of the PPI industry that are associated with deadlines. The first is the idea of an overall deadline by which all PPI claims must be made and after which you can no longer seek a PPI refund.
This was mooted by banks and lenders in early 2013 with a possible date of April 2014, but was publicly rejected by the then Chief Financial Ombudsman, Natalie Ceeney. Since then, the possibility of imposing a PPI claims deadline has been revisited, and The Financial Conduct Authority (FCA) has recently proposed a deadline set for June 2019 for anyone who wants to make a claim for mis-sold Payment Protection Insurance (PPI).
As it’s still only a proposal, there is currently no official deadline on claiming a PPI refund, but if you’re considering starting a complaint; they can take up to 18 months to resolve so bear that in mind.
The second topic within PPI claims deadlines is the area of response time-limits when replying to a lender or the Financial Ombudsman (FOS) about a PPI complaint, we’ll look into this in more detail now.
If you’re considering making a PPI claim you need to be aware of the various deadlines involved, not only is this important if you’re handling your own claim; it’s also worth knowing if you’re using a PPI claims company (such as us ;-)). There are various deadlines involved when making a PPI claim, some are for you to meet and some are for your lender, but you need to be aware of all of them if your claim is to run efficiently.
Below you’ll find seven PPI claims deadlines that can occur throughout the complaint process, the bolded ones are deadlines YOU MUST MEET, if you miss any of them your claim runs the risk of being cancelled, with no comebacks…
1. You make a complaint to your bank – they have 8 weeks to reply
2. They reply saying you didn’t have PPI – if you think you did, you have 6 months to respond
3. They reply saying your PPI wasn’t mis sold – if you think it was, you have 6 months to respond
4. They reply saying your details were wrong – you have 6 months to respond
5. They make you an accurate refund offer – you have 6 months to accept it
6. They make you a low refund offer – you have 6 months to appeal it
7. The second offer is low – you have 6 months FROM THE DATE OF THE FIRST LOW OFFER LETTER to appeal it at the Financial Ombudsman (FOS)
REMEMBER: In the ‘second offer’ situation, the 6 month deadline to take your claim to the FOS starts from the date of the first offer letter, so by the time the second offer comes back you may already be 8 weeks in. Send your complaint onto the FOS as quickly as possible.
Deadlines are in-place to ensure a complaint is resolved as quickly as possible without clogging up the system, plus banks and FOS are handling hundreds of thousands of PPI claims so in encourages efficient processing. If you’re using a company to handle your claim then they should take care of all the necessary responses within the time permitted. That said; if your details are wrong or the bank requires more information it’ll be on you to provide that promptly.
Shortcut summary: If you’re here to find out about the final deadline by which to make your PPI claim – there isn’t one, currently. Bear in mind though that your complaint can take up to 18 months to resolve due to the backlog. If you want to know about the deadlines you must meet when making a PPI claim, the long and short of it is: you have 6 months to respond to correspondence from a lender or the FOS, with one exception – see ‘REMEMBER‘ above.
This is part 9/15 – continue your PPI claims education…
PPI Claims 101 – 1/15 | What is PPI?
PPI Claims 101 – 2/15 | Should I Bother Making a PPI Claim?
PPI Claims 101 – 3/15 | How To Claim Back PPI Yourself
PPI Claims 101 – 4/15 | How To Find The Best PPI Claims Company
PPI Claims 101 – 5/15 | No Win No Fee PPI Claims Explained
PPI Claims 101 – 6/15 | What is a PPI Template Letter?
PPI Claims 101 – 7/15 | Credit Card PPI Claims
PPI Claims 101 – 8/15 | Mortgage PPI – The Hidden Windfall
PPI Claims 101 – 9/15 | PPI Claims Deadline – Forget One, Remember The Rest
PPI Claims 101 – 10/15 | The Information You’ll Need To Make a PPI Complaint
PPI Claims 101 – 11/15 | What To Do If Your PPI Claim Is Rejected
PPI Claims 101 – 12/15 | The Financial Ombudsman & PPI Claims
PPI Claims 101 – 13/15 | Payment Protection Insurance Consumer Questionnaire
PPI Claims 101 – 14/15 | How Long Does a PPI Claim Take?
PPI Claims 101 – 15/15 | Do I Need To Pay Tax On My PPI Refund?
Think we’ve missed something? Recommend a topic using the comments section below.
By John Gregory
John writes for a OracleLegal.co.uk as well as a number of financial blogs, he also create content for infographics, FAQ’s and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn’t bite. Unless you’ve been mis-selling financial products.
At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to email@example.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.