Banks Discussing Drafting New PPI Deadline

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Banks Discussing Drafting New PPI Deadline

The PPI crisis has been devastating to many people throughout the country. Customers have started shifting the pain to the banks that have caused the problems by selling these bogus policies by filing PPI claims against them. They have tried to reduce their liabilities by encouraging lawmakers to create a deadline for people to file claims.

New Deadline on the Table

The banks tried to pass a PPI deadline in the past. Parliament didn’t uphold their request, but the banks want to give it another try.

Under the new deadline, people would have to file a claim within a specified time frame after discovering that they were the victim of PPI mis-selling. They have not specified what the new deadline would be, but previous proposals were for three years.

The banks haven’t go on record stating that they are seeking a new deadline. However, sources close to some of these banks have said that they are discussing the idea among themselves before bringing it to lawmakers. The British Bankers’ Association coordinated the previous discussions, but stated that it isn’t participating this time around. However, the BBA did say that it was aware of the discussions.

What Does This Mean for Banking Customers?

Many people are still wondering what the new rules mean for customers at the High Street banks. On the surface, the new proposals are a clear cut attempt to screw over customers that were exploited by the banks’ unscrupulous PPI marketing campaigns.

However, there is little reason for customers to become concerned. First of all, the banks are now required to advise customers when they may have been mis-sold a PPI policy. This means that far fewer customers will be unaware of it. Secondly, there is very little chance that the law will be passed. Consumer groups were able to kill the first PPI deadline proposals and they are unlikely to yield on the updated plans.

 

COVID-19 ANNOUNCEMENT

MARCH 23RD 2020

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 info@oraclelegal.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.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.