The banks have been pushing for a PPI claims deadline for some time now. As of yesterday, it’s becoming more a question of when? as opposed to if. There’s no need to panic just now if you still haven’t started your PPI claims. The cut off date isn’t a fact yet. Even when it is officially announced, you’ll still have two years to claim your money back.
The announcement is expected to be made in the spring of 2016. That means you should still have up to the spring of 2018 to claim your money back.
If you’ve been resting on your laurels about claiming your money back from mis-sold PPI, it’s still wise to do it sooner rather than later. There’s one segment of the population in particular that this applies to.
Three years ago, the financial regulator ordered banks to send out letters to customers deemed to be high risk of having been mis-sold PPI. If you received such a letter, you really must act fast. Why? Because a cut off date for claiming was automatically attached to those letters.
That cut off date was three years from the date written on the letter, so it might be too late already. But don’t get discouraged too soon.
The best thing to do is to start your complaint right now. If you wish to claim PPI by yourself, you’ll need to get moving fast.
If you would prefer to have everything handled for you in exchange for a fee, get in touch today. Just pop your details into the short form on this page and we can have a look at your potential claim for you (a fee is only payable if you win a refund).
If you were never sent such a letter by your bank, you have more breathing space with any PPI claims you wish to make. The deadline hasn’t been introduced yet. But it almost certainly will be.
The FCA said that the introduction of a PPI claims deadline would “bring the PPI issue to an orderly conclusion, reducing uncertainty for firms about long-term PPI liabilities and helping rebuild public trust in the retail financial sector.”
Furthermore, it said too many people were taking too long to start their claims. A deadline — combined with an advertising campaign promoting any potential deadlines — would encourage any outstanding claims to be brought.