So, this week has been a big week for PPI in the news. Martin Lewis was on ITV again talking about PPI and the upcoming deadline and the Financial Ombudsman Service announced that PPI now accounts for over half its workload.
The PPI Deadline – Fact or Fiction?
On his ITV channel, The Martin Lewis Money Show, he claimed he is 99.9% sure there will be a deadline announced, by the FCA, for all PPI claims to stop. It is looking likely that this deadline will be for the end of 2019 and after it has passed no more PPI claims will be able to be made.
As well as the deadline Martin Lewis’ highlighted the upcoming guidance surrounding the Plevin judgement. If you do not know about Plevin then basically it refers to a court ruling made at the end of 2014. Mrs Plevin took her miss-sold PPI claim all the way to the high courts and whilst the courts didn’t agree that her PPI policy was miss-sold, they did agree that the level of commission paid by the insurance provider to her lender was far too high.
Now what all this means is that even if you have claimed previously, if the bank doesn’t agree that they miss-sold your PPI policy to you, then you may still be able to secure a refund if the commission they were paid to sell it to you was too high.
The Financial Ombudsman Service
If the bank doesn’t agree that your PPI policy was miss-sold, then you have the right to take them to the FOS. They will arbitrate between you and the bank and make an impartial and fair judgement based on your testimony and the banks records.
This week the FOS released their quarterly figures. Most of these are not in the slightest bit interesting to most of us but a couple of the figures caught my eye. Between October and December 2016, the FOS received 70,908 new complaints from consumers about their banks. Of those 36,065 were about PPI. So, in 3 months, over half of the FOS’s workload was about PPI. They are already advising that in could take up to 24 months for them to decide on your case.
What does all this mean?
There is a deadline coming. More and more people will be putting claims in for miss-sold PPI in with their banks once they know that soon they will lose the ability to claim at all. The Plevin guidance will soon be released. This will mean not only new PPI customers will be complaining, but also people who have previously claimed and weren’t successful can now try to claim again. The Financial Ombudsman Service is already very busy and backlogged. Once the deadline is announced and the Plevin ruling is released the FOS will only get busier and busier.
You need to get your PPI claim in now. Before the mad rush of people. Before the people who have already claimed who now get to try again. Before the FOS back up even more. Before the banks get so busy that instead of an 8 week wait to resolve your complaint it could be 12 to 16 weeks to receive a decision.
Don’t delay, claim today.