Is A PPI Deadline Imminent?

Banks Could be Faced With a Further £33billion in Compensation Claims
August 12, 2015
October 6, 2015
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Is A PPI Deadline Imminent?

If you still haven’t got your PPI claims started, now is the time to give it your serious attention. Not for the first time this year, directors of the Financial Conduct Authority (FCA) will hold talks later today to discuss imposing a PPI deadline.

If the banks are successful in achieving a cut off date and you still haven’t claimed, you will lose out (for a second time). Being mis-sold PPI in the first place is bad enough. Not getting your money back when you could have is perhaps even worse.

In Response To The PPI Landmark Ruling

In November 2014, the Supreme Court ruled in favour of Susan Plevin against Paragon Personal Finance. Ms Plevin argued that the commission earned by the broker that sold her payment protection insurance should have been disclosed at the point of sale.

The Supreme Court agreed and Ms Plevin was awarded a PPI refund on those grounds. Now, largely as a result of that ruling, the banks are set to meet with the FCA directors in yet another attempt to impose a PPI deadline. The banks recognise that the ruling in favour of Plevin could be catastrophic for the industry.

They have already paid out around £25 billion in PPI refunds. This ruling could increase that figure further, causing further damage to an already tarnished industry. Analysts in the arena projected that the banks could face a bill of £33 billion or more if the ruling is extended to other financial products.

Chancellor Raises Hopes For Banks

George Osborne, the Chancellor, has further raised bank executives hopes when he indicated that he is keen to “draw a line” under the PPI scandal. He hopes to that a “new settlement” can be brought about soon.

What This Means To You

There’s probably no need to panic just yet if you still haven’t claimed for your mis-sold PPI. But if you’ve been procrastinating — as is easily done — it’s probably a good time to set the wheels in motion. The main banks have paid out astronomical sums of money in redress so far, and they are keen to put an end to further payouts as soon as possible.

Whether you do it yourself or get help with your PPI claims, it’s becoming increasingly important to get started.

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.