Official PPI Deadline Revealed
The Financial Conduct Authority (FCA) has announced a deadline for claiming compensation over mis-sold Payment Protection Insurance (PPI). The FCA have given the public two years to make a claim as the cut off point will be 29th August 2019.
After 29th August 2019, you will no longer be able to seek compensation against the banking industry’s biggest scandal; Ppi.
Over £40bn has been set aside by banks to compensate the millions of people who have claimed. It is also believed that many more will come forward to claim before the 2019 deadline.
What is Payment Protection Insurance (PPI)?
Payment Protection Insurance was originally introduced by banks to better protect consumers who had taken out a loan, credit cards, mortgages, car finance and store cards. The insurance was sold to support customers who may struggle to make repayments due to redundancy, an accident or an illness which meant that they couldn’t work.
Banks and financial institutions have set aside approximately £20billion to cover the cost of mis-sold PPI claims. It is estimated that over 50% of mis-sold PPI is yet to be reclaimed.
Queensbeck’s Payment Protection Insurance team are dedicated to helping customers reclaim mis-sold PPI by their bank / lender / mortgage broker on a no-win, no-fee basis.
PPI has been mis-sold for a number of reasons:
- You did not match the criteria to be eligible for PPI insurance; you were self-employed, retired or a student
- Lenders convinced you that taking out the policy would benefit you financially
- You were not told about the alternative options to PPI
- You were sold a ‘Single Premium Policy’ which meant that you had to pay for the policy upfront
- The PPI Policy’s Terms & Conditions were not explained to you
Claiming compensation over mis-sold Payment Protection Insurance
Get in touch with Queensbeck to start your claim now. If you’re not sure if you have any outstanding PPI then Queensbeck will pay for a Subject Access Request (SAR) and investigate for you.
If you have tried to claim PPI compensation but were rejected, you may be able to claim again…
Following the Plevin decision, previously rejected PPI claims can now be put forward for re-investigation. If any of the listed below is a reason why your PPI claim was rejected then we highly recommend that you submit your claim again;
- Your case was rejected by the bank / creditor / The Financial Ombudsman (FOS)
- The mis-selling aspect of the claim was rejected
- The firm responsible for the sale of the PPI had stopped trading and an FSCS claim was either rejected or not proceeded with