The scandal of PPI mis-selling is now a major concern for a decade. There are millions of people who are paying for the PPI policies even if they don’t require the insurance. Hence, the FCA or the Financial Conduct Authority has announced the upcoming PPI claim deadline that will be on 29th August 2019.
The reason behind the setting of the deadline:
The deadline has been set by the FCA because the people who had already mis-sold the PPI can now take proper action instead of holding it off.
The launching date of the PPI deadline date:
It was August 2017 when the campaign was launched by the FCA. The announcement had been done on 2nd March 2017. Two years have been scheduled for creating awareness about the upcoming PPI claim deadline. It is considered as ample time for the consumers who wish to claim their PPI whenever they desire.
The effect of PPI claim deadline on people:
The consumers have over three months left for submitting the claim to the respective banks. The pressure of getting hold of the old financial paperwork before the deadline in August and making sure that the claim is submitted to the lender/bank is keeping the people quite busy.
Many people are opting to hire a PPI claim company who is taking all the hurdles on their behalf and doing the needful faultlessly.
The future after the claim:
The future of the upcoming PPI claim deadline will give a start to the new claims. A complete investigation will be done after the submission of the claim before the date of the deadline. The claims that will be deposited after the given deadline won’t be entertained by the bank or lender because those claims will be forbidden due to the limitation of time.
Claiming PPI without any paperwork:
The credit card agencies and the banks are not supposed to banish the complaint of PPI claim if the consumer doesn’t have the complete paperwork. The public can write or call the bank and the credit card provider about the existence of the PPI. One is required to provide complete name, full address ( during the acceptance of the loan/credit card), and loan or credit card details.
Checking of the credit report is a must. Check the list of the financial providers and the products that had been taken within the last six years.
PPI claim in case the non-existence of the provider:
In case the provider doesn’t exist anymore, or, the name has been changed, the consumer is still eligible to file a complaint regarding the mis-sold PPI. The person needs to search online for the right information about the name or owner change. FCA helps in the search procedure.
Step to take in case of the rejected claim in the past:
The claims that had experienced formal rejection from the bank or lender are subjected to the FOS or Financial Ombudsman Service rights. In this case, the consumer gets the chance to appeal the distinct decision with the FOS within the rejection letter’s six months. Without any appeal within the particular time frame, the claim can’t have proceeded anymore.
Little time is left. If you still haven’t claimed your PPI, start now.