While banks have already paid out over £25bn to consumers who were sold policies dating as far back as 1990, the Professional Financial Claims Association (PFCA) has stated that there is at least the same amount again ready to be claimed. However, there is a deadline.
Therefore, while people might be aware of PPI claims, and might consider that they could make one, they must act sooner rather than later.
“The FCA wants to draw a line under this. Consequently, the deadline to make a claim is 29 August 2019.”
What does the Deadline Mean?
Unless people act soon, there could be significant amounts of money left unclaimed. One of the reasons people have not claimed, according to Which?, is uncertainty about the claims process.
“PPI is something that people can feel overly familiar with, because of the sheer amount of telephone calls connected with it, yet at the same time they may understand what they can do for themselves, or how likely it is that they will be successful”
What the 29 August deadline should do is inject a greater degree of urgency into people making PPI claims.
“What people may not realise, besides the deadline itself, is that there have been big sums paid out, and that this could still happen, potentially, if they submit a claim in time.”
Is Making a Claim Too Much Trouble?
The estimate is that between 45 and 60 million PPI policies have been sold over the past 30 years. In the same period, there have been over 18 million complaints.
“The figures suggest that if you are at all unsure whether you have been mis-sold PPI that it is worth pursuing. Furthermore, the new Plevin rules mean that even if you have previously had a PPI claim rejected, you could still be eligible for compensation.”
Based on the Plevin high court ruling, thousands more people could be eligible for a PPI claim. The only two things in the way are their own unwillingness to act, and the deadline now in place.
“If the PPI claims process seems daunting, or will take up too much of your time, then consider seeking professional advice and support”
“With PPI payouts averaging about £1,200 per claim, and some claims worth significantly more than this, it’s got to be worth your while.”
Paragon are a claims management company specialising in mis-sold PPI, packaged bank accounts and payday loans. This article is one in a series that highlights consumer protection and the personal impact of being mis-sold to. For an additional read, please visit: