As reported on the BBC website in March, 2017 the FCA have controversially set a deadline for people wanting to claim compensation for the miss selling of PPI.
The figures are staggering, over £45 billion pounds from some of the biggest UK banking and building society companies has had to be put aside in order to give back to people who had been sold insurance without their knowledge – thankfully there is still time but the chances are you might not even know if you are able to put in to claim or not.
You must have started your claim by August 29th, 2019 (This is the official deadline date set by the government regulated body, the FCA).
The announcement has not been met with universal approval with consumer groups such as Which? criticizing the claims process. They mention that too many unscrupulous companies have been making money off the back of the victims. The celebrity consumer expert Martin Lewis has had his say too – he quotes shocking statistics that reveal over 50% of claims that go through to the banks are rejected are then reinstated by the independent ombudsmen.
This not only reveals the incompetence and mistrust of the process itself but places more pressure on a already strained body who are dealing with thousands of appeals from disgruntled consumers.
How do I know if I have time to claim?
You can visit your local citizen’s advice bureau who are well versed in advising people how best to claim. The whole process is actually quite straight forward and The Money Advice Service has good, sensible advice for people who are searching for the best way to claim back PPI without being scammed by a company.
DIY Instructions on how to claim back and apply for compensation.
Find any paperwork you can that relates to the loan, credit card, finance agreement or mortgage. Look on the agreement for words such as protection, loan care, ASU or payment cover. If you can’t find the original paperwork then there is still a chance you claim simply gather any information you can and write it down on a piece of paper detailing the year, your name, address and type of finance you took out with the company.
Photocopy or scan all your signed agreement paperwork from above (if you have proof of your payments, even better – this should speed up your application).
We are not going to use a specialist claims company because they charge extortionate fees and do the same thing anyway – it’s simply like throwing money down the drain! There are hundreds of cases where people have complained online that they have been scammed by websites pretending to be licensed where in fact they just take affixed fee payment up front and you are left with nothing.
Write a carefully written letter to the finance company – we have all the addresses listed on our home page. Simply look for the link on the right hand side with the appropriate company. Most website will also have their own template form you can download and fill in. Please make sure to complete all relevant information as any input fields not completed by cause delays to your application.
Make a note of the date you posted the letter. If you have waited for two months or more, as a matter of urgency get in touch and complain to the Ombudsman (FOS) who will request that you complete their own questionnaire – they are the ruling body and this will tell you whether you are entitled to PPI compensation.
General Information relating to the new deadline date:
Also, the FCA has announced that a TV, radio and online campaign warning people of the deadline will start to run from August 2017. You can expect also that there will be websites popping up offering to work on your behalf but consumers must be aware that many of these web based companies are unregulated and often take vast amounts of commission if you are successful claimant.
With the deadline date looming; thousands of people are now looking online to find out if they still have to time to claim. At PPIclaimsguide.com we offer free impartial advice on how to start your claim. Some banks, building societies and money lenders included in the whole financial fiasco include but not limited to:
- Barclays Bank
- Lloyds Bank
- Lombard Direct
- Beneficial Bank
- Citi Finance
- Marks and Spencer
- Direct Line
- MBNA Credit Card
- Mint Credit Card
- Beneficial Finance
- Capital One Credit Card
- Barclaycard Credit Card
- HSBC Bank
- Clydesdale Bank
- Alliance and Leicester
Once again the deadline date is 29th august 2019. If you have had dealings with any of the above banks then please claim as soon as possible – don’t leave this until the last minute.