It’s true that reclaiming your mis-sold PPI is coming to an end: The financial regulator has recently stated it was moving forward with proposals for a payment protection insurance (PPI) complaints deadline, as it looks to draw a line under the costliest financial scandal ever to hit the UK’s banks.
By August 2019 there will be no more cases for the lenders to answer for mis-sold payment protection. It’s no surprise that the banks are looking to put this saga behind them with estimates in January to date putting the money repaid at over £23 Billion by the 5 biggest UK banks alone (figures from the FCA).
You Can Review Historical PPI On Any Of The Following:
Simply Click Your Product To Reclaim
Later Deadline Set
While at the time of the statement there was a little media coverage regarding the claim being enforced as this wasn’t set in stone the however the regulator has recently clarified it’s stance. The regulator has now set the PPI complaints deadline as the 29th of August 2019. This means all claims need to have been submitted by this date in order to be processed.
According to the regulator this gives all claimants an adequate amount of time to submit their claims, for them to be processed and to bring the process to a conclusion. Naturally the banks had tried to make this much sooner but the regulator set the time frame to ensure a fair conclusion to PPI repayments claims.
Preparations In Place To End PPI Claims
The regulator said the rule setting the PPI complaints deadline will come into force around six months after it’s made, by the end of June 2017. That six month period is to allow the FCA to prepare materials for a consumer communications campaign, aimed at raising awareness of PPI and the new deadline for claims.
Am I Eligible To Reclaim PPI
There are nationally stored bank records of previous PPI account holders and all UK residents are eligible to check their eligibility to reclaim these historical fees on the PPI Register for free and begin the reclaim process. Should PPI be discovered and you wish not to continue the claim this is completely at your discretion as the service is completely free of charge and with no obligation. The service enables UK consumers to easily begin the reclaim process and join the £28.32 Billion** the banks have already paid out.
*FCA Figures based on Jan 2016 payouts to date from the big 5 UK banks
Did you have PPI? Are you owed £1000, £2,500, £6,000 or even more?
Here’s how to check
- Click your location on the map below to get your FREE PPI Check.
- Simply enter your details.
This advertorial is sponsored by Be Money Savvy. Be Money Savvy is a trading style of Red Star Financial Management Ltd and are an appointed representative of Dragon Brokers who are authorised and regulated by the FCA.
Red Star Financial Management Limited, St Georges House, Peter Street, Manchester, M2 3NQ, is registered in England (Company No:07044178) and is regulated by the Red Star FM Regulator in respect of regulated claims management activities (CRM22115); its registration is recorded on the website www.gov.uk/moj/cmr
*When we tell you that we have located your PPI we will send you some further paperwork to complete to start the claims process. Once you return the paperwork or confirm over the telephone that you wish us to proceed with your claim we will commence the claims process and if the claim is successful our fee of 35% +VAT will be payable as per the Terms of Engagement or you can complete the claim yourself.