PPI Deadline Looms Large — What You Need To Know
If you haven’t claimed for mis-sold PPI yet, it’s time to get moving. The banks have been pushing for a PPI deadline for some time now. That pushing looks like it might pay off for them soon.
The chiefs at the Financial Conduct Authority (FCA) had yet another meeting with the main banks recently. While the PPI deadline hasn’t been confirmed yet, it would probably be foolish to think that it’s not going to happen (and relatively soon).
It’s also widely believed that anyone yet to make a claim will have two years from that date to do so.
After that, it will no longer be possible to claim your money back, assuming your PPI was actually mis-sold.
Two years might seem like a long time right now, but that could lull you into a false sense of security. It’s already close to five years since the floodgates for mis-sold PPI opened, so the next two years will probably fly by before you know it.
Beat The Rush
If (when) the PPI deadline is implemented, the British Bankers Association has said its members would fund a year-long advertising campaign to make people aware of the change.
With TV and radio adverts being played on every station, along with more letters being sent, it can mean only one thing: the dip in PPI claims that has happened recently will be turned on its head.
Instead of the slow decline we’ve been seeing, it’s almost certain to go the other way with a huge spike in claims.
And with that comes one of the most common questions with regard to PPI claims:
"Should I claim by myself or should I get a PPI claim company to do it for me?"
There’s no right or wrong answer to that question. As with most things in life, it comes down to personal choice and what trade-off suits you best.
We’ll have a look at both options below.
Claiming PPI By Yourself
The main benefit of claiming PPI by yourself is that you get to keep 100% of whatever your bank awards you.
The downsides to doing it yourself are less black and white, as it depends on several factors, which are listed below:
- Do you have all your paperwork and account numbers?
- Do you have the time to dedicate to the process?
- Being honest with yourself, are you likely to follow through with the process if or when you run into obstacles?
Let’s look at each of those points.
Account Numbers and Paperwork
If your finance agreement has already run its course, it’s unlikely you’ll still have the paperwork and, therefore, the account numbers too. When you complete the PPI claim form, you have to provide the account number. Without that, your bank won’t look at your claim.
It is possible to get copies of your paperwork, which will then provide you with the account number. How easy or not that will be depends largely on what you can remember.
If you know where you had PPI and who the provider was, simply contact them for copies of your paperwork. If, however, you don’t recall these details, you’ll need to run a credit check on yourself. The process for doing that has already been covered in this article here.
Having The Time To Claim By Yourself
No two claims are the same, which means it’s not possible to say how long yours will take or how simple the process will be.
If you need to follow the process for running a credit check on yourself, that in itself can be quite a time thief. After that, you may or may not need to invest more time in your claim.
It really depends on the decision your bank makes. If they come back with an incorrect (low) refund offer or if they completely reject your claim, then you will need to go through an appeal process.
Following Through On The Process
Your bank may process your claim relatively quickly and come back to you with a fair refund offer. That’s great when it happens. Similarly, your bank might come back with an offer that is too low or, far worse, they may reject your claim even though it is genuine.
When that happens, it requires tenacity to see it through until you get the full amount you’re owed. Sadly, though, many people give up at this point and take the low refund offer or simply accept the rejection.
Having Us Handle Your Claim For You
Okay, let’s address the elephant in the room straight off the bat. If you ask us to handle your claim for you, there will be a fee for the service — if your claim is successful. If you don't win a refund or your PPI wasn't mis-sold, you pay nothing.
Moreover, you don’t have to use a PPI claim company to get your money back for you.
Many people have found the trade off to be more than worth it, though. Let’s address the same three points above but from this alternative perspective.
Account Numbers and Paperwork
We have worked hard to negotiate special agreements with many of the main banks and lenders to overcome this common problem. We are now able to get claims started and processed without an account number and without any paperwork.
There are currently more than 50 banks that we have this type of agreement with, and we are adding to it on an ongoing basis.
The agreement is simple: Our clients only need to provide their full name and the address they were living at when they took the finance out.
Your bank then scans through their entire database and pulls up every finance and credit agreement you’ve ever had with them. This includes finding all instances of payment protection insurance.
In many cases, but not all, they will also check the databases of their sister companies too. This is a huge time saver and has helped speed up the claims process for many people. The downside is that the agreement is not available to individuals claiming by themselves.
When we handle claims for our clients, the time aspect almost becomes a non-issue. Aside from a relatively brief chat before your claim is started to gather important information, you are now freed up to get on with your life.
We take care of the entire process from start to finish. That includes completing as much of the PPI claim form as possible. You’ll just need to fill in the few missing bits and then sign it, which is the important part.
We can't get your money back for you until you sign the form that gives us permission to do so.
Simply put, we never give up on a claim unless we legally have to. If we get a whiff of a low refund offer, we challenge it (and usually get the correct amount).
If a legitimate claim is rejected, we challenge that too. If your bank still won’t cough up, we handle the appeals process with the Financial Ombudsman Service (FOS). In the unlikely event the FOS rejects the appeal, we also handle the second (and final) appeal.
This is all done while you still continue to get on with your life. You’ll receive updates as to the progress of your claim, but you won’t be bothered with the day-to-day hassles of it.
Are You Ready To Beat The PPI Deadline?
While the PPI deadline isn’t official yet, it seems like only a minor miracle will stop it from becoming official. That means the clock is ticking.
If your PPI was mis-sold, your money was taken from you when it shouldn’t have been. You now have the chance to get it back, along with 8% interest.
If you haven’t claimed so far, something has prevented you from doing so. Whether it’s fear of handling the process by yourself, apathy, procrastination or something else, time really is running out now (or at least it will be when the deadline is implemented).
Whether you use us to get your money back for you, or whether you claim by yourself, now is the time to take action.
“Try Before You Buy”
If you’re interested in having us handle your claim on your behalf, get in touch to find out more. When you make contact with us, it does not obligate you to pursue your claim further if you decide not to.
You don’t have to use a PPI claim company to get your money back, but you might be glad you did.
Get in touch now and find out how we can help you get back what you are owed. Pop your details into the short form here or call for free on 0800 840 7290.