When Is The PPI Deadline and What Do I Need To Do?
It’s the hottest question in the UK finance world right now: When’s the PPI deadline?
Banks are keen for the PPI time limit to be sooner rather than later so they can get back to business as usual. Not to mention getting back to restoring much eroded trust with consumers.
And let’s face it, many of us are also keen for the deadline to happen, but for somewhat different reasons: we just want the intrusive cold calls and text messages to stop.
The second hottest question is ‘what do I need to do when the time limit for PPI claims is implemented?’
Read on for the latest on these two hot questions or fill in your details below to start your claim now:
When Is The PPI Deadline?
The PPI deadline, a.k.a the PPI claim time limit, hasn’t been officially introduced yet. But talks between the Financial Conduct Authority (FCA) and the main banks have produced a target of the entire scandal being wrapped up by the spring of 2018.
That’s when the last PPI refund will be made. After that time, if you haven’t claimed your money back, you’ll no longer be able to. But a lot has to happen between now and then.
It’s widely expected that the time limit for PPI claims will be introduced in the spring of this year, 2016. Hence the finish date being the spring of 2018.
Once the deadline’s official, you’ll need to get your claim started as soon as possible. It can be easy to think that two years is plenty long enough to take care of your claim. But there are a couple of flaws with that kind of thinking.
The PPI scandal as we know it today began in April 2011 — almost 5 years ago. And haven’t those five years gone by fast? Do you remember what you were doing around April 2011?
If the last 5 years went by that quick, it’s fair to assume the next 2 years will be gone before we know it.
The second — and arguably most important — reason to start your PPI claim now is so that you put yourself in a commanding position to get your money back.
Consumer champions Martin Lewis of MoneySavingExpert.com and Richard Lloyd, executive director of Which?, have both argued against a PPI deadline.
They argue that the banks got themselves into this mess by “dragging their heels” and rejecting legitimate claims, so they shouldn’t be rewarded for their “bad behaviour”.
While there has been a lot of effort to get the banks to clean up their claims process, the high number of cases upheld by the Ombudsman suggests they’re still not doing as good a job as they could — or should — be.
One risk of leaving your claiming any longer is that it might encounter problems and end up falling outside the time limit for claiming for mis-sold PPI.
What Do I Need To Do To Ensure I Get My Money Back?
The simple answer is: start your claim sooner rather than later.
It’s been said that one reason for implementing the PPI deadline is because of inertia from consumers. Because claiming for mis-sold PPI has been ‘open ended’ up till now, it’s surmised that people have been putting off making their claim.
The classic, “I’ll do it tomorrow”.
The theory is that by imposing a time limit on making your claim, it will nudge you into action. Either that or you just won’t bother at all, which would be a double win for the banks (which some argue is the real reason for imposing the PPI deadline).
Lloyds has been the worst offender since the start of the scandal. They had to be bailed out by the government (at the expense of the tax payer). They continue to add more provisions to repay everyone they mis-sold PPI to.
It’s widely believed that a big part of the reason for a PPI deadline is to protect Lloyds from haemorrhaging any more money. That in turn will make it easier for the government to get it off its hands and sell back to the private sector.
What’s The Best Way To Claim PPI?
Should you claim by yourself or should you enlist the help of a PPI claims company?
That’s one of the other big questions in the world of PPI. There’s no right answer either. It really depends on you as an individual and your personal circumstances.
Or you can get in touch with us and have a chat with one of our claims advisers.
Having a chat does not obligate you to have us handle your claim for you. You can ask any questions you have and get any advice you might need, which you can then use to mull it over.
Click here to pop your details into the short form and we’ll get back to you. Or call for free on 0800 840 7290.