Is there a Time Limit on PPI Claims?

A time limit on Payment Protection Insurance (PPI) claims is now being put in place by the Financial Conduct Authority (FCA).  After the number of years that we have seen PPI claims and (up until the end of 2015) PPI claims have generated refunds totalling almost £30billion.   However, it is now time to draw a line under things.  The FCA, who are currently at the beginning of 2016, in discussions with the major High Street Banks (that make up 90% of all PPI providers) in order to work out a suitable time to draw to a conclusion to this terrible saga against the Financial Institutions of the Country.

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The FCA have already confirmed that the time when these PPI claims are to cease, is spring 2018.  They are now just working out the actual date when this will take place.  Although 2018 will bring an end to new claims, it will not mean the end of the Payment Protection Insurance scandal.  This is because all of those claims which are already in the system will still continue to be resolved over a period of probably two, maybe even three years for those that are with the Financial Ombudsman.  Therefore, the Banks will not be able to effectively draw a line under the PPI scandal until probably around 2020/2021, and even then there will probably be a few stragglers.

 

If, as an individual, you have not established whether Payment Protection Insurance was applied to any facility that you have had in the past (whether open or closed) then NOW is the time to do so.  There is no excuse in waiting, or trying to deflect not taking the “bull by the horns” and doing this, as this time limit (although over 2 years away) will creep up, and you could well be kicking yourself if you have not established if PPI was applied to any facilities that you have had in the past.  

 

People are still reluctant to establish if Payment Protection Insurance has been applied, and the numbers are quite staggering!  There are millions, if not tens of millions of policies that have not been claimed against.   We have discovered that this is mainly for three reasons: –

 

 

  • The consumer does not know that Payment Protection Insurance has been provided.

 

 

This does not make any difference as it is not essential to know whether Payment Protection insurance was provided on a particular facility (whether open or closed).  It is always advisable to check any facility that you have had where borrowing has been applied.

 

 

  • The consumer does not have any paperwork, account details or information.

 

 

Again, this does not make any difference.  As long as you know who the Lender is, then whether the account facilities are open or closed (or whether you have paperwork or not) it does not make any difference – we can establish the details for you direct with the Lender.

 

 

  • The consumer thinks it is a waste of time!

 

 

No – it is not.  There is no reason why anyone cannot make enquiries as to whether Payment Protection Insurance was applied on any old facilities that they have had, whether current or closed.  In fact, it is almost madness if you have not checked, because, quite simply, the Banks mis-sold Payment Protection Insurance on a wholesale basis over the 1980s, 1990s and 2000s against almost any form of borrowing.  You may or may not have known that PPI was applied, and if there was PPI and you were unaware of it, there could be a potential claim running into thousands of pounds waiting for you to make a claim!  

 

You also may be reluctant to employ a third party to deal with this on your behalf, believing that you will lose some of your money.  However, if you have not made a claim so far, you are losing 100% of whatever money is potentially due, because at the moment you have not made any claim.  

 

In addition, we have vast experience, which we have developed over the last 18 years, in dealing with banking complaints on behalf of clients.  This means that we can establish and find out information that a lot of other people are unable to in order to establish whether PPI was applied, or not.  

 

If PPI was not applied to any facilities that you had, or there is no refund once we have worked on your behalf, then there is no fee to pay.  Our fee is only generated if a refund is made.  Therefore, there is no reason why we should not look on your behalf to establish if a claim is possible at some stage, and work for you to obtain a refund.

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