by ETF Base on August 20, 2016

The FCA (Financial Conduct Authority) have proposed a “ppi claims deadline” meaning that there will be an imminent closure to the ppi claims scandal that has shook Britain since 2005.

When is the “PPI Deadline”?

The proposed ppi deadline is June 2019.

This means that anyone wishing to make a claim after the month of June 2019 will officially be too late and as a result of that, unable to claim for miss sold ppi (Payment Protection Insurance).

Anyone wishing to make a claim for payment protection insurance that has been miss sold should do so before the June 2019 deadline.

What does this mean for the ppi claims market?

Firstly there are the obvious effects from this:

1/ Means that the epidemic will be drawing to a close in the near future
2/ Some people will likely miss out on claiming their ppi due to the sheer amount of miss sold policies that are still yet to be claimed for.
3/ There will more than likely be a huge influx of claims as a result of this motion.

And the not so obvious speculation:

1/ More claims management companies incorporated to handle the burden of processing the influx of claims
2/ More claims found than originally expected: due to the awareness campaign prompting more and more people to search through paperwork and terms of loans, credit cards, and mortgage agreements.
3/ People becoming annoyed at the increasing levels of publicity the ppi scandal has received and seeing the escalation of this matter as a negative effect of recent developments.

Why there will be an influx of ppi claims because of the deadline

In conjunction with the ppi deadline, there will also be the introduction of an “awareness campaign” implemented, designed to raise awareness of the issue and to inform people that now is the time for them to start their ppi claim, otherwise (if they leave it too long) they could miss out entirely on their poi refund.

Many of the best ppi claims companies are already hiring new staff and preparing themselves for the influx of new claims in the light of this new initiative.

What the ppi victims should know before claiming

1/ There has been £billions set aside by the major British lenders to provide refunds to the victims of ppi mis-selling

2/ You can still make a claim now, but don’t let time pass beyond the end of May 2019 before submitting your claim

3/ The sooner you submit your ppi claim, the better because with an influx of claims comes a backlog, as the banks and other major borrowers struggle to handle the huge number of claims that are expected as a result of this proposal of a deadline.

4/ There are a number of claims management firms’ that are willing and able to help in processing your claim, if you are unable to process it yourself (there are benefits of using a claims management company).

5/ The average value of a ppi claim is around £2,750 and the average time to completion of a claim is around 3-4 months, the quicker you submit your claim, the quicker you can potentially receive a refund (if the claim is valid).

In Summary

The deadline is looming, if you’ve been waiting to make a claim, now is the time.

If possible, gather your paperwork in relation to the ppi policy you’ve taken out, if that is not available to you, request this information from the lender.

Look for a reputable ppi company to process the claim on your behalf if you’re unable to.

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