Time could be running out for PPI claims

17 March 2015

The Financial Conduct Authority (FCA) may put a time limit on Payment Protection Insurance (PPI) claims, which consumers have been making since January 2011.

Over the past four years, banks have already compensated customers who were mis-sold PPI with a staggering £18bn. However, thousands of PPI complaints are still being made each week and many individuals across the country have yet to claim their insurance refund. In December 2014, £339.1m was paid out, proving that a huge number of people are still coming forward and being compensated.

The PPI scandal has seriously dented consumer confidence in UK banks. Over the past few years, banks have been criticized for failing to identify and seek out those affected and for delaying the payment of PPI claims. It has mainly been left up to the individual to check their eligibility for a refund.

Now increasing pressure from the British Bankers Association to put a time limit on PPI claims, means the Financial Conduct Authority could set a ‘claim by’ date.

It’s important to remember that in many cases, people were not even aware they had been sold PPI. It doesn’t cost anything to check whether you were mis-sold this useless insurance by your bank. It’s worth looking into and it could net you a very welcome cheque.

All you need to do is fill out our quick form and we’ll put you in touch with someone who can look into your eligibility and ensure your case is dealt with swiftly and fairly.