PPI claim: ‘Time is running out’ FCA issue warning as deadline to claim back approaches

In the past, PPI has been found to have been mis-sold to a whole host of people. This may include during the sale of Payment Protection Insurance on items such as loans, credit cards, and mortgages. While it wasn’t always mis-sold, there are a number of ways in which mis-selling may have occurred. Following the revelation, it has been possible for those who have been mis-sold PPI to seek compensation, however, the deadline for doing so is on August 29, 2019.

Today, the FCA is urging all UK consumers to make a decision as to whether they will complain about PPI.

It comes as new figures from the FCA show that a total of £334.3 million was paid in April 2019 to customers who complained about the way in which they were sold PPI.

This takes the amount paid out in compensation since January 2011 to £35.3 billion.

Emma Stranack, FCA’s PPI Deadline Campaign Lead, said: “With just over 10 weeks to go, time is running out to claim back money for PPI.

“Simply put, if you haven’t complained to your provider by August 29, 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible.

“Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses.

“Search FCA PPI or call 0800 101 88 00 to find out how.”

Personal finance expert and consumer champion, Sarah Pennells added: “The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible.

“You can complain to them directly for free and you can use the FCA’s website for more information.

“You don’t have to use a claims management company as providers are supposed to make sure that complaining about PPI is straightforward.

“I am working with the FCA to help remind consumers that now is the time to decide whether or not to make a complaint before the deadline on the August 29, 2019.”

FCA support is available online at fca.org.uk/ppi or by calling the FCA helpline on 0800 101 8800.

The Money Advice Service website also offers advice for those who think they may be eligible for PPI compensation.

Some companies will offer to claim back PPI for someone who believes they’re owed it.

However, the Money Advice Service points out that claims management companies can typically take a quarter or more of the compensation.

“They might also try to charge you an upfront fee, and some companies have gone bust, without doing any work to reclaim customers’ money,” a warning on the website states.

The Money Advice Service also guide consumers through the process of how to claim back PPI themselves.