Ever since the Financial Conduct Authority (FCA) set a deadline for the 29th August 2019 for people seeking compensation for the mis-selling of PPI, more claims are being made now than ever before. With less than a year to go until the deadline date, a rising number of people are seeking reputable PPI claims companies to help make a PPI claim on their behalf in order to save the grief of searching for the right contacts and hassle of sending numerous contracts and documents back and forth. Here, we’re taking a closer look at the reason behind why so many people are making a claim now.
The Deadline: 29th August 2019
According to the Financial Conduct Authority, a majority of PPI was mis-sold between 1990 and 2010. While it has been possible to make a claim since, many are choosing to apply for mis-sold PPI compensation now. This is largely due to the deadline put in place for 29th August, after which no more PPI claims can be made.
At the time, banks had set aside more than £40 billion to cover the costs required to pay out for mis-sold payment protection insurance. Between January 2011 and May 2018 alone, it has been estimated that more than £31.5 billion had already been paid back, meaning that funds were beginning to run dangerously low. In order to cover the costs, Lloyds added an additional £1.15 billion for claims in 2018, and other banks had followed suit, helping ensure that customers were able to receive the compensation they were eligible for.
With the clock ticking, it is expected that an even greater number of people will begin to submit PPI claims in order to receive compensation before the deadline hits late next year. While submitting a form is easy, when it comes to keeping track of your PPI claim, the process can turn sour. But, with the help of a PPI claims company Moneyback PPI, you don’t have to worry. With the expertise required to make a claim, you can relax knowing that your claim will be made professionally.
How Can I Check If I Had PPI?
If this article has got you questioning whether or not you are eligible to make a PPI claim, you’ll be pleased to know that finding out is simple. By using a PPI claims company Moneyback PPI, you don’t have to go through the hassle of uncovering your details and finding the paperwork. With support throughout the process, you can be confident that a PPI claims company will have the experience and knowledge required in order to speed up the process when helping you get your compensation.
With more than 64 million PPI policies estimated to be mis-sold since the 1970s, are you eligible to make a claim? If you have had a loan, mortgage or credit card between 1990 and 2010, our expert team can help ensure you receive the compensation you deserve. In April 2018, our single compensation awards were as much as £61,000! Get in touch on 0800 040 7778 for more information, today.