Deadline Day - 29 August 2019
The clock has finally started ticking towards the PPI Deadline day on August 29 2019 (for some bizarre reason this is a Thursday!)
After much hype in the media about a possible deadline, in March, the Financial Conduct Authority (FCA) finally announced the PPI deadline date would be 29 August 2019. According to the BBC, millions of people have already been compensated and the various banks have set aside more than £40bn in total to cover the payouts.
There is no definitive answer as to how much money could still be owed and how many people are yet to claim their refund. According to the Financial Times on April 4 2016, the Professional Financial Claims Association believe an additional £22bn in payouts are yet to be paid. The FCA believed £23bn had already been paid out, which means that just over 50% had been paid up to 2016. Perhaps this indicates that the more straightforward claims have been settled, but many consumers might not have recovered their correct entitlement. The team at Wilson Morris has recovered in excess of £65m in additional refunds from lenders for customers who have previously had a successful claim.
So, although the PPI deadline might be some 2 years away, there are still many who have yet to claim anything and perhaps those who already have claimed, should review their previous settlement and look at potential additional redress. The data might also lead us to believe that some of the remaining cases could be more complicated as they might date back longer than 6 years or might be associated to loans or agreements that no one suspected might have included PPI. In these circumstances, a Claims Management Company has the expertise to assist you.
To avoid any doubt, the answer is to run a no win no fee* check to find out. There's nothing to lose and sometimes plenty to gain.
More details of the PPI deadline can be found at www.fca.org.uk/ppi