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PPI deadline discussions continue

British banks and lenders have been pushing for some considerable time now for a deadline on PPI claims, and their wishes seem to have taken a step closer.

The Financial Conduct Authority (FCA), who regulate the banking sector, have held PPI deadline discussions, and whilst there is no official announcement yet, rumours are circulating.

A consultation process is now in place which is likely to continue until mid 2016, with plans discussed to include a deadline of two years after any official announcement.

Potential deadline date of 2018

This news is likely to neither satisfy the banks, who wanted a much shorter deadline timeframe, or companies and people that fight for consumer rights, who argue a deadline would only ever benefit the banks.

Our view is clear and has been outlined in our previous article, which in summary states a deadline should not be introduced until such time as….

  • Banks and lenders have paid out enough compensation so as to not have profited from the scandal
  • Consumers have been contacted to advise them they’ve had PPI
  • Banks and lenders start handling complaints correctly

Unfortunately we believe that none of the above will happen before the deadline is set, and therefore the deadline clearly benefits the culprits in this sorry tale.

Millions yet to claim

One of the main legal arguments as to why a deadline should not be introduce is because of the rules enforced by the FCA and Financial Ombudsman Service (FOS) themselves.

The rule itself is known within the industry as the 6 / 3 rule, and basically means a complaint can be looked into and brought against a bank or lenders so long as the complaint is raised either…

  • 6 years from the date of the sale of the policy or…
  • 3 years from when the consumer became aware they may have reason to complain

In the majority of instances the sale of PPI occurred more than six years ago, so our focus is on the three years rule.

We estimate around 7 million people have yet to make a claim.

The main reason we find is that consumers are simply unaware that they’ve had PPI in the first instance, such were the tactics employed by sales staff when selling the product.

If a consumer is unaware they’ve had PPI then how can they be aware there may be reason to complain?!

Have you had PPI?

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

Not sure whether you’ve been sold PPI?

Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Our average successful customer award is £3,332**!

Want to know how much you may be owed? Why not try our PPI calculator.

Making a PPI Claim

Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.

Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.

Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.

PPI deadline discussions

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