Is there a PPI deadline
There is currently no PPI deadline set in which you need to lodge a claim. The banks have attempted to set a deadline but the regulator refused their request. However, many banks are starting to reject complaints based on timeframes, relying upon laws stating that complaints must be brought either within 6 years of the date of the reason for the complaint, or 3 years from which consumer may have reasonably known they had cause for complaint. They claim that the recent media attention has given enough attention on the matter that consumers will have known whether they have had cause for complaint.
What does this mean for new complaints?
There is no need to worry that you’ve missed your chance. Unless the bank has specifically written to you over three years ago to state you may have reason to complain about the sale of PPI, there can be no time limit. Had the banks issued a letter to all customers then it is assumed their regulator, the Financial Conduct Authority (FCA), would deem that to be a line in the sand and the 3 year timeframe as explained above would then start. However, the banks don’t want to send letters out to customers inviting them to complain as the costs to the banks would likely far exceed the current estimated £25 BILLION that they are expected to pay out in compensation. Until such time, the banks generally can’t place a PPI deadline on the matter, much to their annoyance. Don’t get me wrong though, this won’t stop them attempting to use the tactic to try and make valid complainants go away.
What to do if the bank claims there is a PPI deadline?
Although there has been widespread media attention there are still millions of people who have not yet made a PPI claim. This is evidence enough that people are still unaware that they have cause for complaint. Not everybody will have read or seen the media surrounding the biggest financial scandal of all time so it’s impossible that a deadline could be in place. Continue with the claim and argue your point. If you are with a Claims Management Company such as Your Money Claim who are regulated by the Claims Management Regulator in respect of regulated claims management activities then our expertise and experience overcomes these tactics and feeble objections raised by lenders.
When to lodge a PPI complaint
Although there is no PPI deadline, and we have a 100% record in overcoming objections of this nature by lenders, we would encourage people to launch claims as soon as possible. Why wait to get the compensation you deserve? Don’t worry if it seems a little overwhelming, or like there is plenty of paperwork. We do the hard work, we chase the banks, we draft and send the legal documents, we obtain the information required and we fight the case every step of the way. You could be owed thousands.