When Is the PPI Deadline?

Have you heard about the PPI deadline? There is a cut-off date for making PPI claims so act soon to make sure you don’t miss out.

If you want to claim PPI you need to act sooner, rather than later. The Financial Conduct Authority (FCA) has set a PPI deadline meaning all claims have to be made before a set date.

Since 2011, the banks have repaid over £30 billion to customers for mis-sold PPI, yet there is still a lot more money to be paid back to consumers. Over 64 million PPI policies were sold between 1990 and 2010 so it’s worthwhile checking if you were one of the millions of people sold a policy.

What is the PPI Deadline Date?

The FCA has set the PPI deadline for 29th August 2019. It chose this date to give consumers two years from the date it was announced to make a claim for mis-sold PPI.

The authority has used the familiar face of Arnold Schwarzenegger to promote the deadline and to encourage people to check if they can claim within plenty of time. He can be seen on the latest FCA PPI deadline adverts telling people to ‘do it now’ and decide if they want to make a claim.

The campaign has been working well to promote the deadline. In January 2018, the banks repaid over £400 million to customers, the highest figure paid out since March 2016. At Direct PPI, we’ve noticed a considerable increase in claims as everyone is rushing to receive their money before the cut-off date.

ppi claims deadline

ppi claims

Why Was the PPI Deadline Imposed?

Some have claimed that a deadline is not beneficial to customers. The FCA has imposed a deadline not to catch consumers out, but rather to encourage them to make a claim over continually putting it off.

The aim of the deadline is an effort to “draw a line under one of the banking industry’s biggest scandals”. After the PPI deadline, the banks can stop setting aside money for claims. However, it may take a number of months after the deadline has passed for every claim to be resolved.

The Financial Ombudsman (FOS) has a huge backlog of PPI claims to handle, with some consumers waiting months — or even years — for a result. By Spring 2018, the FOS was aiming to settle 50% of all PPI claims within 45 days of receiving each case. However, many cases do take longer. In recent months, there has also been an increased focus and scrutiny on the FOS following a revealing Channel 4 Dispatches programme. The programme highlighted tough targets and a lack of staff training, resulting in not all claims being handled correctly.

How to Make a PPI Claim before the Deadline

You’re probably keen to check if you had PPI and make your claim as soon as possible. The deadline is approaching but you still have time. A claim can still take a number of months so if you start now, you should receive the money before the end of the year — perfect for Christmas!

Making a PPI claim is simple with Direct PPI. Even with a limited amount of information, we can investigate your PPI claim on your behalf. Simply fill in our contact form and we will do the rest. If you can remember the product, bank and year you were mis-sold PPI, even better — we can get started on your claim immediately. We’ve helped thousands of people claim PPI in the run-up to the PPI deadline. You could be next.

a young man making a ppi claim