PPI deadline: Why you might not have until 2019 to claim
By now, you’ve probably seen the adverts for the PPI deadline on 29 August 2019. The Financial Conduct Authority (FCA) has launched a campaign to make sure everyone knows how long they have to claim. And one new television advert features none other than Arnold Schwarzenegger to convince you to get your money back!
But did you know you might actually not have as long as this to claim PPI compensation? Depending on who mis-sold you PPI and what they did since then, you could have a much shorter deadline.
Read on to see why your PPI deadline could come sooner than you think – and find out how to make sure you don’t miss out.
Why you could have an earlier PPI deadline
In case you’re still not sure what it all means, PPI is Payment Protection Insurance. It was a type of insurance policy to cover repayments on products such as loans, cards and mortgages in case of sickness, redundancy or injury. This might sound like a good idea but in reality, some banks or lenders sold it to people who couldn’t use it or didn’t want it.
This means that many people could get compensation for mis-sold PPI. And after a few years of claims, the FCA announced the 29 August 2019 PPI deadline to give everyone another two years to get their cash.
But if you’ve had a redress letter from your bank, you might have an earlier deadline to claim PPI compensation. These redress letters went out to customers between 2013 and 2015 and gave them three years to claim.
So if you had one of these letters, you might not have very long left to get back what’s yours.
How can you check if this affects you?
We’re sure you’ve had lots of letters since 2013 so it’s no surprise if you can’t remember if you had a redress letter. Start by looking to see if you’ve filed it somewhere – you could have put it with other bank letters, for example.
But if you can’t find if you’ve got one of these letters, don’t worry. You can just contact your bank to see if they sent you a redress letter and start the reclaim process.
It’s best to do this as soon as possible. Even if you didn’t get a redress letter and you don’t have a reduced PPI deadline, it’s likely that systems will get busy the closer we get to 29 August 2019. By starting your claim now, you can make sure you don’t miss out.
If you’re unsure if you can get compensation as a result of being mis-sold PPI policy, you can get in touch with OpenDoor (Legal Services) Ltd on 0330 1020 220.
OpenDoor have experience in dealing with a number of claims having successfully claimed over £30million for PPI customers. It’s all done on a no win, no fee basis.
If your claim is successful, the cost of the service is 25%, plus VAT, of the total reclaimed. Terms apply. For further information, please visit www.Open-Door.co.uk where you can also request a FREE call back.
More information on PPI and how you can claim for free yourself is available on the FCA website.
You can call a free phone line, managed by the FCA, on 0800 101 8800.