The deadline for claiming mis-sold PPI has been set for 29 August 2019.
However, the Financial Conduct Authority (FCA) is warning against leaving it to the last minute to make a claim.
That's because most people are expected to do just that, leading to a glut of claims as the deadline looms. This could cause massive delays and potentially see many people miss out on a successful claim.
What's more, there are some people who've been mis-sold PPI for whom the PPI deadline will actually arrive far sooner.
Before we can explain more about that, we need to provide a bit of background.
What is Payment Protection Insurance?
PPI was an insurance policy that was sold alongside many credit agreements, such as mortgages, loans and credit cards.
The idea was that the policy would cover your repayments if you were unable to earn due to an illness, accident or you lost your job.
The problem is many people didn’t realise they had been sold PPI and were paying for a policy they hadn’t knowingly agreed to take on.
Many other people had been sold a policy that they wouldn’t actually be able to make a claim on, for a variety of reasons from pre-existing medical conditions to being self-employed.
PPI sales were banned in 2009.
When is the PPI Deadline?
The FCA has introduced a deadline on PPI claims of 29 August 2019.
Why might I need to get my claim in earlier?
Between 2013 and 2015 companies wrote to 5.5 million people to tell them they were at high-risk of being mis-sold PPI and should make a claim.
Those letters warned that people had only three years from the date of the letter to get their claim in – and the FCA has said those deadlines stand.
So, if you got a letter you may have already missed your chance to get a PPI claim in, or your deadline could be looming.
If you aren’t sure if you got a letter you need to contact any firms that may have mis-sold you PPI and ask if they sent you a letter.
Put your claim in now
Whether you got a letter or not you should get on and put your PPI claim in as the FCA expects there to be a huge increase in claims as the deadline approaches which could clog up the system and delay compensation.