With PPI claiming at an all time high UK banks are again this week pushing for a deadline for claims. They want the FSA (Financial Services Authority) to settle on a date after which no more claims on mis-sold Payment Protection Insurance can be made. The banks want the end of claims to be April 2014, giving just 8 months to get your claim in, if the FSA agrees.
The Financial Services Authority stated “We have had initial discussions and are prepared to consider the merits of this and other options,”. They added “However, our key priority is to ensure consumers are protected, so the FSA board would need to be convinced that any proposals would be in the interests of consumers. A key consideration will be the potential to get compensation to more consumers, more quickly.”
There is a chance that the deadline will be brought in next spring, but even if it doesn’t get the go-ahead this time eventually PPI claiming will end. As you can imagine the banks are not happy about paying out the 13 billion pounds set aside for mis-sold PPI and don’t really want to pay out any more, and with an estimate of a 40 billion pound total for claims you can understand why they keep calling for a deadline.
If the deadline does get the green light the banks have said they will fund an advertising campaign to make more people aware that they can claim back their mis-sold Payment Protection Insurance. This again shows how desperate they are to end claiming. Banks are already sending out letters to customers believed to be subject to mis-sold PPI.
So now we wait and pray that the FSA refuses the deadline. If you haven’t checked to see if you’re entitled to make PPI claim now is the time to do it!
Incidently you can check out the Martin Lewis PPI claims information page to learn how to get your money back without going to a PPI company. It does involve doing it youself but it’s fairly straight forward once you learn what you need to do.