Why Women Need to Claim PPI Before the Deadline
PPI claims are dominating the headlines at the moment as the latest data from the Financial Conduct Authority (FCA) revealed the banks have paid £30 billion to customers for mis-sold PPI.
This data was coupled with the news that over 1.5 million PPI claims were made during the second half of 2017. This is a 40% increase in previous claims. The reason for the surge in claims is due to the impending PPI deadline. The FCA has set the PPI deadline for 29th August 2019, meaning the clock is ticking for those putting off making claims.
The intention of the deadline is to encourage those who have not yet made a claim to do so, allowing the banks to finally move on from the scandal over a decade later. However, the banks are still suffering immensely from the surge of PPI claims.
In 2014, a high court case opened up the opportunity for even more people to claim PPI. Mrs Susan Plevin won her PPI case again Paragon Personal Finance because 71% of her PPI sale was a commission. This was deemed as a form of mis-selling. Future claims can be made under the Plevin rule if over 50% of a PPI sale was a commission. At the time that PPI was sold, it was common for the banks to have 67% commission on the sales. This means a considerable amount of people are due a refund — even if they wanted PPI. If consumers have previously made a claim and it was rejected, they are able to make a second claim under the Plevin rule.
How do PPI Claims Affect Women?
In 2016, This is Money revealed that divorced women were missing out on PPI claims. This happened when couples had a joint loan or mortgage and the banks only offered compensation to one person. This was often the first name on the policy, the husband. Both Natwest and RBS refunded divorced women who had missed out on claims.
If you’re divorced and believe you might be due a refund, chase it up with the bank as soon as possible. If you are on amicable terms with your ex-partner, contact them to see if they have made a claim or have the previous paperwork. You both could be due a refund.
There’s Another Reason Not to Put a Claim Off
If the deadline wasn’t enough to persuade customers to make a claim soon, there’s another significant reason not to delay a claim. Many consumers could face an earlier claims’ deadline. This will happen if people previously received a letter from their bank notifying them about a PPI claim.
In the past few years, some people were sent a letter from the bank saying they are entitled to claim PPI. If consumers acted upon receiving the letter, they will have received their refund. But, if this letter was sent to an old address or not responded to, people will face an earlier claims’ deadline. From the date of the letter, consumers will only have three years to reclaim their PPI refund. Over five million people could face this earlier deadline.
If you did receive a letter and missed your deadline, it’s still possible to make a claim under Plevin. While this may result in a lower payout, at this point, it may be the only option.
Even if you can’t remember buying PPI, it’s worthwhile checking any old statements from credit cards, loans, and mortgages. Many people have made a PPI claim after discovering they had it without their knowledge. In just over a year, the adverts will end and the PPI deadline will arrive. Find out now and make your claim — it’s not worth missing out.