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What does the August 2019 PPI deadline mean for me?

29th August 2017 - posted by Chris McCabe

The clock is now ticking if you still need to claim back your PPI. The Financial Conduct Authority (FCA) has pushed the button on the two-year countdown encouraging people to seek compensation before 29th August 2019.

And with banks having set aside £36bn for compensation claims, now is it time to act.

Why should you make a claim?

The PPI scandal has been going on for some time and the FCA has now started the process towards the beginning of the end.

While many claims have already been made – we’ve processed 50,000 alone this year – there is still £10bn to be claimed.

I’m not sure whether I had PPI

Customers were sold PPI with products such as mortgages, credit cards and loans, but many didn’t know about it.

If you’ve ever had any of the above products, it’s worth checking if you’re owed money. If you don’t have the original paperwork that went with the loan, a trusted PPI claims company will still be able to check if PPI was present.

What’s the rush? I’ve got two years!

Even though the two-year deadline seems like it’s quite far away, it’s better to get your claim in sooner rather than later so it can be processed. It can take a while, especially if your claim is referred to the financial ombudsman.

If you believe you might have a claim, get in touch with us as soon as possible. In the meantime, check out our interactive map to see how much could be left to claim in your area.

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