In the UK, accompanied by Lloyds, Barclaycard, and Santander, there were many monetary associations that created an illegal havoc of selling PPI without the knowledge of customer and made a huge amount of money. There are around 18 banks and companies that are involved in the biggest financial outrage of UK.
These companies have not only collected the huge sum of money from the people but also rejected the payment protection insurance claim without any justified reason. Due to a tremendous amount of feedbacks and complaints to the watchdogs, Financial Conduct Authority (FCA) in the UKhave created a timetable and deadline for the PPI claims.
People can claim their PPI till June 2019 and also the people with rejected PPI can ask for a secondary claim. Banks have been instructed by FCA to give the money back as soon as possible and take serious action regarding these types of claims.
Proving Payment Protection Insurance Claim
Undoubtedly, people can make a claim toward a mis-sold PPI but they can get the refund only when they can prove that their claim is right. Many people will get their claims rejected due to trashy claim process so one must not look for an online form but get an official form to make the claim. In order to prove the claim true and get a refund, people can use the below-mentioned scenarios:
- Companies usually keep a copy of paperwork or record of telephone calls. This information can be used as the proof of mis-sold PPI.
- Some banks have given confirmation to FCA to have reluctantly sold PPI through oral and written conformity.
Directives to Payment Protection Insurance Claim Deadline
Using the feedback of the number of watchdogs around the country, both court and FCA have made a timetable in order put an end to PPI scandal. According to the proposal made by them, deadlines are as below:
- October 11, 2016: It was the deadline for PPI consultation. People are not able to get any consultation help after this date.
- December 2016: In December2016, all the deadlines and rules regarding PPI claims have been confirmed. It included the guideline for ‘claim deadline’, consumer communication campaign, and other changes to PPI grievance treatment.
- March 2017: By the end of March 2017, all the rules regarding the time taken to organize and accomplish the stipulation on ‘Plevin vs Paragon Personal Finance Ltd.’ Supreme Court judgment will be achieved.
- June 2017: The customer interaction movement will start in June 2017, allowing the FCA to have sufficient time to arrange the movement.
- June 2019: This is the final deadline to a payment protection insurance claim for now.
With the efforts of FCA and Court, UK is now putting an end to this huge scandal. By following the sets of guideline mentioned above and keeping the timetable in mind, people can get their money back from banks against the PPI claim.
Keith Rodriguez is your financial assistant who sheds light on the basics of claiming a PPI. He shares the timeline with you within which you can file for the payment protection insurance claim.