The simple answer is yes. The Payment Protection Insurance (PPI) saga will be drawing to a conclusion. The Financial Conduct Authority (FCA) conducted a review during 2015, publishing their findings in September 2015. They are now working with the various Lenders to bring about a date when the submission of claims is to stop. That date is to be some time in the spring of 2018.
Although the final date is yet to be announced, it is clear that whilst the “stop date” for submission will be in spring 2018, the claims themselves will likely continue on for several years after, as the Banks who are dealing with complaints have to deal with those already submitted, and the Ombudsman (who has at present got a backlog that will no doubt continue until this time) works through the outstanding cases that they have.
The whole PPI banking saga has rumbled on for a number of years now, with Lenders having paid out (up until October 2015) some £25billion. It is an important milestone that a time limit has now been put in place so that this saga can be put behind everyone. Anyone therefore wishing to make a claim has an ample opportunity to do so.
If you have not made a claim (and there are millions of people with tens of millions of policies that have not already done so) then it is essential that you look into this now. We represent a whole host of clients who have no paperwork, no details with regard to the facilities and do not even have a clear idea as to whether PPI has been applied to their facilities either ongoing or closed. Many of the facilities that are yet to be looked at in detail with regard to a refund took place in the 1980s, 1990s and beginning of 2000s. Whilst the Lenders will always suggest that they are too far back, these complaints can of course be reviewed. Our oldest claim was against Barclays in 1987 which was ultimately successful.
Therefore it is essential, regardless of the amount of information that you have, that you look into the claim now and provide the name of the Lender so that we can pursue an investigation, in the first instance to establish if there was PPI, and subsequently if PPI was applied to consider taking a complaint forward. We have been dealing with complaints now since the late 1990s. We have represented many thousands of clients in the recovery of funds regarding a myriad of complaints, not just those in relation to Payment Protection Insurance.
We work on a purely “No Win No Fee” basis. Should a claim prove successful, our fee would be 20% plus VAT on any monies that have been recovered. Of course, if there is no refund (namely due to the fact that there was no PPI, there was no facility located due to the age, or for some other reason) there is no fee to pay. With this in mind – there are no barriers to you in looking into the mis-sale of Payment Protection Insurance should you have not done so already. Therefore, it is essential that you contact without delay, as the time when the claims will end is bound to fly by!