We’ve all heard the adverts on television about unclaimed PPI and how we can benefit if we have been mis-sold PPI in the past. It is important to note, however, that this cannot go on forever and that there is in fact a PPI claim time limit which must be adhered to if you wish to claim your money back in the event that you have been mis-sold PPI. The PPI deadline is fast approaching and it is important to ensure that you are prepared for this well in advance if you don’t want to miss out, so we have put together a brief guide to the PPI deadline itself and how you can go about giving yourself the best possible opportunity to make a successful claim.
PPI Claim Time Limit
The official deadline for PPI claims is August 29th 2019, as set out by the FCA (Financial Conduct Authority). This means that no claims will be able to be processed after this date and if you have not begun the process of reclaiming your PPI money then you will have missed the opportunity, potentially forever.
Whilst August 2019 seems some way off currently, it is advisable to begin the process of your claim as soon as possible in order to give yourself the best possible chance of success. The reason for this is that there are still such a high volume of claims still being processed and in an ideal world you want to be as far up this queue as possible.
Is It Worth It?
Here at Consumer Rights we believe that the short answer, yes. The average pay out for a PPI claim is around £3,000, making it well worth the potential hassle it might initially cause you. In reality PPI claims vary on a case by case basis and it is impossible to say exactly how much money you are likely to recoup if you make your own PPI claim, but the statistics show that if you are successful it can be a very beneficial thing to do.