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How will the PPI deadline affect claimants?

In recent news which is taking the whole world by storm is the announcement which has been made by the FCA to put a deadline on PPI claims. According to the statement which they have made, even though the deadline has not been fixed as such, it would be sometime around the spring of 2018. In this way, no longer will the claimants be able to stretch out their deadline. If they would like to receive some form of monetary compensation, they would have to do it within 2018.

The reason for implementing a deadline for PPI claims

For quiet some years, all the banks had already been pushing for a deadline on the PPI claims. This is because they had been paying huge amounts in the form of refunds. Amongst all the major banks, the amount was almost 20 billion pounds which they had set aside for repayment. After the announcement was made by the FCA, this has actually been like a wakeup call for all the claimants. No longer would they be able to sit and wait out their timeline. This announcement was mainly made after the research results were published which was conducted by the FCA.

Amongst 15,000 individuals, there were at least three or four people who did not even know what a PPI claim is. In addition, it was also found that they were in no hurry to get their PPI claims. But thanks to this open-ended situation, it has actually created a sense of inertia amongst the customers.

They would now be more motivated to bring forward their PPI claims thanks to this deadline which has been set by the FCA. Therefore by setting this deadline, it would also help the financial corporations to build again their customer confidence. Thanks to this biggest mis-selling scandal and other controversies, the trust in banks has actually become more like a joke.

Bringing awareness to the masses

For all those people who have at least some amount of knowledge regarding the PPI claims, this whole scandal would not come as a surprise to them. Instead, for some people, it would be more like old news. The reason why it is important that the mass public in general know about this PPI claims scandal is because PPI was mis-sold in a vast number of ways.

One way is that PPI claims were included in the finance agreement without the consent and knowledge of the customer. In this way, it was found that there were millions and millions of people who were paying for it without even having any idea about it. That is why the FCA has taken this initiative to bring more awareness to the general public. They are urging the people to come forward and make their PPI claims.

Concerns about the PPI deadline

Just like any decision which is announced, this decision also has some concerns which are being raised. For instance, it is a good thing for the banks as it would allow them to redress their image and help in increasing the customer trust and confidence in them. But whether it would be a good thing or not for the customers would still need to be seen.