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One year to go until the PPI deadline

Posted on: August 28th, 2018 | Author:

A year flies by, August 2017 saw the robot Arnie start warning about the PPI deadline, Uber is under investigation for “snooping” on its app users and Theresa May starts the Brexit negotiating. All of this only seems 5 minutes ago, yet it has been a full 365 days. And now, there is only one more year for people to check if they are owed PPI compensation.

29th August 2019 is the official deadline  to claim PPI compensation, after this date, the Financial Ombudsman will no longer listen to customer complaints. So far, around £46bn has been reclaimed in compensation, but it is estimated that there is a total of £100bn to be reclaimed.

According to the Express*, here are the top 10 lenders who have paid the most PPI compensation

  • Lloyds Banking Group £19.3billion
  • Barclays £9.7billion
  • RBS £5.1billion
  • HSBC £3.4billion
  • Yorkshire Bank/ Clydesdale £2.5billion
  • Bank of America (MBNA) £1.6billion
  • Santander £1.5billion
  • Citibank (Egg) £0.8billion
  • Co-operative Bank £0.5billion
  • Northern Rock/UKAR £0.5billion
  • Others £1.4billion

Over 45 million policies were sold from the late 1980s, but it was very clear that many policies were sold to people who didn’t want or need it – or not be eligible to claim on it if required. Yet, only around half of the compensation estimated to be owed has been paid back in the past 10 years. With only one year to go, it is very doubtful that the rest of the £100bn will be claimed by those that are owed.

A recent Survey from the PFCA** showed that nearly half of people were still unsure if they had paid PPI on their finances. Showing it’s now, more important than ever to check for PPI mis-selling and claim compensation you could be owed.

Crystal Legal Services

Having traded for over 9 years and supporting over 45,000 customer successfully claim compensation a total of £45m, we believe we’re an expert in PPI reclaim. Our average PPI award for successful claims is £3,755*** and have even managed to claim compensation where other companies or individuals have failed. We are proud of our customer service rating of 4.5 / 5 from independent reviews on Feefo.

Working on a “no win, no fee”^ basis, our team will work hard on investigating for PPI (on many occasions we have been successful in uncovering PPI where the client has forgotten they had paid) and claiming compensation on your behalf if it is found to be mis-sold.

Want to start your PPI check? Simply complete the details on the form and one of our agents will be in contact. Alternatively you can call us direct on 01270 446611


*https://www.express.co.uk/news/uk/1008527/PPI-payouts-beyond-grave-windfall-thousands-dead-relatives-most-expensive-scandal-Which

** http://www.pfca.org.uk/news/2018/apr/70bn-ppi-redress-still-to-repay-an-independent-survey-reveals-awareness.html

*** Average PPI compensation award on all successful claims in 2017  before taxes, charges and deductions

^ A fee may be payable if you cancel after the 14 day cooling off period

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