Time Called On PPI Claims Consumers Urged To Reclaim Store Card & Catalogue PPI

FCA announce deadline on all store card, catalogue, loan & credit card PPI claims. Consumers urged to reclaim PPI before the new deadline of August 29th 2019

Macclesfield, United Kingdom – March 2, 2017 /PressCable/ —

Announcement of PPI Deadline Date Confirmed

The latest news on Payment Protection Insurance claims is that the confirmed deadline for consumers wanting compensation has been announced by the Financial Conduct Authority (FCA) as the 29 August 2019. This means that now it’s more important than ever for consumers to start their investigations into possible mis sold PPI.

According to ReclaimYourPPILtd, consumers mainly concentrate their efforts on loans and credit cards sold to them in the past, unaware that store cards and catalogue accounts is a huge area where PPI has also historically been mis sold. ReclaimYourPPILtd has been instrumental in raising awareness for consumers on mis sold store cards and catalogue accounts.

The FCA states that complaints made by consumers after the PPI deadline of 29th August 2019 will not be considered, however any ongoing complaints will still be investigated. As a result of this time deadline that has been imposed by the FCA, consumers are encouraged to raise their enquiries to find out if they may have been mis sold PPI as soon as possible as once that deadline passes, there will be no further opportunity to receive a potential redress.

Additionally, the FCA has issued a new set of guidelines for lenders on how they need to investigate any undisclosed commissions as part of the PPI sales process.

PPI was sold to borrowers alongside credit products. It was meant to help repay some or all of their borrowing if they lost their income for a period (if, for example, they had an accident, became unemployed, sick or died). The most commonly sold types of PPI were single premium policies on unsecured loans (around 48% of all PPI policies sold), credit card PPI (around 36%) and regular premium policies on loans or mortgages (around 15%) It was also systematically mis sold on store card and catalogue accounts.

Kris Knight, Managing Director of ReclaimYourPPI Ltd says:

“It is very strange in the week HSBC announce they have only investigated 2 million PPI policies out of 5.4 million that they sold, the FCA feel it is fine to impose a two year deadline, especially as it has taken HSBC seven years to arrive at this point.

We continually strive to right the wrongs of the banks and feel that this deadline is to the detriment of consumers who are unaware they may have a potential claim.

Consumers who intend to complain about their PPI claims should do so as soon as possible.”

For more information on ReclaimYourPPI Ltd please contact:

www.nextstorecardppi.co.uk

Contact Info:
Name: Kris Knight
Organization: Reclaim Your PPI Limited
Address: Sunderland Street, Macclesfield, England SK11 6LF, United Kingdom
Phone: +44-845-287-5833

For more information, please visit http://www.nextstorecardppi.co.uk/

Source: PressCable

Release ID: 174593