New time limits set for PPI claims.
The financial services regulator, the Financial Services Authority (FSA) has told banks and loan companies that they should review the past sales of Payment Protection Insurance (PPI) policies and write to customers who they find may have been mis-sold these policies even if they have not made a complaint.
This review sounds like a good deal for customers and may mean that some people will get back the premiums they have paid for mis-sold PPI policies. However, what the FSA has not done is set down any guidelines on what the banks should be looking for and who they should be contacting. The banks and loan companies are being allowed to decide which policies were possibly mis-sold and which clients this may affect. It is therefore vitally important that no one sits back and waits for their bank or loan company to contact them or to simply send them a cheque. For many years the banks and loan companies have defended the sale of PPI policies and continue to defend the sale of many policies still.
When or if the banks write to their clients they won’t be telling them ‘we have mis-sold you this policy because…’ what they are more likely to say is ‘it is possible you have been mis-sold this policy and if you feel you have been mis-sold you should raise a complaint about this now’. Your bank or loan company is not going to investigate the sale simply because they have written to you and won’t simply send you a cheque if you write back and say ‘I think I have been mis-sold because you have told me I may have been’. Any complaint made will need to be made in the correct manner, will need to be based on facts and will have to explain why the policy may have been mis-sold. And if you don’t respond to their letter, then you may run out of time and NEVER be able to get back the money you are due.
It is now more important than ever that you look at your loans, past and current and if you feel you have been mis-sold PPI you should reclaim the PPI premiums as quickly as possible. Don’t wait for the banks to admit guilt, they wont and don’t let time run out on your claim. Get your claim in now and beat the PPI deadline!