The PPI scandal has been a topic of controversy for the past few years, with many people affected by the massive scandal. It is still consistently the most complained about financial product by far.
However, only 25% of people who are owed a refund for mis-sold PPI are thought to have actually claimed and received their rightfully owed money. Proposing a deadline would therefore seem to be somewhat premature. However, the prospect of a deadline being put in place is obviously very appealing to banks, who will potentially be saving a large amount of money as they will not have to repay the masses of customers who are owed PPI refunds.
In fact, it has been suggested by the campaign group Payback Time that banks are expecting to save as much as £23 billion in unpaid PPI refunds. This very substantial figure not only explains why banks have been so eager for the deadline to be enforced, but also highlights just how much money is still owed to unsuspecting clients.
Financial experts have also suggested that banks are in a reasonably desperate situation regarding their capital, and the PPI deadline will give them an opportunity to rebuild their assets at an earlier convenience.
With the banking industry having reason to be eager for the deadline to be enforced, as well as the economy to consider, it has been discussed that the deadline will be confirmed this year, and will be enforced in June 2019. To make sure that as many people as possible receive the compensation they deserve before the deadline, an advertising campaign worth £42 million has been organised to be launched for the 2 years preceding the deadline.
If you have reason to believe that you are one of the many people still owed a refund for PPI, it is highly advisable that you should act quickly, given that banks and the financial industry are gearing up for the deadline being confirmed.
It is now more important than ever to check if you are owed a large sum of money. Many people have been refunded thousands of pounds after having paid unknowingly for PPI policies which were not beneficial to them, you could be one of the victims.
All you have to do to get the process started is complete a free check, for which you will only have to provide your name, current address, date of birth and select the relevant lenders that you have previously borrowed from in the form of a loan, credit card or mortgage. Following this, we will be able to send you the pre-filled forms for you to simply add your signature. Don’t worry, we do not need any account numbers.
With the deadline in sight, don’t delay starting the process, check today to see if you could receive a large PPI refund.