PPI Deadline.
07 Jan 2018
Dear LPG,
We have all heard the initials PPI, and for at least the past nine years certain insurance companies have been trying to get people to claim compensation using their services after which, if any money is won, they take a relatively large percentage of that compensation as their fee.
I was watching TV the other day and I saw an advert that mentioned that the closing date for completing and submitting any initial claim application paperwork for PPI will be 29 August 2019. The TV advert features an animatronic head of Arnold Schwarzenegger rolling around on wheels and shouting at worried shoppers. Watching it made me forget that claiming PPI is not obligatory. It is obviously designed to get our attention and I did find it quite intimidating. So firstly we need to remember that we are not going to get into any kind of trouble for not claiming, although it is our money and we should get it back if there is any owing to us. We also need to remember that we do need to do something but we do have over a year to find out if we are missing out here.
This is not the only date to be considered either. On 1st October 2017 a new law put some interesting sanctions in place, which are predominantly aimed at the insurance companies, and that will limit their ability to exploit the ‘no win no fee’ aspect of helping with claiming any money that is owed.
You will note that though the British public still receive more than the acceptable number of nuisance telephone calls, there are fewer these days, and a much smaller amount of then surround the subject of PPI claims.
It must be that a lot of people still don’t know exactly how to find out if they are eligible to claim. When I first realised that I was owed money, I phoned the company I suspected of owing it to me and they had their own PPI department, although that was about three years ago now, and I had no problem getting back all the money I was owed. It really is better to approach the company concerned before seeking the help of a ‘no win no fee’ service.
KE, New Cross
