PPI Claim Back Time Limit!

Since January 2011 more than £8 billion has been paid out for mis-sold PPI.

Back then it was estimated the total industry-wide bill would only be £6m.

However, the latest estimate is that it has cost the Banks £15 billion, with it being suggested the overall bill could reach as high as £25 billion.

But the banks are still dragging their feet with refunds, forcing customers to complain to the Financial Ombudsman, who are expecting a record number of complaints this year and are recruiting 1000 more staff to cope with the demand.

Recently, the British Bankers' Association has suggested a deadline of around May 2014 for all PPI claims in return for the banks agreeing to finance a widespread advertising campaign to ensure that the public is aware of an end-date for claims.

However, all banks were supposed to have written to customers telling them they've been mis-sold PPI, but only some have and this move would get them neatly off the hook.

Citizens Advice Chief Executive Gillian Guy said:

"A deadline for mis-sold PPI Claims could only be fair if, in exchange, the banks comply with an obligation to contact every customer who was sold PPI to tell them they may be entitiled to make a claim."

The FSA is considering the request but is yet to make a decision either way.

Further Reading

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