It’s highly likely that you’ve heard about the PPI deadline. 29th August is the cut-off date for all those needing to submit a claim to the bank regarding mis-sold PPI policies.

The deadline was set by the Financial Conduct Authority (FCA). The promotion of the deadline has involved using Arnold Schwarzenegger’s robotic head on TV and billboards.

With just seven months left to claim, customers need to identify any mis-sold PPI policies, contact the bank or use a reputable PPI claims company, and make a case for a refund.

Below are some of the key pieces of information about the deadline and making a claim.

The Deadline Is Intended to Benefit Everyone

The FCA believes that the PPI deadline is beneficial for all of those involved in the mis-selling scandal. For consumers, it encourages them to act and receive a refund, rather than continually put it off. However, many see the deadline as detrimental to consumers, as individuals should be able to access a refund whenever they identify a mis-sold policy.

The deadline allows the banks to move on and stop setting aside money. To date, over £33 billion has been paid to consumers. This figure is in addition to fines and paying for the FCA deadline advertising campaign.

Claims May Be Resolved after the Deadline

Although 29th August is the cut-off for submitting claims, it will take longer for the banks to resolve all the cases. A claim should be settled within two months at the bank — although some have been known to take longer. If the case is sent to the Financial Ombudsman Service (FOS) for a final decision, this can take many months, though some cases may have to wait up to two years to be resolved due to a backlog of PPI claims.

PPI Claims Companies Face Strict Regulations to Remain in Business

There are a plethora of reputable PPI claims companies for customers to turn to if they would like someone else to claim on their behalf. After considerable growth in the number of companies offering such services, just a few remain stable. All companies must now charge a maximum of 20% + VAT and no upfront costs. Stricter regulations for claims companies will come into effect in April when the FCA takes over regulation of claims companies.

You Can Use a PPI Claims Company or Make a Claim Yourself

Individuals can choose to make a claim by themselves or use a trustworthy PPI claims company to act on their behalf. A company will investigate any previous accounts to uncover policies that individuals may not have been aware of.

Customers Can Claim Again before the Deadline

If customers have previously made a claim but it was unsuccessful, it is possible to claim again. You can appeal to the FOS within six months of your claim. However, if your claim was rejected longer than six months ago, you must go to the bank again.

What’s the point if it’s already been rejected once? A new ruling called Plevin means you can now claim about high levels of commission on your PPI sale. If over 50% of the PPI policy was a commission, you are entitled to a refund. Many banks had 67% commission on PPI policies, which means even more individuals are eligible to claim — even if they knowingly bought PPI.

Customers Should Act Soon

The clock is ticking for customers to make a claim. Claims companies have reportedly received a huge number of complaints in the first few weeks of the year. The sooner you submit your claim, the sooner you can find out if you’re due a refund. Although the banks should offer a result within eight weeks, it’s possible that it may take longer due to the increase in the number of claims being made.