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The enforcement of a deadline on PPI refunds has been a topic of much interest and controversy in recent months.

The prospect of a deadline was originally proposed by the Financial Conduct Authority, and was welcomed by banks, who are eager to put a deadline on the claims. It has been discussed that the deadline will be announced this year, and clients will not be able to claim back any PPI which was mi-sold to them as of Spring 2019.

However, the prospect of the PPI claims deadline is causing a lot of controversy, as figures suggest that less than 25% of claims have actually been received by clients, meaning that the majority of clients who have been mis-sold PPI could still be unaware of the money they are owed.

Despite having supposedly set aside mass amounts of money to pay back clients who had been mis-sold the product, the banking industry are very keen for the deadline to be enforced.

So, considering that banks have suggested they have provisional funding, and surely would want to do everything possible to recover their reputation after the scandal, what are the real reasons for encouraging the PPI deadline to be enforced?

One of the major reasons the banking industry is so avid for the PP refund to be enforced is because of the savings they will make by avoiding paying back these refunds. It has been suggested by the campaign group Payback Time that banks stand to save up to a very substantial £23 billion in unpaid PPI refunds.

Another reason for banks to encourage the PPI refund deadline is that it may be a chance for them to finally rebuild their capital in a reduced time span, according to the term of the Financial Conduct Authority.

On top of this, the pound sterling is currently weak, meaning that banks’ main sources of income loans and mortgages are not as fruitful. This means that banks are even more desperate for the deadline to be put in place.

With the economy and the banking industry to consider, the deadline is looking more and more likely to be enforced. If you have any reason to believe you may have been mis-sold PPI, it is important to act quickly to ensure that you receive the money you are rightfully owed.

With a likely deadline looming, it is now more important than ever to begin your free check to see if you are owed PPI. The process is easy; it is well worth checking, and you could receive a large repayment.

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Financial experts and companies who specialise in handling compensation are preparing for a wave of PPI claims to be opened in the near future. The PPI scandal has been a highly complained about topic for the last few years, continually topping the charts as most complained about product. It is expected that another abundance of claims will be opened in the coming months, meaning companies are preparing for the workload.

A proposed June 2019 deadline is expected to encourage a wave of customers to open new PPI compensation claims as customers make sure they don’t miss out on the money they are rightfully owed.

Financial experts have suggested that less than 25% of people entitled to claim back PPI refunds have actually applied and received their pay-out.

The continuous stream of compensation claims is about to end as the possible deadline comes into place, but not before a mass of final claims are registered. In order to ensure that as many people as possible have the opportunity to reclaim their PPI refunds, the Financial Conduct Authority are about to launch a massive advertising campaign worth £42 million, funded by banks who are obviously keen for the deadline to be put in place. The campaign will ensure that everyone will be informed about PPI, how they can find out if they are eligible to make a claim, and how to start a claim.

There is no doubt that the PPI scandal has been the biggest financial controversy in recent years, with millions of PPI policies being mis-sold to unsuspecting clients who are now eligible to reclaim the money that is rightfully theirs. So far, a whopping £24 million has been paid out to customers who are owed PPI refunds, and the same amount has been set aside again to cover the influx of claims which are expected to be opened in the next two years before the deadline.

If you believe that you may be owed a refund for mis-sold PPI, it is highly advisable that you join the masses and research your situation as soon as possible. You can begin your free check today to see if you are owed any money. It is important to act quickly.

The only information we will need is your name, date of birth, address and the name of the lenders that you have historically borrowed from and we will be able to send you the pre-filled forms for you to simply add your signature for your application. Don’t worry, WE DO NOT NEED ANY ACCOUNT numbers.

Start the process today to ensure that you receive the money you are owed, and you could obtain a large pay-out.

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Money Saving Expert’s founder Martin Lewis has reported that PPI refunds are not only to be received by those who were mis-sold the product, meaning that many more people who have previously purchased PPI could have grounds for claiming back their rightfully owed money.

Lewis has proclaimed that not only are people owed their money back after having been mis-sold the product, but consumers can also make claims when a substantial amount of commission was being received by a third party such as a financial advisor when the client purchased PPI.

This recent revelation has come about on considering the implications of Susan Plevin’s case, wherein a financial advisor received a large amount of commission when Plevin purchased the PPI.

Plevin’s case indicates that she was most likely put under immense pressure to purchase PPI from her financial advisor, who would have initially been paid to provide Plevin with unbiased, honest advice, but was clearly greatly influenced by other factors.

Lewis reported that in order for commission to be considered substantial enough for a consumer to make a claim, the value received must be 50% or more on the financial advisor’s behalf from the PPI product. If an individual’s case is found to involve such a high amount of commission, they may be able to make a successful claim, just as Plevin did, to receive a large PPI refund.

As it stands, the Plevin case is still in question, the result of this case will determine if others can follow and claim on the grounds of substantial commission. The Plevin case has a deadline to be concluded by 31st December 2017.This will allow sufficient time if there are consumers who have fallen victim to similar circumstances to claim back money rightfully owed to them by the time the 2019 deadline is enforced.

Financial specialists such as Lewis are urging victims of the PPI scandal to seriously consider if they could be owed any money for a PPI refund, on substantial commission grounds, or grounds of mis-selling.

With the probable deadline drawing nearer every day, and a growing number of grounds on which you should be able to claim, it is highly important that you check to see if you are eligible to claim back PPI money which you could be owed.

If you have any reason to believe that you may have grounds on which you could claim a refund for PPI, it is important to act quickly.

The process is easy; you can begin your free check today to see if you are owed a PPI refund. The only information we will need is your name, date of birth and address, and we will be able to send you the pre-filled forms, for you to simply add your signature for your application. Don’t worry, WE DO NOT NEED ANY ACCOUNT numbers, you can count on us to ensure you receive your rightfully owed money.

Now is a better time than ever, start your application and you could receive a large repayment which you certainly won’t regret.


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Following the Brexit vote, banks such as Barclays have reported that the bond-trading division, which specialises in buying and selling loans, has seen a profit increase of around 40%.

Brexit has motivated a surge of activity in the financial world, because the future is unknown in regards to the coming value of markets and interest rates. This type of extreme dryness in the market is beneficial to loans divisions at all the major banks, who take a payment for each transaction.

One of the major banks involved in the PPI mis-selling scandal, Barclays, has announced that they will be setting aside an extra £600 million to compensate clients who are owed a PPI refund. Significantly more than what was originally predicted, Barclays has already designated £1 billion for repaying the claims in the last 6 months.

Recently, the banking industry has been increasingly eager to enforce a deadline on PPI claims, having already paid out a total of more than £30 billion for customers in the last 5 years. However, the prospect of a deadline is causing much dispute in the financial world, as it is thought that the propaganda surrounding the PPI scam has resulted in many people being wary of claiming. In fact, it is thought that less than 25% of clients who are owed refunds have actually received their claim.

With Brexit causing a mass uncertainty to the market of loans, and the prospect of a deadline looming over the ability to reclaim for mis-sold PPI, it is highly advisable to ensure that you research your position as to whether you can make a claim thoroughly as soon as possible.

If you have taken out a bank loan, mortgage, finance, or credit card, you may well have been mis-sold PPI alongside it. Many customers had no idea that PPI had been added on to their bills, and many were told that PPI was a necessary addition to ensure their loan was accepted.

If you are owed a refund for PPI, it is highly likely that you will not have been contacted by your bank, as the lender has no obligation to do so. This means that it is down to you to check if you are owed money. This process is easy with iSmart.

If you think that you may have been mis-sold PPI, you may be owed a large sum of money. You can start the process of obtaining your refund by conducting a free check. Start by simply filling out a form with your current contact details and iSmart will send you the forms to complete, all we need is your name, date of birth and address of where you lived at the time of taking out the loan and a signature; old account numbers are not necessary. Complete your free check as soon as possible to find out if you could receive a refund.

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Since the first ever case of reclaiming money for mis-sold PPI in 1992, the extent of the PPI problem has been widely communicated across the UK, via campaigns to gain awareness about the issue. Despite the large extent of the PPI awareness campaigns, some people have failed to see the reality of the problem, getting mixed up with the propaganda surrounding the scandal, associating PPI with scams, and missing out on claiming back their rightfully owed money.

Many banks breached endless rules and regulations about the mis-selling of these products, via the use of different tactics. In many cases, clients felt as though they were forced to purchase PPI under false pretences. Lenders often told people that PPI was an essential product for their loan to be accepted; some were told that PPI would increase their chances of the loan being approved; some clients were not even told that PPI was being added on to their bills. This caused many people to spend thousands of pounds under false pretences.

As a result of this scandal, banks were forced to set aside hundreds of thousands of pounds which would be used to reimburse their cheated clients.

A PPI claims deadline of two years is being strongly considered by the Financial Conduct Authority, in order to end the claims for PPI refunds. This will be decided on in the first quarter of this year, and will mean that any PPI claim made from the deadline onwards will not be valid.

However, it has been found that out of a possible £100 billion which is owed to clients, only a tiny £25 billion has actually been claimed back. This means that a mass amount of people are still owed refunds for mis-sold PPI.

On top of these astonishing figures, it has also been suggested that the £25 billion which has been paid back to clients also includes any interest on top of their claims. Statutory and account interest usually accounts for half of a PPI refund, so the £25 billion which has been paid back actually only accounts for about £12.5 billion of the PPI refund money.

These shocking figures highlight the ongoing extent of the problem, and the amount of money which is still owed to unsuspecting clients. This research also suggests that the PPI problem is nowhere near the end, as a massive percentage of money is still owed to clients who have been mis-sold products.

With the possible deadline looming, it is more important than ever to find out if you are owed any of the money which has been set aside for repaying clients who have been mis-sold PPI.

It is not always obvious that you may be owed money for mis-sold PPI. It could have been added on to any loans account, such as credit card bills, mortgage repayments, or bank loan bills.

It is highly advisable to use a FREE CHECK service to identify if you are due a refund, free PPI check. The only information you will need is your name, date of birth and address of where you lived at the time of the loan, simply complete the online form with your current contact details and the appropriate forms will be sent to you to complete and return, -Don’t delay the clock is ticking complete your free check today!


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When you submit a PPI claim to your bank or lender, a claims handler from the claims resolution department will take up your complaint and process it. Step one is where the process is often slowed down due to the emphasis on deprioritising complaints that the banks were previously employing.

There are two options available to the banks: reject the claim and hope that the complaint isn’t completed as per the judgement of the FOS. The second option is to refund the complaint regardless of the validity of the claim – which means the banks still save as they aren’t required to pay administration fees if the claim is upheld as a completely valid claim.

Banks and finance firms simply aren’t able to simplify their complaints processes and instead focus on refunding enough consumers to ensure that the problem of PPI disappears and they can get back to doing what they do best – recouping losses.

This system has made PPI complaints very difficult and almost impossible to resolve without throwing a ‘claim by’ deadline into the mix.

Without the banks taking on the task of simplifying their claims’ processes, thus giving them the opportunity to assess claims properly it may continue to run and run.

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The FCA has paid advertising specialists M&C Saatchi over £400,000 as plans to introduce a payment protection insurance deadline begin to formulate.

It is expected that the authorities are keen to bring in a PPI claim deadline for June 2019, however the decision has been delayed and is expected sometime in the first quarter of 2017.

As part of the £42m advertising proposal put forward to M&C Saatchi, the £444,412 paid to the company so far covers campaign strategies and creative development that is now underway.

The regulator has put forth a funding proposal, which basically suggests a levy on 18 firms that reports over 100,000 complaints about the advice, selling and arranging of PPI from August 2009 to August 2015.

The media awareness campaign was initially due to begin around June this year to coincide with the PPI deadline that would come in to force and two years ahead of its actual implementation to allow the FCA to produce the campaign.

PPI complaints make up around 35% of complaints to the Financial Ombudsman Service, its latest data shows, with more than 110,000 coming in the first nine months of 2016/17.


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The payment protection insurance could continue further than the predicted 2019 deadline. The FCA has held back its decision on the deadline, which means further PPI provisions for banks. Bank share prices fell after the FCA’s announcement of the delayed decision.

UK banks currently have £40bn set aside for PPI and they have only so far repaid £20bn to mis-sold consumers. However, a campaign group said banks are saving £23bn from refunds due the deadline.

According to the campaign group Payback Time, UK banks are money from UK consumers by halting PPI refunds through to the June 2019 deadline. Because of the banks failing to inform consumers that were potentially mis-sold PPI.

Historically, PPI is the UK’s biggest financial scandal. The insurance policy was sold with loans, credit cards and mortgages without considerations for the age, employment status or health of the customer.

As a result, millions of UK consumers are deemed ineligible to claim for their benefits when situations arise.

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The banks are able to take back more than £23bn in unpaid payment protection insurance compensation once the Financial Conduct Authority approves the expected June 2019 PPI deadline. New reports indicate that the £42.2m bank-finance advertising campaign is just a drop in the ocean of the possible £23bn that the banks can take back after the deadline.

According to a new campaign group the proposal for a PPI deadline set for early 2017 will limit the true figure of the PPI scandal.

Surveys by YouGove found that people thought that the government hadn’t done enough to improve bank customer service and about half of the respondents felt that the banks must inform consumers that less than half of the actually PPI is still unpaid to the victims of mis-selling.

The FCA are yet to finalise the planned deadline which is of course detrimental to the banks. Consumer groups have continued to campaign fiercely against the PPI claims deadline stating that it was unfair for customers who were sold PPI for over a decade. Currently, the UK banking industry’s total for mis-sold PPI is about £40bn with around £14bn still to be paid back to consumers.