Following the deadline for making a Payment Protection Insurance (PPI) Claim on 29 August 2019, Lenders can no longer accept new Claims for PPI. However, there may be exceptional circumstances that mean it is still possible for you to Claim. We have detailed the options that may be available to you, if you missed your chance to make a Claim.
Where there are “exceptional circumstances” that prevented you from making a Claim before the deadline, Lenders may still accept your Claim. They may ask you to explain the circumstances and why you think they are exceptional and they may also request evidence from youi. The Regulator has not given specific examples of the type of circumstances that may fall under this category, however it could be scenarios such as:
- You were unable to submit a Claim due to a serious illness;
- A business error has led to a late Complaint; or
- Your personal circumstances were such that you could not make a Complaint, such as experiencing a bereavement before the PPI deadlineii.
Not knowing about the PPI deadline does not count as an exceptional circumstance.
The Claims Guys cannot assist you with making a Mis-sold PPI Claim after the deadline due to exceptional circumstances.
Your Lender is no longer trading
If your Lender is no longer trading, you may be able to take your Claim to the Financial Services Compensation Scheme (FSCS). The FSCS is an independent body which was set up to protect your money in the instance that a Financial Organisation goes out of business. The deadline for PPI Claims does not apply to the FSCS, this is because the deadline only applies to Lenders that are still tradingiii.
You can find out more about the FSCS here.
You have not heard back from your Lender
If you submitted your PPI Claim to your Lender(s) before the deadline on 29 August 2019, the response to your Claim may be delayed. The Regulator has reported that final responses may be delayed until summer 2020iv.
You have previously had a successful PPI Claim
On 5 April 2016, the personal savings allowance was rolled out which enables basic-rate tax payers to earn up to £1,000 tax-free interest on their savings (or £500 for higher rate tax payers)v. If you received redress for a PPI Claim on or after 6 April 2016, you may be due a tax rebate. This is because Lenders typically deducted income tax from the compensatory interest element of your PPI offer. You can apply for a tax-rebate online or by post, through filling in an “R40” form available here.
A Plevin PPI Claim is based on a different area of law, meaning that the PPI deadline does not apply to these Claims. A Plevin PPI Claim does not consider whether the PPI policy was suitable, instead it looks at whether your Lender failed to disclose high-level commission payments they earned from your PPI premiums, which created an unfair relationship. If this is the case, you may be entitled to Compensation. You can read more about Plevin PPI here.