The Financial Conduct Authority has made it official in March that the PPI claims deadline would be on August 2019. UK consumers would only have two years to make their PPI claim successful and to do so, they would need to compile all their PPI billing statements, coordinate with their lender effectively and know the best avenues to ensure they could achieve success with their PPI complaints.
It is possible to keep all of consumers’ billing statements when repaying their loan, mortgage or credit card. But paperless transactions make it easier to procure all these statements. Unfortunately, banks have a six-year policy that bars access to account activity beyond six years. A data access request, which costs about £10, enables consumers to find all their billing statements in one place.
The UK’s Financial Ombudsman Service focuses on ensuring consumers resolve their issues with banks quick and effectively. If one perceives the bank to have rejected their complaints unfairly, consumers could pass their complaint to the Financial Ombudsman Service, who often gives banks a three out of 10 chance given the banks’ unfair evaluation method for PPI claims.
Lastly, even if the 2019 deadline pushes through, consumers could still reclaim their refunds for mis-sold PPI because consumers have the right to complain about fraudulent products and banks have the right to evaluate and declare the possible truth behind a consumer’s complaint through careful evaluation.