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What is the PPI time frame?

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There are less than 11 months left to make a PPI mis-selling claim. Many people are caught out because they aren’t aware of the PPI time frame. Here’s how to ensure your claim isn’t rejected.

The declaration of mis-selling

Where your lender has provided you with notice of potential PPI mis-selling in your contract, a three-year countdown begins. This ends with the expiry of your claim. In this case you will not be able to obtain damages from your lender.
By submitting a PPI claim to your lender, you will allow for this period to start running. This is because the Financial Ombudsman Service (FOS) considers the claim as notice. An exception to this system exists and can be triggered where the lender gives its consent for the case to be ruled by the FOS.

The expiry of the claim

Most cases which fail on timing at the FOS fall under the 6-year limitation. This limitation starts running from the completion of your contract. For example, if a contract containing PPI ended in March 2013, you may claim the PPI until March 2019.

Once the six year deadline is passed, it sometimes remains possible for a you to bring your case to the FOS. But this is only when the opposing party agrees to it.

The absolute deadline

The final deadline for PPI claims is the 29th August 2019. This is absolute. This means that no new PPI mis-selling case will be ruled by the FOS past this date.

Yet, where a broker was used, and they received a commission, you may still be able to make a claim. This claim will not be based on the selling of PPI, but on the duty of the broker.

Such a claim will depend on the probability that the broker was influenced by the commission they received. Where the commission has resulted in a breach of duty to act in your best interest, you will be able to claim the commission the broker received.

If you believe you might have been mis-sold PPI and need support to secure compensation our expert solicitors can help you. Get in touch today and you can avoid falling under the PPI time frame limitation.