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PPI News – 1 in 5 Brits ‘last minute’ on PPI

1 in 5 Brits ‘last minute’ on PPI

Almost 1 in 5 Brits who admitted to a new survey that they haven’t yet made a claim for possible mis-sold PPI have been urged to ‘Do It Now!’ before it’s too late by the country’s financial regulator.

The poll – conducted for the Financial Conduct Authority (FCA) – showed that, with just days to go before the claims deadline at midnight on August 29th, 18% of consumers had not yet made a claim.

Just over half said they will make their decision before the shutters come down which still leaves a massive number who may miss out on the chance of compensation for a mis-sold policy.

Every effort

The FCA said they published the data to make every effort to convince consumers to make a claim if they believe they have been mis-sold.

In the last eight weeks the regulator says it has:

  • Seen a 420% increase in web users, and 269% increase in calls, compared to the previous eight weeks of its consumer awareness campaign
  • Had more than 5.1 million users accessing its PPI website
  • Received 84,733 calls to its dedicated contact centre

Latest figures

Latest figures show £340.4m compensation was paid in June to take the total amount paid since January 2011 to over £36bn.

But there are still billions of pounds waiting to be claimed with Britain’s lenders having set aside another £10 billion to pay out future successful claims.

Rush

So great has been the last minute rush to make a complaint that many of our top banks have set aside extra millions to make sure they have enough available to pay out.

Both Lloyds Banking Group (LBG) and HSBC each ear-marked an extra £½ billion and Santander has added another £70 million.

It is understood that CYBG (the former Clydesdale and Yorkshire Bank) will be adding £100 million to its PPI pot when its annual figures are announced later in the year.

‘Last minuters’

Britain is a nation of ‘last minuters’ according to the FCA’s Emma Stranack. She said 58% of us routinely leave things to the last minute.

Things like making a tax return (20%), returning clothes for a refund (40%), paying bills (47%), returning library books (44%), booking holidays/flights (29%), buying gifts (61%), posting birthday cards (56%), grocery shopping (53%), packing for holiday (46%) and leaving the house to catch a flight (26%).

She added: “Leaving things to the last minute is natural behaviour for many of us and we’re sharing these findings to show that anyone who hasn’t yet decided on PPI is not alone in leaving things close to a deadline.

Time to act

“That said, now is the time to act. We all lead busy lives, and the FCA is prepared for a last-minute flurry of enquiries.

We extended our PPI helpline hours to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers and were available for calls on Bank Holiday Monday. Ultimately, we don’t want the UK public to miss their chance to decide.

“So, if you think you might have had credit with a PPI policy attached – particularly in the 90s or 00s – now is the time to get in touch with your provider.

You need to submit your claim by August 29th, or you won’t be able to claim money back for PPI.”

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