With so much coverage that surrounds PPI, it can be difficult to understand when the best time to file a PPI complaint is. A PPI check online can only show you whether or not you’re eligible for compensation, not when you should file a claim. In this comprehensive guide, we’re going to explain exactly when the best time to file a PPI complaint is and why.

The Best Type Of PPI Claim You Can Make

Before considering when to apply, you need to have decided what type of PPI claim you intend on making and whether or not you are eligible for said complaint.

The first type of claim and the most common kind is based around PPI being wrongly added to one of your policies when you took out a mortgage, credit card or loan.

The criteria for this type of loan includes; if a lender lied to you that PPI was compulsory, that you had PPI added without your consent, you were told that adding PPI to your policy would decrease your loan’s value if it was sold to you as unemployment or illness cover.

The other type of claim you can make is based around whether or not more than 50% of your PPI’s commission went back to the lender.

Introduced by the Financial Conduct Authority, the ‘Plevin Rule’ is a new law which deems if more than 50% of a consumer’s PPI cost went as commission to the original lender, and they weren’t told, then they are entitled to compensation.  

The Best Time To File A PPI Complaint  

As for the best time to file a complaint, you should do it as soon as possible. While the official PPI deadline isn’t until the 29th August 2019, if you want to beat the masses and avoid potentially missing out on your compensation, then you should definitely file your complaint today.

The nearer that you file a claim to the deadline, the more chance you could have on missing out on your compensation altogether. If, for example, you were to apply on the eve of the deadline’s closure, it’s likely that most PPI provider’s phone lines will be engaged and web servers crammed with people attempting to receive their claims at the last moment.

Whereas, if you apply now, you will be able to take advantage of the Financial Conduct Authority’s order to ensure that all lenders and banks make it as easy as possible for claimants to check whether or not they have outstanding PPI compensation, an order that can account for the deadline day rush.  

What’s more, if you apply now you can use claim management companies for a reduced price. With the announcement of the PPI deadline, many of these companies have begun to offer their services for an all-time low price, in an attempt to recoup as many profits as possible.

Hopefully, this guide has provided you with some guidance when it comes to the best time for filing a PPI complaint and the best type of claim for you. Good luck!