By John Smith on Wednesday, 03 October 2018
Category: European Union

Could Brexit Effect My PPI Claim?

Although the future of Britain after Brexit still remains uncertain, there is plenty that can be done to ensure that you are ahead of the game when it comes to claiming back PPI. Here we are going to go through some of the top tips as to whether or not PPI will be affected by Brexit and how you can prevent it.

What Does Brexit Mean For Banking?

To consider whether Brexit will have an effect on PPI, we need to take a look at its impact on the UK economy as a whole.

The future of banking after Brexit is unclear, but it's important to note that banking and trading are one of the major elements that will likely be affected when Britain eventually do leave the EU.

Although this may not have a profound effect on PPI claims, it will likely impact the financial district which in turn may devalue your PPI claim. As a potential drop in the pound value could have an effect on the amount that yourPPI win is worth.

What Is PPI?

First, you need to understand what PPI is. Otherwise known as payment protection insurance, it was mis-sold to millions of people as part of loans and mortgages, the unique insurance was meant to protect the borrower should they fall ill or be unable to pack back their loans.

However, this was not the case for many and they have been wrongly paying for this insurance ever since. This has been bought to light in recent years with millions of people claiming back money that they are rightfully owed.

If you believe you might have been wrongly sold PPI you have until the August 25th 2019 deadline to make a claim.

Will This Have An Effect On My PPI Claim?

Ultimately the answer is no, as there is very little evidence that indicates Brexit will have a direct impact on PPI claims.

The only real element to consider is that the when Britain does eventually leave the EU, the economy and by definition the pound will suffer. Although this won't drive the PPI win's value down in the UK, if you wish to spend the money you were owed in a foreign country, the claim may not stretch as far as it might have before.

How Do I Stay Ahead Of The Game?

We suggest that if you believe that you may have been mis-sold PPI on your mortgage or a loan, then you make a claim as soon as possible, or at least before the Brexit deadline on March 29 2019.

This will ensure that if you do win, the value of your PPI claim won't have been depleted by Britain's choice to leave the EU, and you can make the most of the money you were rightfully owed.

Whatever you decide when making a PPI claim, do so with MoneyBackPPI, and you'll receive expert advice along the way, in addition, to supporting with your claim, ensuring the best possible outcome.