PPI Claims How Long Does It Take
Payment protection insurance has certainly come under scrutiny and has actually been perceived by many as a scam. The intent of the insurance is to provide coverage should one become
involuntarily jobless or sick while repaying a loan to an institution. A loan can be interpreted as hire purchase agreements, auto loans, home loans, credit cards or personal loans. In many instances payment protection insurance is sold alongside the loan.
The Process and Timeframe for a PPI Claim to be Settled
Problems arise when the individual taking the loan realises that built in to the monthly instalments are insurance premiums which are very expensive. This is separate and apart from the fact that many individuals are not aware that they are, in fact, paying towards protection insurance. There are also the cases of individuals being sold PPI unnecessarily. These instances and many more prompt individuals to reclaim PPI from the lender. The question then asked is "PPI claims how long does it take?"
Many people pursuing a
payment protection claim
ask the question PPI claims how long does it take? There is no certain answer to
this question. Financial Services Authority guidelines indicate that complaints
should be investigated and a response issued within eight weeks. If your lender
admits mis-selling your claim may be settled here. If, however, the lender
rejects your complaint your next step will be to refer the case to the Financial
Ombudsman Service. The Financial Ombudsman is an independant body who is
responsible for reviewing cases where there is a dispute between a financial
institution and a customer. The Ombudsman is completely inpartial so you are
guaranteed to get a fair review. In terms of PPI claims how long does it take?
If your claim is progressed through the Financial Ombudsman it will take longer,
in some cases six months or more.
For assistance with your PPI claim, call our team on 0207 471 2000.
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