FAQ: Payment Protection Insurance FAQ's
Length Of Time To Make A Payment Protection Insurance Claim
With a large number of claims already made and more expected to occur in coming years, it is clear that the situation regarding mis-sold PPI is far from over.
Whilst facts and figures concerning PPI are circulated prolifically and continually hit newspaper headlines there are still some questions potential claimants are asking – such as how long does a PPI claim take?
As with all things of this nature, there is no exact answer.
The length of time that is taken will depend on a number of factors, such as who the lender is and whether information is readily available. Each claim is handled individually and that means those making multiple claims will not see delays with one claim holding up the others.
This figure covers the length of time from the beginning of the claim to the receipt of compensatory funds. This means that the application time is not included, so the entire claim process could take slightly longer.
Of course, as with all estimates there are exceptions and claimants should be prepared for their case to be settled in different time lengths. Some cases may take longer to resolve whilst others can be settled in a shorter time frame, with each case and claim being different.
Claims which can be settled by the agency or firm and lender alone will typically be completed more quickly whilst those that involve the Financial Ombudsman Service (FOS) will take longer.
Most reclaim firms will ensure that their customers remain fully informed on the progress of their case at all times, notifying them regularly with updates or additional information. This helps claimants to reach a resolution over their claim without being heavily inconvenienced.
Irrespective of how long your claim may or may not take, it is important to remember that it is providing you with the chance to reclaim previous losses. Any individual who was mis-sold PPI will have paid out for the product and is therefore entitled to reclaim this money.
Some PPI reclaiming firms have average payouts of as much as £3,000 for their successful cases – an amount of money that most people would be willing to wait a few months for.
These potentially large payouts meant that over £1billion of compensation was paid for PPI claims in 2011, putting the running total for all claims at an exceptionally high figure.
The important thing to remember is that if you are entitled to claim then the length of time involved to complete the process should be immaterial.
Whilst firms and agencies will strive to deliver results in the quickest possible time, consumers should never be deterred from lodging a claim purely because of the length of time it might take.
Always remember that it is the lenders who are at fault for mis-selling you PPI and therefore it is your right to take action in response to this.