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Archive for tag: Reclaiming PPI

Reclaiming PPI Takes Ages, Too Much Fuss and Doesn’t Apply to Me…

We here this so many times but claiming back payment protection insurance premiums is not difficult; in many cases, in fact, it is relatively straightforward but even where cases are complex or claims refused, there are still ways to address the PPI compensation issue…

Takes ages…

Time is important when it comes to making PPI claims. Many people believe that they are beyond time limits or the whole process takes far longer than they think but when you use a company like Payment Protection Scotland, they know what needs doing and when a response needs to be received.

Straightforward cases, with PPI added to and clear reasons this was mis-sold should take between 8 and 12 weeks to resolve. However, some banks are more inundated with PPI claims than others but they still need to respond to you within an 8 week time frame.

This response could be something along the lines of "we have received your case and are looking into it; you will hear from us again by……" The banking regulator has told banks they must stick all deadlines and if they cannot, they must inform the customer, giving them a clear idea of when they can expect their PPI compensation claim to be resolved.

Too much fuss…

Straightforward claims are relatively easy to resolve and take very little fuss than other cases. However, what many people are basing this claim on is that in the early days of PPI compensation claims were slightly fraught and any compensation claimed was a fraught process.

Banks were reticent about paying back PPI premiums in the early days as they knew that once the PPI ball was rolling, it would be very difficult to stop! However, with judicial reviews and pressure from consumer organisations and the like, the PPI compensation process is now much, much smoother.

Doesn't apply to me…

Many customers think that the windfalls they have been reading about is all about someone else's good fortune. The biggest pay out believed to have made thus far is approximately £86,000. The accumulation of credit cards and overdrafts over time led to this large pay out.

It may be that your PPI compensation is a more modest figure; the average is currently thought to be around £2,750 but for many people, this is a welcome injection of cash back into their bank account.

Many customers, of course, receive much more than this and some people receive less; either way, it is YOUR money that you have been made to payin error by your bank. No matter how large of small the sum is, on principle, you should claim your money back!