One of the most common questions we receive at PPI Return is “how long does it take to make a PPI claim?” Another very common question is how “how much compensation could I get for my PPI claim? These are very natural questions that every individual will ask at some point, keen to know how much time and effort is involved to reach a successful outcome to a PPI claim.
There will inevitably be a lot of different factors that will affect the timescale of a successful resolution to compensating a mis-sold PPI policy. At the moment there is a Judicial review in the High Court, instigated by the British Banker’s Association, which has somewhat slowed down progress. At one point, estimates for the length of time a PPI claim took stood at anything between a month and a year.
Consumers making their own PPI claims for mis-sold payment protection insurance should however pay some caution to the very quick turnaround that one month would present.
Many banks and financial lenders have historically responded in this short timescale, but alongside this seemingly quick response to a complaint, there are many recorded cases of banks offering very low compensation packages that are far below the real value of compensation an individual might expect to receive. It is often worth reviewing carefully what the banks offer in their first response and ensuring that you negotiate the best return for the PPI you were mis-sold. Our online PPI Claim Calculator will give you insight as to an estimated compensation sum you might get.
Banks and financial institutions also used to defer from taking any action or making any response to a claim, hoping that there would be a high attrition rate of consumers who give up the fight. Another standard response has been to post out blanket rejection letters, again hoping that many would give up the fight. Delay tactics are endemic but consumers are always urged to continue the fight to recoup compensation.
PPI claim firms do help speed up the process of claiming back mis-sold PPI payments. Their expertise is focused and allows them to wade through the rhetoric and bluff many banks give, as well as having strong knowledge of how much a claim might be worth.
Make A Succesful PPI Claim Today
We would like to hear from anyone that believes that they have been mis-sold PPI. We are committed to getting the best compensation in the shortest timescale and our dedicated team of PPI claims specialists can be contacted on 0800 877 8888.
Content correct at time of publication