As with most things in life, reclaiming compensation for mis sold payment protection insurance comes down to two things: time and money. Two of the most common questions we get asked from people thinking about making a PPI claim are:
- How long will my PPI claim take?
- How much compensation will I receive if my PPI claim is successful?
Most companies respond to a PPI complaint within 8 weeks. This means the lender must acknowledge your complaint, confirm if your complaint has been successful or not and, if it has, how much compensation you are likely to receive.
However, due to backlog of complaints which were put on hold pre Judicial Review and a rapid increase in the number of claims following the ruling, the Financial Services Authority has agreed with some Banks e.g. Lloyds TSB, Halifax, Royal Bank of Scotland, NatWest and HSBC to have the following extended timeframes:
- Complaints received on or before 31 August 2011 must be responded to within 16 weeks
- Complaints received between 1 September and 31 December 2011 must receive a response within 12 weeks, and
- Complaints received on or after 1 January 2012 must be responded to within 8 weeks.
Understandably people want to know how much they compensation they are likely to receive from their mis sold payment protection insurance policy.
Whilst there is no way to exactly predict how much compensation a claim will get, we have created an online PPI claim calculator to help give you a ballpark figure. Please remember though the calculation is an estimate and cannot be guaranteed.
When using the online PPI claim calculator, you will need to know the following information:
- Loan amount i.e. how much you borrowed
- Total term i.e. how long you had to pay back (in months)
- Remaining term i.e. how long you have left to pay (in months).
If you have paid your loan in full you can still make a claim for mis sold payment protection insurance.
At PPI Return, we will work diligently on your behalf to recover the compensation you deserve. To date, we have recovered over £20m in compensation and our average claim is worth £2,500^. Last month, our top claims included:
- £58,923 (Barclaycard)
- £24,464 (NatWest)
- £19,616 (Lloyds TSB)
- £16,567 (Blackhorse)
- £15,835 (HSBC)
- £15,074 (The Co-operative Bank)^
Content correct at time of publication