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Present Status of PPI Claims

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In the last decade or so, there have been an approximate number of PPI policies worth about £50 billion or more that were sold. With the PPI fraud exposed completely, triggering a huge influx of PPI claims cases, a huge sum amounting to millions has already been given as compensation. This makes the PPI scandal one of the biggest in the history of financial services.

Making PPI Claims

To make a complaint on PPI mis-selling, you have to first get in touch with the bank or financial institution that sold the PPI policy to you. Though you can go to a claims management company to do the whole claim process and paperwork for you, know that they will, of course, take a small cut in your compensation if they win it for you. Another approach to claim PPI compensation is by attempting to do so yourself instead, if you feel you are confident doing so. Do your research and be prepared to be patient – the banks will not make it easy for you and have been known to deliberately put people off claiming their money back by delay and confusion tactics.

When You should Approach a FOS?

The bank or financial institution that deals with the policy should respond to your PPI complaint letter within eight weeks. The payment should also be prompt in case your compensation claim is proved to be true. You need to approach the Financial Ombudsman Service, if

  • Your complaint is turned down by the bank or financial institution
  • There is unnecessary delay in the response

The Financial ombudsman service will then conduct a complete review of your circumstance and help you get your PPI money back.

Speedy Resolution

Since the PPI scam has been exposed only in 2011, the number of affected cases has increased enormously. The spurt of fresh cases does not seem to abate. This makes resolving the pending cases a difficult task.

With the current trend, it may take more than three years to solve the amount of complaints registered. But this does not imply that all cases will be delayed. Some may get resolved more easily and in a short time than the others depending on the PPI claims paperwork the borrower has to do. More information on claiming back PPI yourself can be found here.


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