The mis-selling of PPI has become a huge issue in the UK. While there are some people who bought their payment protection insurance or PPI from their bank when they took out a loan, credit card or mortgage, many started paying for their PPI without them even realizing its costs had been added on. This is because many loan providers instantly added a PPI policy to the accounts of their clients – the huge commissions they got for each PPI policy sold explain why.
This is the reason why many individuals today are advised to check their loan or credit card accounts to see if they were paying for PPI all this time. Of course since you paid a lot of money for it, it’s only natural that you want to make use of it in case you too experience financial issues when paying for your debt. Unfortunately, banks will now reject PPIs and the only way you can still get money out from your PPI account is by filing a PPI claim.
How Long Do I Have Wait to Get Compensated?
Let’s say that you are one of the many people who filed for their PPI claims and you’re wondering when you will be reimbursed. Sadly, the compensation you’ll get from your PPI claim will take a while to be processed. While the help you’ll get from the Financial Ombudsman Service is free, your documents will take a couple of months to be processed. Keep in mind that there is a large backlog at the Financial Ombudsman Service. The FOS receives around 750 cases every week and PPI claims and complaints make up for more than ¼ of all these new cases. You can expect your PPI claim to be settled by the FOS after 8-9 months.
However if you’re experiencing financial or health troubles and you need the money fast, or you just don’t want to do all the paperwork yourself, you can also get in contact with a PPI claims specialist, like PPI Claims Advice Line. With this company, some people have had refunds within 2 months of filing for a PPI refund. Note however, that claims companies will do all the work and get you a payment more quickly, in return for a fee from your compensation payout should it be successful.