Don’t delay your PPI claim. Start now to receive your money within plenty of time before the PPI claims deadline.
One of the most common questions we get asked when people make PPI claims with us is “How long does a PPI claim take?” It’s an understandable question, as claimants are eager to receive the money they are owed and want to know how long the process will take. There are a few variable elements to a PPI claim that decide how it will take, so we’re here to give you an idea how long your claim can take so that you know when you are likely to receive your PPI refund.
The impending PPI deadline means that the banks are likely to be receiving more claims than ever. Lloyds is anticipating to receive 15,000 claims a week until the deadline. This high volume of claims means it could take longer than usual to resolve a case. Remember: the sooner you start your claim, the sooner you will receive your money.
Although the PPI claims deadline is set for 29th August 2019, many people could face an earlier claims deadline if they previously received a letter from their bank about being mis-sold PPI. Check the details and don’t miss your opportunity to receive money which you could be owed.
Whilst those factors will play a part in the timeline of your PPI claim, here, we’ll tell you how long it can take to make a claim and receive a refund.
How Long Does it Take to Get a PPI Refund?
While every case will vary, the banks do have time constraints in which they must resolve your PPI claim. When you first contact them regarding your PPI claim, they will write back and acknowledge that they have received your claim.
From that date, they have eight weeks to reply with an outcome. However, a claim can take up to six months. The length of time will increase if you need to discover if you had PPI in the first place. Finding all of the information and available documents can add time to making a claim. If the bank upholds your claim, you should receive your money shortly after, often by cheque.
Using a PPI claims company to make a claim on your behalf means that we will keep on top of contacting the bank for updates about the PPI claim. What’s more, we will contact you throughout the process to keep you informed about your claim.
This means that if you want to guarantee a PPI refund before Christmas 2018, you should start now. PPI claims are expected to increase in volume the closer it gets to the deadline, particularly in 2019, so we urge everyone to start as soon as possible and avoid getting caught in the traffic jam.
How Long Does a PPI Claim Take with the Financial Ombudsman?
If your PPI claim is unsuccessful and you want to refer your case to the Financial Ombudsman (FOS), this can be a longer process. Due to the number of cases being referred to the FOS, it states that it can take up to two years for the case to be resolved.
The number of complaints to the FOS has had a dramatic effect. Its number of employees has increased from 350 to 4000 in 10 years. The PPI scandal has increased the number of claims to the FOS and, as such, employees were needed to catch up and handle the number of claims.
So, how long does a PPI claim take? It varies, but there are some guidelines to map it all out. The banks have eight weeks to accept or reject your PPI claim. Of course, each bank will vary their response time and it depends if you decide to contact the FOS. But, the sooner you start, the sooner you can receive your money.
Canary Claims can start your PPI claim today. Offering a no win, no fee policy and one of the lowest service fees of 15% + VAT (18% total), we can check if you are owed thousands of pounds in an efficient way that helps you retrieve the money you’re owed.