One way of effectively reclaiming your PPI refunds is knowing the proper timing to make one. Payment protection insurance claims come in 1,500 claims an hour at the Financial Ombudsman and you’ll have much waiting on your hands if you pass a bit early, and stalled if you process it a bit late. How do you know when is the proper timing? Stay tuned to the barometer that is the news and here are a few other things you should know.
The PPI situation is becoming quite heavier for banks. Recently, the entire PPI compensation package has reached £13 billion and analysts see it as reaching for £16 billion. Lloyds is considered the biggest PPI mis seller in the country, taking almost half of the compensation package with £5.3 billion. So, if you were mis sold insurance by Lloyds, the right thing to do today is to make a PPI claim with legal help. It can be expected that Lloyds will have many claims to review on their hands as well as the FOS, so having someone do the claim for you can be helpful.
A deadline was recently proposed by the Confederation of British Industry. This means that you only have six years to make a PPI claim or you’ll not receive any legal aid from claims experts at all. Many are already shifting their attention to mis sold mortgages, CPP and the ever-returning unfair bank charges.
The FOS is actually expanding their working spaces and manpower to aid consumer PPI claims processing. Why it is good timing to file your claim now is because you might not need to wait so much as the new manpower can speed up the process. If you file at least 2 years more in the future, you might find that the temporary increase in speed due to manpower may have faded.
To get started with you PPI claim, visit the PPI Claims Company website – www.PPICo.co.uk.