If you are sure that you are entitled for PPI compensation and you are planning to claim the money you should be aware of the time span and the steps involved in the procedure. There are many independent companies offering their quick and reliable services.
It is not necessary that they will complete the procedure in the given timeframe. Sometimes it takes longer. However, you can still calculate the estimated time limit with the help of a PPI calculator.
Here is a step by step guide for people who are completely unaware about the procedure. Step by step explanation is given below:-
Registration Of Your Claim
First make initial contact with your lender and formally register to claim your PPI costs. All lenders have different time spans for responding to claims filed. It is commonly anticipated to be completed within two months after you place your registration. Some lenders may offer you a smaller amount in return for a fast settlement. You must be eager to get your settlement as soon as possible, but it is always recommended to wait until you finish the entire procedure.
Approaching FOS
In case your lender refuses or ignores your claim, the first thing you should do is request FOS to review your case. The FOS will examine your case by collecting evidence from you and your lender, and then come to a suitable settlement.
The FOS reviewing time directly depends upon the complexity of your case. If your case is of first class importance the FOS will review and provide a settlement as soon as possible. There are hundreds of cases relating to PPI settlements with the FOS department. They had to hire 1000 extra employees just to settle the extra work load.
Financial Settlement
Once your case reaches a point where you are satisfied with the conclusion, then the agreed amount is returned to you. The repayment or the recovery of the PPI costs is usually through check or bank transfer. Most commonly the lenders agree and pay the compensation amount within 28 days of completion of the settlement. If FOS was not involved in your case the lender will require you to accept their offer as final and full settlement before they make the actual payment.
With the help of this article you can estimate the time taken to complete the whole procedure.
