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PPI – Customers facing further delays in payment

As the rate at which payment protection insurance (PPI) compensation claims have been flooding in, it’s no wonder there’s a bottle neck developing, resulting in many Lloyds, NatWest and Barclay customers facing further delays in receiving their compensation payments: money they are due back as a result of mis-selling PPI. But, as consequence of these delays, and if you do find you're one of the many unfortunates in this position, then take some consolation in knowing you may be inline for some extra money.

Lloyds TSB is now predicting a 56-day delay for some customers in receiving their money: more than double the previously forecast waiting period. Some people are waiting even longer.

But the Financial Ombudsman Service has made it quite clear that banks and other lenders must pay any and all interest due on compensation payments regardless of the length of delay, up to the date of eventual payment. So, if you have applied for a refund that has been delayed, then you should consider making a further claim. You won’t be offered this extra money, so will need to speak up.

PPI was intended to provide a safety net, a means of income in the event of unemployment through illness, redundancy, or injury, but tens of thousands of people were sold this type of insurance that could never have benefited from it, if the worst had come to the worst. Many were told it was compulsory! Meaning no insurance…no loan, but that was unfair and was untrue. PPI policies were a minefield of traps and ambushes: and the staff that sold these products weren’t on your side, they were there with one objective, one mission…to get your signature, and earn a nice big, fat commission.

The new reforms will mean in future that banks and other lenders will, in the future, face real competition for protection products; where in the past there was very little, or none. As a consequence of these reforms, the prices consumers currently pay for PPI should fall significantly. Watch this space.

 

If you have taken a loan out in the last 10 years then in betting terms, it is odds on you were offered PPI, or you bought PPI without your knowledge. If you find the prospect of checking or reclaiming PPI a stressful proposition, or have no appetite for completing lengthy questionnaires and dealing with indifferent providers, then contact one of our team- we can usually give a quick and truthful answer as to whether there is a valid claim for PPI repayment. Even if you can’t find your policy documentation, don’t worry, it is not necessarily a lost cause because somewhere along the paper trail there will be payment and transfer records to help verify your claim.






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BulletpointsAverage claim value £2500

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BulletpointsNo Upfront Fee's

BulletpointsOn average our PPI claims take 12 weeks

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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!