There are any number of reasons why you may be seeking a PPI refund. Perhaps you were wrongly informed that a loan could only be secured if you had this form of cover in place. It may even be the case that you didn’t realise PPI had been included as part of a general mortgage deal. Whatever your reasons for making a claim, it is highly likely that you will want as quick a resolution as possible.
Unfortunately the bank or financial institution that you acquired payment protection insurance from may well be reluctant to release any lump sum without a fight. Although you do have the option to make a direct claim, it may be less time-consuming and stressful to call upon the services of a professional claims company. They will happily tell you all about the procedure and provide you with a good idea of how long it will take to obtain your money.
It is worth bearing in mind that the average claim takes 10 weeks to process. However, taking account of the potential delays, it could be 12 months until your case is marked as complete. You can give the procedure a kick-start by taking the time to fill out any forms issued by the claims company at the earliest possible opportunity. After that you will be dependent upon the negotiating skills of the experts and the willingness of the bank or other lending institution to co-operate with demands.
It isn’t unusual to hear that your initial application for a refund has been turned down. In fact there have been many stories concerning the delaying tactics employed by the issuers of PPI in recent times. On a positive note it is relatively easy to launch an appeal with the assistance of the financial ombudsman. This impartial government body will take the time to carefully consider the details of your case and act in accordance with the law to achieve the right result.
Should the PPI policy provider continue to argue the case then it may be necessary to address matters in a court of justice. Both parties will have the opportunity to outline their arguments, and some form of resolution will be found. If the legal battle is won then it is still possible that the assistance of a bailiff will be required to extract the cash. By this point you can plan with some confidence the uses to which your money can be put.
Of course some companies will stand a better chance of obtaining your refund in good time than others. It is those claims handlers with an excellent track record and long list of testimonials that are invariably the best. To be sure of receiving an outstanding service you should also look for a no win no fee guarantee.