What is the Claims Process?
This process is for PPI and Packaged Bank Account claims only. This process is different for Rejected and Partially Refunded PPI cases.
The claims process and time-frame is dependent on a number of factors, such as whether your provider is initially able to locate your details on their systems, whether they require more information in order to investigate the claim, and whether they choose to accept or reject the initial claim.
Step 1 – Obtaining information (1-6 weeks)
We do not need account numbers, dates or paperwork so please do not worry if you no longer have these.
We have electronic systems set up with the majority of financial providers which allows us to quickly check to see whether any of your accounts have had PPI added to them.
If it is established that PPI is present then we launch the claim.
Step 2 – Claim launched, await a decision (4-12 weeks)
We build cases based partly on your recollection of the sale, along with a more technical argument based on our extensive knowledge of consumer contract law and insurance sales regulation, to ensure the strongest possible case is put forward.
Once your provider has confirmed they have received all they require in order to investigate the claim they are allowed 8 weeks in which to provide their decision to the claim.
A provider will either accept liability and make an offer of compensation, or they will reject the complaint.
It’s just another tactic that most providers use to try and wriggle out of paying compensation for their wrong-doings, and many of them have been fined for doing so.
We will review the rejection and if we believe it is unfair we will look to counter it, which often results in the provider backing down and making an offer.
If they don’t then we take the matter to the Financial Ombudsman Service (FOS).
The FOS are independent and they review the case, and in the majority of the time they agree with us and order the lender to make an offer.
Step 3 – Offer of compensation (1-4 weeks)
If your provider accepts liability that the PPI or PBA was mis-sold they will probably make an offer of compensation.
Once we receive the offer we check it to ensure it is fair and reasonable, and calculated according to the guidelines set out for lenders to abide by.
You will also receive the offer. If the offer is acceptable the compensation is usually disbursed within 28 days.
You may even find sometimes that the compensation is in your bank account before the offer of compensation letter is received!
Step 4 – Financial Ombudsman Service (12-24 months)
The FOS have consistently overturned the majority of initially rejected claims by providers.
If this is the case with your claim the FOS will order the provider to make an offer of compensation.
The only downside to cases going to the FOS is the wait, again down to the sheer number of rejections providers are issuing daily.
The FOS have a backlog but it’s usually well worth the wait.
So… there you have it, that is the PBA and PPI claims process. What are you waiting for, let’s get started!
If you have any questions we are available via email, telephone or why not take advantage of our live chat facility to speak with our experts.