First it is important to consider if you truly were mis-sold the Payment Protection Insurance (PPI). Financial expert, Martin Lewis, explains, 'If you were given employment cover but you were self-employed, or if you were not asked about a pre-existing condition, you are likely to be a mis-selling victim.' Thanks to the vast amount of attention and publicity the PPI scandal has attracted, a majority of loan companies now have a useful PPI dedicated hotline, speeding up the process.
In June 2011, HSBC were granted an extension by the Financial Services Authority, allowing them temporary freedom to extend the period of time allocated to handle each individual PPI complaint. This extension had already been awarded to both RBS and Lloyds TSB, these banks granted a maximum response time of 16 weeks for complaints received 21 April- 31 August 2011.
Those who logged their complaint after 1 January 2012 are able to expect a slight improvement in their situation, the estimated response time returning back to eight weeks. Barclays bank extension differs to this in that the FSA/Ombudsman waiver allows any complaints received by Barclays 21 April- 1 October '11 a maximum extension period of 16 weeks. PPI complaints made after 1 October returning to the standard 8 weeks.
Even if your complaint was rejected by lenders up to two years ago, you may yet receive compensation as banks have been ordered to re-examine past cases. Even if you have not registered a complaint, the rules brought in by the FSA/FOS -and enforced by the High Court- demands that all previous customers who purchased PPI be re-examined and approached.
In addition to this, the FOS has introduced a proposal for 2012 stating that a supplementary sum of 350 will be charged to businesses for each mis-sold PPI case referred to the Ombudsman. To combat any unfair charges of one-off or unfounded PPI cases against businesses, the amount will only become chargeable if these companies have more than 25 cases per annum. It is hoped that these changes will bring about the much needed progress for this year in the PPI reclaim debacle.
In June 2011, HSBC were granted an extension by the Financial Services Authority, allowing them temporary freedom to extend the period of time allocated to handle each individual PPI complaint. This extension had already been awarded to both RBS and Lloyds TSB, these banks granted a maximum response time of 16 weeks for complaints received 21 April- 31 August 2011.
Those who logged their complaint after 1 January 2012 are able to expect a slight improvement in their situation, the estimated response time returning back to eight weeks. Barclays bank extension differs to this in that the FSA/Ombudsman waiver allows any complaints received by Barclays 21 April- 1 October '11 a maximum extension period of 16 weeks. PPI complaints made after 1 October returning to the standard 8 weeks.
Even if your complaint was rejected by lenders up to two years ago, you may yet receive compensation as banks have been ordered to re-examine past cases. Even if you have not registered a complaint, the rules brought in by the FSA/FOS -and enforced by the High Court- demands that all previous customers who purchased PPI be re-examined and approached.
In addition to this, the FOS has introduced a proposal for 2012 stating that a supplementary sum of 350 will be charged to businesses for each mis-sold PPI case referred to the Ombudsman. To combat any unfair charges of one-off or unfounded PPI cases against businesses, the amount will only become chargeable if these companies have more than 25 cases per annum. It is hoped that these changes will bring about the much needed progress for this year in the PPI reclaim debacle.
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