How Long Does a PPI Claim Take?
Claims management systems software is helping to process thousands of PPI claims. But, many consumers are anxious to know how long a PPI claim will take.
PPI claims are increasing due to the impending PPI deadline. The average number of PPI complaints to Lloyds per week in the latter half of 2017 reached 11,000, despite a prediction of only 9,000. The banks are still putting aside millions of pounds to compensate customers for the mis-sold insurance policies.
The best PPI claims companies are using claims management systems software to manage PPI claims. Efficient claims software is able to process hundreds of claims per day, storing all the necessary information and functioning to help companies make claims for customers.
With the impending deadline, consumers are being urged to start their claim as soon as possible. This is particularly important as some customers face an earlier claims deadline if their bank previously contacted them about mis-sold PPI.
Many consumers wish to know how long a PPI claim will take. Before starting a claim, it’s important to have all of the relevant documents and evidence of mis-sold PPI. With all the essential documentation, a claim will be easier. Additional time will be required if consumers need to find previous statements or documents. If this paperwork can’t be found, a claims company or creditor will be able to obtain this information.
How Long Does a PPI Claim Take?
The time it takes to process a PPI claim will vary as each case is different. In the first instance, once the bank has received your claim you will be notified. The bank will usually offer a response within eight weeks of first acknowledging your PPI claim. If after eight weeks they have not been able to resolve your claim, they should let you know. If you do not have a response from the bank after eight weeks, it’s important to contact them to check the status of your claim.
If you are claiming PPI for multiple products or have a particularly complex case, this can cause a delay in the outcome.
From the time it takes to find out if you had PPI to the time you get a resolution, it can be up to six months. If your claim is rejected and you decide to take the decision to the Financial Ombudsman (FOS), your wait will be significantly longer.
Due to complex cases, the Plevin rule and the sheer number of complaints, the FOS are still working through a backlog of PPI claims. They state that a claim can take up to two years to be resolved.
How Does Claims Management Systems Software Help PPI Claims?
PPI claims companies will process claims using claims management software. This advanced software keeps claims up to date when replies are received from the bank.
This efficient software has automated follow-ups, meaning that throughout the claims process, customers are informed about what is happening with their claim. One of the most important requirements for customers is knowing that their data is kept safe and secure. This is more important than ever with the new GDPR regulations coming into effect in May.
Claims management systems software keeps all consumer data protected, allowing customers to rest assured that their data is safe. A good claims company will aim to have your PPI claim resolved as swiftly as possible and keep you up to date throughout.
Logican’s claims software, LogiClaim, can be easily adapted for any claims company. Request a free demo to see how your claims business could work more efficiently with LogiClaim.