How Long Can A PPI Refund Take?

If you believe you may be entitled to a PPI refund due to a mis-sold PPI policy, you may be wondering how long it will take before you receive the money you are owed. While it’s impossible to put an exact date on every situation as every case is different, there are deadlines in place not only for claims to be made, but deadlines on how long banks can take to respond. If you’re awaiting PPI payment and want to know how long you have to wait, or you’d like to know the PPI refund time before submitting your claim, we have you covered.

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If you’re submitting a claim against a Bank, the length of a PPI reclaim in these cases will typically be around 2-3 months. Banks and financial institutions have 8wks in which to respond to a claim after accepting the claim, if the claim is successful the bank is given up to 28 days in which to make payment- though it may take longer for you to actually receive the money in some cases. It has been known to take up to 6 months where missing paperwork is concerned, so the PPI refund time truly can vary.

Similarly, those who have had to take their case to the Financial Ombudsman Service could see themselves awaiting for payment approximately 3 months if the case is straightforward or up to 1 year for more complex cases, as the FOS needs to investigate the case thoroughly. The volume of cases that any one bank or company is dealing with at any one time can also have an effect on how long you may have to wait for your refund.

Will The Deadline For PPI Claims Affect My Payout?

Alongside the eight week deadline put into place for banks and institutions, consumers have been given a deadline too – the 29th August 2019. This deadline was introduced as a way to protect banks from the rising number of cases and ensures that all who are eligible for PPI claims will make their claim within a set period of time. However, this deadline has also increased concern over whether the payout could be affected by the new set PPI refund time deadline.

Thankfully, there is little that can be affected by this new deadline, including the amount that you are owed but it may be best to make the claim sooner rather than later. If you aren’t already awaiting PPI payment, making your claim soon could prevent you from falling into a surge of claims closer to the deadline. Making a claim before this surge occurs is highly recommended.

If you’re still unsure on the length of a PPI reclaim that you have submitted or are looking to submit, the expert team here at Money Back PPI are here to help. We can assist you in submitting a claim and monitoring its progress until you receive your compensation. If you’d like to make a claim or would just like to make an enquiry for more information, fill in our contact form, today.