Delays in processing PPI Claims by the Banks could lead to customers missing out on refunds
By: Etico Group and JPS Financial
Experts are warning consumers that delays in being able to establish if they even had PPI may mean there is a real danger of them not having the information upon which to base their claim before August 29th - the deadline Banks agreed with the FCA.
According to data obtained from a leading claims management firm, Etico, some Banks are now only issuing their final response letters 16 after weeks after the claim was made, which is double the allotted time allowed by the FCA.
South Yorkshire based Etico regularly receives correspondence from the Banks apologising for delays in issuing a final response and in respect of numerous other cases, dating back as far as September 2018, no formal acknowledgement of the claim has even been received.
Etico Group's General Manager, Nigel Wright, commented: "With the FCA's August 29 deadline looming, we have seen a slowdown in processing both initial PPI information requests and claims. Most consumers don't realise that certain information needs to be provided by the lender before a PPI claim can be submitted. With just 30 weeks left before the FCA's deadline is reached, delays in providing this information mean that claims cannot yet be submitted. It is essential that consumers are made aware that the delays being experienced with some Banks could mean that they miss out on their claims
"Consumers who have been putting off looking into whether they had been mis-sold PPI need to act now, either by investigating themselves or through a reputable claims management company. If they don't act now it's possible they'll miss the boat and will not get another chance to secure legitimate payouts if they are found to be due."
The firm argues that it is unfair to give consumers a deadline that relates to the submission of the actual claim and not the start of the process. Obtaining such information is challenging as there is a reliance on the Banks to provide it accurately and promptly. Some consumers just won't be armed with the correct information in time.
Manchester-based JPS Financial is urging consumers to act now if they wish to make a PPI claim as waiting until the deadline in August could mean some claimants miss out. It argues that awareness of the deadline and claims process is still low and if consumers don't act quickly, they won't get another chance to claim the money that is rightfully theirs.
For further information on how to check if PPI has been mis-sold visit https://www.fca.org.uk/
For more information contact Nathan Lane on 07447 921654.
Terry Gilligan, Campfire PR