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PPI or Payment Protection is everywhere; you can’t go onto the internet or turn on the television without seeing something regarding the Insurance, especially since the announcement of the deadline the banks were given by the FSA (Financial Services Authority). The BBA (British Banking Association) were given the deadline of 31st of August as a timescale in which they had to deal with all of the outstanding Payment Protection Insurance claims after the Judicial Review ended in May.

The extension was given as a gesture of goodwill to help the banks clear the hundreds of thousands of claims stuck in a backlog as a result of the Judicial Review. It seemed almost impossible that the banks would have been able to deal with the current backlog whilst dealing with all of the new claims coming in at the same time, in a period of 8 weeks, so the deadline gave the banks 16 weeks to clear the backlog and start dealing with new complaints effectively.

Unfortunately all of the media attention brought more eyes onto the current situation that is, millions of people in the UK have been mis-sold payment protection insurance (PPI). Because of the extra attention thousands more found out about the mis-selling and began their enquiries which obviously created more work for the banks to deal with on top of the hundreds and thousands of cases they had already accumulated.

In the beginning of August it looked like the banks were really struggling to meet the 16 week guidelines given by the FSA and that they wouldn’t have dealt with all of the cases by the end of August. But towards the end of August people began receiving letters from the banks stating that they had reached their decision and it would be with them shortly.

Come the start of September it was clear that a percentage of the banks hadn’t cleared their backlog in time for the deadline given by the FSA and the result was thousands of unhappy customers still waiting for their refund. The good news is the banks have officially cleared their backlog that resulted from the judicial review and have started investigating new complaints within the FSA’s temporary guidelines of 12 weeks.

Before starting your PPI Claims make sure you’re up to date with the latest news and information!

Tags: Insurance, PPI Claims, Insurance claiming

Tags: bank claiming, claims, finance, Insurance, Insurance claiming, Insurance claims, money, money claiming, Payment protection claims, Payment Protection Insurance, PPI Claims