PPI is an add-on product that was set up to cover the borrower’s outstanding debt against ill health, death or just a mere unemployment or any event that could stop him from paying it on regular basis.

How long does a company get to pay out PPI? This product takes effect usually for twelve months. But since commissions on the policy were higher and many bank staff had targets to hit, mis selling of PPI make its way. There are many instances that could lead you to having a mis sold PPI. This is when the policy did not cover the term of your finance loan; you were not asked about pre existing medical conditions, you were not told that the PPI was optional, or that self employed people were not covered. In simple terms, you have a mis sold PPI if you did not want or ask for it or might as well if you were fooled simply by the banks’ terms and conditions.

How long does a cheque take to come from PPI claim? PPI can really help, however because of the mis sold cases; sometimes leave you with a PPI that is no use to you if ever you come to make a claim. Payment protection insurance claims are not just about claiming back what you have paid, it also means claiming charges for interest. If the loan has been paid already, then it is simply claiming back the whole amount you have paid. There are no guarantees on making a PPI claim, but you can always try your luck. Payment protection insurance claims are can be done simply on your own or might as well ask a PPI solicitor to help you. Making payment protection insurance claims is easy, but the process itself may be a bit tiring and long.

How long does it take for bank to put refunded money from a PPI back to your account? The first thing to do is to go to your bank and make a complaint, this is the easiest part. Under Financial Services Authority (FSA) rules the firm has eight weeks to investigate your complaint after they receives it – you should be sent an official acknowledgement after then. The firm must write to you in this time whether it has upheld or rejected your complaint. If you don’t hear anything by the end of the eight weeks, or if your complaint is rejected, it’s worth taking your case to the Financial Ombudsman Service (FOS), which is a free service whose decision is binding on your provider. This is how payment protection insurance claims are basically done. You are lucky if you can successfully have reclaim PPI, but you certainly cannot expect much for according to surveys, there is a much greater percentage of unsuccessful cases than successful ones. PPI claims are better be done as soon as possible after noticing that you have mis sold PPI for here is when you have a higher chance of winning the case.