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Listen to podcasts and books for less with these offers. Virgin Media - Broadband and mobile. Get the ultimate broadband and entertainment bundle. Vodafone - Mobile deals. Your claim will be assessed by your PPI provider, who has up to eight weeks to resolve your claim from the date you made it. But you could get a refund as early as one week after your initial claim. If your provider takes longer than eight weeks to get back to you or it rejects your claim, you can appeal to the Financial Ombudsman Service for free.
You have up to six months from the date your provider rejects your claim to take your complaint to the FOS. You should receive a response within 40 days. If you think the amount of compensation is unfair You should check the factors that can affect the amount you get.
For example, did you make a claim on the policy, or do you owe the bank money? You should also check the assumptions the bank has made. If your bank needed to make any assumptions to calculate your offer, it will have been explained in your letter. In most cases if you think anything is incorrect or that you have been unfairly treated, your first port of call should be your bank. The process is straightforward but due to the volume of PPI complaints it can be slow.
If your complaint is upheld, then the company that sold you the policy should do its best to put you back in the position you would have been in if you had never taken PPI out in the first place. Regulators require your PPI provider to put you back into the financial position you would have been in if you had never had PPI.
There are three sums that make up how PPI compensation is calculated. You have up to four years after the end of the tax year in which you received your payout to reclaim tax on mis-sold PPI.
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