New PPI Complaints Time Frame Changes

Historically Payment Protection Insurance or PPI complaints should be dealt with in a period of 8 weeks by your bank or lender. 

However, because of the massive influx of complaints since the Judicial Review on the 20th April 2011 the FSA has extended the time period in which banks or lenders have to deal with complaints. Now, if you make a complaint after the 20th April 2011 but before 31st August 2011 then the banks or lenders will have up to 16 weeks to deal with your complaint.

Thereafter up until the end of 2011 they will have 12 weeks to deal with your complaint and then from the beginning of 2012 it will revert back to the 8 weeks time period that it was before the judicial review.

How do I know if I have a PPI policy?

Whilst the new rules suggest the banks and lenders will have to contact all past PPI policy customers there is no guarantee they will do so. Therefore the best thing to do if you've had a loan or a credit card in the last six years is to check your agreement to see if there is a PPI policy attached to it. Don't just rely on looking at your statement either as often the PPI payments are front-loaded at the start of the repayments.

If you can't find your original loan or credit card agreement then you can contact your bank or lender and they are legally obliged to send you copies of your agreement, although some may charge you a small admin fee (no more than £10 maximum).  Here is a list of banks and lenders contact details for PPI's.