The Top Reasons for Lenders to Push for the Implementation of a Deadline for PPI claims

The Top Reasons for Lenders to Push for the Implementation of a Deadline for PPI claims
January 30 14:28 2017 Print This Article

The main reason why the banks and the other institutions who are supposed to pay back the PPI refunds are calling for the PPI deadline to be set is because that there are many people who have still not even started the process of filing for PPI. There are many people who are complacent about the filing process, and this is costing the banks a lot of money, not only due to the refunds that they are paying but also the processing charges. The interest amount is also getting added up to the PPI, and the banks have to pay much more than they ever made from the PPI through these refunds. Many of the people who have not been mis-sold PPI are also claiming refunds, and many of these claims are also getting validated due to the pressure of approving the claims.

Here are the top reasons why lenders want a deadline to be implemented for the PPI claims –

  • The lenders have already been paying huge amount of refunds for PPI claims and they want to get it over with as soon as possible.
  • The deadline will ensure that people get a wakeup call and claim their PPI as soon as possible instead of waiting for the time to get over.
  • Having a deadline will be a wakeup call for many who still have no idea that they have a Ppi claim on their mortgage, loan or credit card.
  • With the open end situation, many people are waiting to claim their PPI thinking that they will be able to get higher compensation if they wait.
  • By putting a deadline, the banks can again start to build confidence and provide better customer service to their customers since the lenders have become some sort of a joke after the PPI scandal came into light.

If you have not started the filing process, file for PPI refund today and if you want to know what the approximate amount you can get back is, use PPI compensation calculator to know the claim amount.

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