(PRWEB) November 07, 2012
PPI Claims Management evaluated the length of time all of the PPI claims completed in the last two months (August 15th to October 15th 2012) took from initial enquiry to the date of pay out from the bank or financial institution.
Despite the number of payment protection claims increasing at a rapid speed and claims through PPI Claims Management alone have tripled over the last six years the claims procedure has managed to speed up.
Two months ago on average a payment protection insurance claim which was completed through PPI Claims Management took 8 weeks and 5 days from the initial enquiry. This has now reduced by 1.5 days to 8 weeks and 3.5 days. Although this is a small decrease it is still a sign that suggests the whole process is heading in the right direction and most importantly, can cope under the added pressures of such a high number of PPI claims being made in such a short period of time.
Those consumers who are making a multiple claims through the claims management service with two or more different financial institutions have a typically longer time to wait for their claims process to be completed. There are a majority of reasons behind the longer process such as working with multiple banks with their own time schedules and claims procedures as well as the fact further research may be required by the claims management service before they get to the point of submitting the claim. This latter factor was seen to be particularly apparent in those consumers who held multiple payment protection insurance claims across a variety of banks and most importantly, they did not know anything about such a policy.
In order to reduce the amount of time which a payment protection insurance policy claim takes to be completed PPI Claims Management have been looking at ways to streamline the whole process from the initial application to the actual pay out. Factors such as allocating specific claims advisors to each individual claim and implementing new computer systems are making a positive impact on the length of time a claim takes.
It is important to note that services such as PPI Claims Management can only go so far in ensuring that payment protection insurance claims are handled quickly and effectively. Once the claim information has been collected and sent to the claims department of the banks that mis sold the claim there is very little the claims management service can then do about it. Many banks have been increasing the size of their claims department however to combat any potential delays. If certain time frames are not met then the claimant can then make a further complaint regarding this with the Ombudsman.