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PPI refunds 'can take a year'

People who were missold payment protection insurance (PPI) may be waiting as long as 12 months after writing to their bank before they receive any compensation.

This is according to news editor for Lovemoney.com Simon Ward, who noted in an article for the website a "gentleman's agreement" indicated all PPI refunds would be made within 28 days of the claim's settlement.

However, the company has heard some banks are failing to do so, the specialist remarked, highlighting Lloyds TSB as one of the lenders that takes a long time to resolve these cases.

A spokesperson for the bank told him that "the vast majority of our customers are receiving PPI payments well within our target of 28 days" and blamed any delays on an "isolated issue".

Lloyds is believed to have earmarked £3.2 billion for payment protection refunds.

Mr Ward also wrote to UK Asset Resolution, which is dealing with Northern Rock PPI claims.

However, the firm did not return his calls at the time of writing.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801343273-ADNFCR



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