Martin Lewis, 48, has focused his attention on all things coronavirus related in recent weeks. However, in some of his more recent TV appearances he has encouraged viewers to ask him questions outside of this topic.
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Today, a viewer called Lindsay wrote in to ask the Money Saving Expert on his thoughts about PPI.
She asked a very simple question: “Should my PPI be sorted by now?”
Lindsay went on to detail that she made a claim for a PPI refund nearly a year ago and as such, she’d expect something to happen by now.
Martin detailed that even though it has been a relatively long time since her claim, the rules in place still provide some leeway.
He explained that the banks were given a timeframe of nearly two years to repay mis-sold PPI.
However, he warned that “that was before coronavirus”.
Martin appeared to be sympathetic to the banking industry’s plight at the moment as he implores Lindsay (and other viewers) to show some “forbearance”.
He said that “the truth is, banks are snowed under with coronavirus” and that if she could afford it for now, she should hold off from taking any action.
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He did highlight that she had the right to take the case to the ombudsman if need be.
He promised that it “will get dealt with eventually” but patience should be used.
PPI complaints could be made up until August 29 2019 but new complaints could be made if there were exceptional circumstances in place.
Under the current rules, anyone who complained to a business by the deadline should have received a response within eight weeks but the financial ombudsman warned that it will likely take longer than that given the scale of the problem.
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They detailed that when they receive a complaint from a customer, they will need as much information as possible from both sides in order to judge fairly.
If the ombudsman decide that the customer was in fact mis-sold PPI and/or is facing an unacceptable delay in repayments, they’ll tell the company in question to “put things right”.
Compensation can be awarded to people who have been mis-sold PPI and the amount paid out will depend on a number of factors.
The actual amount paid out will depend on:
- the type of PPI sold
- how the person paid for the policy
- how much they paid for PPI
- any interest they paid on top
- how long they had the PPI for
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