The banks have eight weeks to accept or reject your PPI claim. Of course, each bank will vary their response time and it depends if you decide to contact the FOS. But, the sooner you start, the sooner you can receive your money.
Also asked, when did the PPI claims start?
Martin was warning about them back in 2000, and others before that. Claims can generally start on policies from the 1990s (possibly earlier). The financial regulator started fining PPI companies in 2006, but a big improvement wasn't seen until 2011.
What is this PPI?
Payment protection insurance (PPI) is the insurance sold alongside credit cards, loans and other finance agreements to insure payments are made if the borrower is unable to make them due to sickness or unemployment.
What is a Plevin?
In the past, to reclaim money on a policy, you had to have been mis-sold it. The new rule pretty much means that if you have had PPI with a bank on a product that has been active since 2008, you are owed some money. This is based on a court case brought by Susan Plevin in 2014.