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Complaints about PPI rocket to 11,000 a week, says claims management firm PPI Reclaims.

PPI complaints have hit a new high with 11,000 a week being received by the Ombudsman in the run up to Christmas, says claims management firm PPI Reclaims.


The Financial Ombudsman Service (FOS) received a staggering 143,000 complaints from consumers between October and December relating to the way their PPI case was handled by their lenders, roughly double that seen in the three months before. The Ombudsman found in the consumer’s favour more than 65% of the time.


In the last 18 months PPI mis-selling has become widely known about by consumers, and has resulted in far more claims for mis-selling being submitted than was ever expected. For those with the insurance it could prove a godsend if they became ill or were made redundant as it would cover their loan and/or credit card repayments. Unfortunately, for the vast majority sold PPI the policies were simply not suitable products and worse, the lenders often knew this.


For those consumers whose PPI mis-selling claims are turned down, an appeal can be made directly to the FOS to investigate further. The FOS received around 245,000 PPI complaints in the first nine months of 2012/13 compared to 158,000 cases throughout the entirety of 2011/12.  As a result the banks and building societies have had to repeatedly increase the funds put aside to cover the compensation bill, and this now stands at £15bn. Despite asking the FAS to put a time limit complaints submission, no such deadline has been introduced and lenders remain under pressure with no end in sight. The average payment is around £3,000.


A spokesman for the British Bankers' Association (BBA) said: "Unfortunately, the actions of some unscrupulous claims management companies who refer huge numbers of claims to the ombudsman whether there are grounds to or not mean that the system is being clogged up and that people with genuine complaints do not always get the service they deserve.


"We continue to work with the ombudsman to try to improve the system for the benefit of customers. All of the UK's High Street banks have committed publicly to ensuring a decisive end to any bad practices which resulted in mis-selling."


A spokesperson for claims management firm PPI Reclaims said: “There are still a considerable number of people who should put in a claim but may think they’ll only get a small amount so it’s not worth the hassle or perhaps they may not even realise they were mis-sold at all. For example, a lot of PPI polices were bundled in with loans without any record on the loan paperwork they existed, or sometimes the consumer would be told they had to have the PPI if they wanted the loan. In other cases someone who was a student, unemployed or retired would be sold a loan despite knowing they could never claim as the terms and conditions of the lender excluded them from doing so.”


“Lenders have to make sure that the financial products they sell someone is fit for purpose and suits their circumstances. With PPI, most of the time it simply didn’t and they knew it.”

 

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