Complaints Of Mis-sold Ppi Reached Its High Record

With all the current complaints brought to the FOS, mis-sold ppi were by far the highest area of complaints. Many people believe that this rise in complaints is due to the information available to consumers on what constitutes mis-sold ppi practice. Having this additional information available has meant many individuals who had not realized that they had been mis-sold ppi are now in a position to produce a compensation claim. Although, mis-sold ppi scandal has generated many additional claims, you can still find a lot of clients who're owed from being mis-sold ppi policy.

This added details has prompted many banks and lenders to stop selling ppi alongside the customer's loan but they are very wary about compensating their customers that are owed money due to these mis-sold ppi guidelines. Banks and lending companies are attempting to make mis-sold ppi claim process more challenging and complicated on the part of the claimants in the hope that less people will put in a claim for what they are rightfully owed. From recent figures, it seems that when a mis-sold ppi complaint is made, banks and lending companies will often take time to respond with little information of the next steps that a claimant has to take. Some banks won't even acknowledge the claim at all. These are the common strategies of the banks and lending companies to try to discourage the claimant from pursuing their mis-sold ppi complaint with the hope that they may give up and the banks and lenders will not have to pay back the mis-sold ppi claims of their clients.

Recent report have named and shamed the banks and lending companies showing which financial institutions are upholding the mis-sold ppi complaints and reimbursing the customers. The biggest offender has only repaid 12% of their mis-sold ppi claims up to present.

If you are dissatisfied on how your bank or mortgage lender deal with your mis-sold ppi complaint, you may take your case to the FOS or seek the help of a specialist company for making a claim to be able to start to get the money that's rightfully owed to you.

By: Elana Chelsey

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Martin Thomas specialises in Mis-sold-ppi and other financial products for British based website www.PPIRefundsUK.co.uk. HE also covers unfair credit card charges and the financial claims industry generally, in addition to writing posts on personal finance, house sales, repossession and business finance.