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PPI – Banks clearing backlog of claims

The banks at the centre of the PPI mis selling scandal have now processed more than 97% of all complaints received it has been announced. Following their defeat in the High Court back in April, the banks concerned were issued with a directive to deal with the more than 200,000 complaints which had been put on hold pending the hearing's outcome.

They were given until the end of August to either pay out compensation, or to reject the claim. Margaret Cole of the financial services authority said: "We are encouraged that most firms have used the time extension period to clear the backlog of PPI compensation claims received during the judicial review."

The ruling that claims received must be dealt with, within a 12 week period should mean that this long running war of attrition is at long last coming to an end. From January 2012, the banks will have to revert back to the more usual eight-week timescale for addressing customers' complaints.

The top 16 PPI sellers have already paid out compensation totalling more than £215m in the first half of the year for mis-selling payment protection, and still they are besieged by tens of thousands of angry customers.

Not only was payment Protection Insurance mis-sold in the past, it was also massively overpriced and means that anyone now taking out a mortgage or a personal loan and want some protection; the advice is shop and competitive rates.

With more unemployment and redundancies in the public sector still to come, PPI is a product which homebuyers should not ignore. For those who are not aware of PPI and how you may benefit from it; it is an insurance policy which pays out a regular monthly sum to cover mortgage or personal loan repayments should the policyholder be made unemployed, or unable to work through accident or sickness. 

As banks and providers brace themselves for the avalanche of compensation claims that will surely come, Barclays confirmed they had received more than73, 000 PPI complaints in the first half of the year and forecast this figure would keep rising into the second half of 2011. RBS and NatWest report PPI mis selling complaints made up 31% and 47% of their total complaints. The Santander banking group reports a 14% drop in the number of complaints it received in the first half of 2011, and are now 31% lower than they were a year ago.

Not all PPI complaints will lead to a bank or lender offering compensation. The bottom line is, if you’ve had a loan anytime in the last 10 years you could be entitled to PPI compensation! Here at Consumer Finance Claims we look to recover the full cost of the policy plus interest if we believe that you have been mis-sold PPI. Even if the loan is still running we can look to reduce your ongoing payments as part of our negotiations






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!