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PPI – Payment before Christmas would be a Boost for Thousands of Customers

According to the Financial Ombudsman Service (FOS) approximately 90% of mis-sold payment protection insurance (PPI) claims are now being honoured by banks and other lenders caught up in the scandal. This 90% - those that filed successfully - are costing - hundreds of thousands of pounds in refunds. The first half of the 2011 fiscal year has seen some 532,000 people filing a PPI complaint.

According to FSA guidelines, banks now have eight weeks to process a PPI complaint. Many consumers have opted to file their applications for a refund through a claims management company, rather than deal with offhand and indifferent bank staff and advisors. 

Payment protection insurance is supposed to provide protection for borrowers in the event that they are unable to make repayments toward their mortgage, credit card, or other type of loan. However, many lenders and financial institutions have been mis-selling PPI policies by offering them to individuals that are not actually eligible for coverage. As a result, many borrowers are filing complaints and receiving refunds for all of funds spent on the mis-sold PPI policy.

In May the Financial Services Authority (FSA) urged high street banks to expeditiously proceed with paying out compensation payments, stating that the banks had to meet a deadline of processing all 200,000 backlog claims before the end of August. The total amount of compensation paid out during August alone reached £230m.

According to FSA guidelines, banks have eight weeks to process a PPI complaint. However, this does not mean compensation payment must be issued within that timeframe, but that a decision regarding the complaint must be made before the end of the week. Most consumers have chosen to file their complaints through a claims management company or professional PPI solicitor, and most complaints are brought before the Financial Ombudsman Service by these representatives on behalf of the complainant.

With Christmas just around the corner, these payouts, and some run into tens of thousands of pounds – will be a lifeline for many cash-strapped families as cuts and unemployment begin to bite: surely, after the disgraceful way these lenders have behaved, you’d think they would try to make amends in some, small way: like make an effort to give these people their money in time for the festive season.

Barclays, HSBC, Bank of Scotland, The Halifax, and Santander say the 28-day deadline is on track, and refunds are being processed daily. However, it appears bogus claims are costing the banks a small fortune processing the large number of fraudulent refund applications they are receiving.

The Nationwide revealed that the cost of PPI claim refunds has snowballed beyond initial expectations, and has been further magnified by a flood of “complaints” from customers who have never purchased the product from them.  These bogus claims are accounting for approximately 30% of all complaints they receive. 

The gulf between bankers and consumers has never been wider. Consumers have been systematically and deliberately deceived over the years: cheated and preyed upon: there is no more dodging and underhanded delay tactics – the games up! - its time to pay back the money that was swindled. 

PPI was meant to provide income in the event of unemployment through sickness, redundancy, or injury, but many people were sold this insurance that could never have benefited from it, if the worst came to the worst. Many customers were told it was compulsory! No insurance…no loan and this was untrue. These policies were a minefield of traps and ambushes: and the staff that sold these products weren’t there to help, they were there with one objective…to get your signature, and earn a nice fat commission. And that’s just downright dishonest!

If you’ve taken out a loan recently then it’s almost certain you were offered PPI, or you bought it without your knowledge or consent. If you want to claim back PPI, but find it all rather a stressful task, fear having to complete lengthy questionnaires, and dealing with indifferent providers: then contact one of our team - we will give a quick and truthful answer as to whether you have a valid claim for PPI repayment. Even if you can’t find your policy documentation, it still not necessarily a lost cause, because somewhere along the paper or electronic trail, there will be payment transfer records to help verify your claim.






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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!