Issues of Mis-sold PPI Reached its High Record

This season has seen a huge increase in the quantity of complaints for mis-sold ppi reaching the high record.  However, banks and lending companies involved with mis-sold ppi scandal are dragging their feet to avoid paying back what they legally owe to their customers.  A number of banks and lending companies in the United Kingdom have also been exposed in the press with headlines of huge profits as well as bigger number of complaints regarding mis-sold ppi and for receiving bad customer service.

 After many financial firms were bailed out by the government massive profits are adding insult to injury for many clients who have received bad customer care.  So far, in 2010, there’s been a record number of complaints for bad client service and mis-sold ppi and 84,000 of these have been brought to the Financial Ombudsman Service (FOS).  
With all the current complaints brought to the FOS, mis-sold ppi were by far the best area of complaints.

 Many people feel that this rise in complaints is caused by the information available to consumers on what constitutes mis-sold ppi practice.  Having this additional information available has meant lots of people who had not realized 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 are owed from being mis-sold ppi policy.

This added info has prompted many banks and lenders to stop selling ppi alongside the customer’s loan but they will also be very wary about compensating their customers that are owed money due to these mis-sold ppi insurance policies.  Banks and lending companies are trying to make mis-sold ppi claim process harder and complicated on the part of the claimants in the hope that less people will put in a claim for what they’re rightfully owed.

 From recent figures, it seems that when a mis-sold ppi complaint is done, banks and lending companies will usually take time to respond with little information of the next steps that a claimant should take.  Some banks will not even acknowledge the claim at all.  These are the common strategies of the banks and lending companies to attempt to discourage the claimant from pursuing their mis-sold ppi complaint with the hope that they’ll give up and the banks and lenders will not have to pay back the mis-sold ppi claims of their customers.  

Recent report have named and shamed the banks and lending companies showing that 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’re not satisfied on how your bank or lending company deal with your mis-sold ppi complaint, you’ll be able to take your case to the FOS or seek the help of a specialist company in making a claim in order to start to get the money that is rightfully owed for you.