Compensation for mis-sold Payment Protection Insurance (PPI) continues to soar

30 July 2013 - Which Way To Pay

    



Payment Protection Insurance complaints rocket to 2,000 a day

According to the Financial Ombudsman, legitimate complaints about Payment Protection Insurance (PPI) are running at more than 2,000 a day. The Financial Ombudsman is in the process of recruiting an extra 2,000 staff to deal with the complaints, with already a thousand staff members dedicated to PPI complaints.

Financial Ombudsman is the last port of call for Payment Protection Insurance (PPI) claims

These figures were published last week by the Financial Ombudsman, which is the last port of call for customers who feel their complaints have been unfairly rejected by a financial institution. "It is disappointing that the number of complaints we continue to receive remains at over 10,000 a week," said a spokesman for the Financial Ombudsman. He told the BBC, "This is particularly true given that the banks have had the opportunity to resolve each complaint before it is referred to the ombudsman." The body received a total of 132,152 new complaints about PPI between April and June 2013. This figure completely outstripped the total across the whole of the 2010-2011 financial year.

You may have been mis-sold Payment Protection Insurance (PPI)

Payment Protection Insurance is an expensive type of insurance cover that was sold to banks customers alongside credit cards, mortgages and loans as a way to enable customers to repay their loans in the event of sickness, redundancy or an accident. In the majority of cases where PPI insurance was sold, it was either inappropriate for the customerís needs or added without the customerís consent. In most incidences there are exclusions detailed under the policy which were not appropriate for certain customers, exclusions could for example, include pre-existing medical conditions. If the insurance was clearly not suitable, then a claim can be made.

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