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Payment Protection Claims on the increase

Payment Protection Claims on the increase

According to the BBC “the FOS received 55,907 complaints in the last three months of 2011, up by 10% from the previous three months.  That was due to a 57% jump in PPI complaints during the same time, from 19,259 to 30,301. 

At 54% of the current FOS workload, fresh complaints about PPI policies still far outstrip the other types of problem being dealt with by the ombudsman.

Credit cards, current accounts and mortgages between them accounted for just 18% of all complaints received between October and December last year.

PPI insurance was supposed to cover loan repayments if a borrower became ill or lost their job.

But after years of campaigns by consumer groups, and investigations by regulators, it became clear that many of the polices had been mis-sold, for instance to people who did not need them or to people who would never have been able to make a valid claim.

The renewed volume of PPI complaints indicates that the banking industry – the main seller of this type of insurance – still has a long way to go before the PPI scandal is finally cleared up.”

If you have been mis-sold Payment Protection Insurance in Leicester, Loughborough or Market Harborough, telephone our offices today for a free consultation.


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