Payment Protection Insurance Claims

Was Payment Protection Insurance sold to you with out your knowledge?

PPI is insurance to cover repayments on credit products, in certain circumstances where the borrower is unable to repay the amount borrowed, such as:

• Personal loans
• Mortgages
• Credit Cards
• Secured Loans

Reasons to make payment protection insurance claims:

1. Becoming unemployed, through no fault of your own
2. Having an accident
3. Becoming illl
   

Lloyds, Barclays and HSBC - Payment Protection Insurance Claims

In recent years, there has been a number of complaints where consumers have been mis-sold PPI insurance forcibly or without acknowledgement.

A huge number of UK banks, like Lloyds, Barclays and HSBC are dealing with complaints for mis-selling payment protection insurance.

(BBA) British Bankers Association - Payment Protection Insurance Claims

The (BBA) British Bankers Association discussed the tackling of PPI claims with the authorities of (FSA) Financial Services Authority.

 

(FSA) Financial Services Authority - Payment Protection Insurance Claims

The FSA has been playing a major role in dealing with PPI complaints by enforcing strict rules. Now banks have to provide a response by way of a letter to the consumer, stating the reasons for its inability to give a concluding response on the PPI complaint, within eight weeks of submitting the complaint.

The BBA applied for a judicial review to the courts regarding PPI matters. The BBA announced that it was waiting to seek judicial review of FSA’s complaint dealing rules on payment protection insurance claims that was released.

This being the situation, many banks including Barclays, Royal Bank of Scotland, HSBC and Co-op have decided to hold PPI complaint dealings untill the review is over. Santander has prepared itself to continue the processing of PPI complaints as usual

PPI Complaints can be taken to (FOS) Financial Ombudsman Service, when the bank show little interest in handling their complaints.

The Office of Fair Trading (OFT) - Payment Protection Insurance Claims

The Office of Fair Trading (OFT) made a survey and published in the year 2006, stating that there are around 20 million PPI mis-sellings every year. About 50,000 complaints have reached FOS and 49,196 complaints to the Ombudsman, in the year 2009-2010 alone. Twenty-four firms have been facing enforcement action by FSA for mis-sellings and in this context, three reviews were carried out, and around 200 banking firms were visited to check the market.

The banks are expected to carry out the pending PPI claims and not put them on hold, the major reason is to provide a reasonable justice to the customers at the earliest, and the fact that Financial Ombudsman Service is finding it difficult to look into the large number of claims.

If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

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• We will handle your case from start to finish.

Click here to complete your PPI Claim Form