The Financial Ombudsman Service (FOS) has reported that even though it has received over 1 million complaints regarding mis-sold personal protection insurance (PPI), there are still more than 10,000 new complaints coming in every week. The good news is that around 78 percent of those submitting claims received judgments in their favour. The bad news is the claims and complaints are still coming in. The FOS had to actually hire an additional 2,000 employees to help handle this crisis. There are already more than a thousand members of the staff that work solely on the PPI complaints.
Banks in the UK have had to put aside more than £15bn to cover the expected amount of claims based on the PPI policies that were mis-sold. The alarming part about the high number of complaints is that the banks have the chance to handle these complaints themselves before they are sent on to the FOS.
The banks are clearly not taking this crisis seriously. They are dragging their feet when it comes to returning the money that rightfully belongs to their customers. It seems that they weren’t too worried about taking the money but giving it back is a different story.
The banks are looking for a deadline on the PPI complaints but at the rate that they are still coming in, that is not likely to happen anytime soon. Many banks are ignoring the complaints in the hopes that the customers will give up after a while. Many people who are filing claims with the banks and other lending institutions on their own may not be taken seriously. Their claims may fall through the cracks as the banks by more time and just hope that the customers will ultimately give up.
You certainly can submit and handle your PPI claims yourself. But if you would like professional representation, iSmart can give you a substantial presence that will not easily be ignored. We can find out if you have PPI on any of your loans and even provide you with the information so you can determine if you were mis-sold this coverage. There are some requirements that you may not have qualified for at the time of the loan and that would automatically prove that the PPI was mis-sold. Let our proven track record help you through this serious financial situation. Check out our site and let’s get started.