The Financial Ombudsman Service (FOS) recently reported that the number of complaints levelled against the mis-selling of payment protection insurance (PPI) jumped by 11% in the third quarter of 2010.
In the three months up to 30 September 2010, complaints made against mis-sold PPI stood at 45% of the FOS’ work, up from 34% in the previous quarter.
These figures come as no surprise to us at PPI Return. We have received a huge number of calls from financial consumers wanting to recoup compensation for mis-sold PPI and our increased number of calls echo the findings of FOS.
In 2009/2010, 49,196 complaints were forwarded to FOS the FOS regarding PPI. Of the claims forwarded to FOS, as many as 90% were upheld in the favour of the claimant with more than one million complaints being made to firms.
Many complaints need not be escalated to either FOS or the Financial Services Authority (FSA) as with expert advice and guidance, much of the bluff and rhetoric from banks can be avoided. One of the most common responses by banks is to offer a token “goodwill gesture” that is often far below the industry average PPI compensation of £2,300. Banks will often look to appease with offers far lower and the financial consumer may at times be tempted to take the initial PPI claim offer.
Another common response from the banking industry, is to outright reject any PPI claim in the hope that the PPI claimant decides to stop any continued claim for PPI compensation. Despite the growing number of PPI claims being escalated to FOS, this is only minority of the claims as many more are abandoned. Consumers are again advised not to give up the fight but also to bear in mind that claims can be successfully championed either individually or with the help of a PPI claims specialists.
Using the latter, a PPI claims specialist, may speed up the successful PPI claim and can often cut through the bluff and rhetoric banks put up.
Making a Successful Claim for Mis-Sold PPI
If you want some of the best advice on how to recoup payments for mis-sold PPI, please call PPI Return on 0800 877 8888.
Content correct at time of publication