Victims of mis sold payment protection insurance may wish to seek help from a legal professional as lenders delay, and even avoid, paying out compensation.
Behaviour has got so bad that Lloyds were actually fined £4.3 million by Britain’s financial regulator, the Financial Services Authority (FSA), last month for not paying PPI compensation quickly enough.
With payment protection insurance mis selling now common knowledge, consumers are rightly waking up to their right to claim. The down shot of this, however, is the time now required to recover redress.
An increasing number of claims are now regularly dismissed by lenders and palmed off on to the Financial Ombudsman (FOS); the majority of which, despite severe criticism of companies assisting claimants in their quest for compensation, are upheld in favour of the customer.
“Nowadays if a customer wishes to reclaim a mis sold payment protection insurance policy, they must be determined to go the distance with their claims,” warns PPI Return.
“Lenders are making it increasingly difficult to reclaim mis sold PPI. People are busy and lenders are seemingly playing on this, placing as many obstacles in their path as possible in the hope they eventually ‘give up’ on their claim.
“While we don’t claim to be able to recover a client’s compensation any quicker, we can guarantee that we will be as persistent as possible throughout the duration of the claim.
“Don’t let lenders deny you twice; pass your claim to us and we’ll do everything in our power to recover your compensation as quickly as possible.”
Content correct at time of publication06/03/2013