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Archive for tag: PPI Complaints Scotland

PPI Complaints – Have you Made Yours Yet?

Have you heard the good news stories about people making claims for PPI compensation and finding they are owed thousands of pounds?

You must have read some of these amazing stories or, maybe you know someone personally who is now enjoying a delightful windfall. Some people win a few hundreds back in PPI compensation for being mis-sold this insurance product, but other people are winning back thousands. And, with the scale of the problem being bigger that anyone predicted, you too could be sat on a small fortune - but not know it yet!

The number of complaints regarding PPI keep on growing…

The figures of how many people have claimed, and how much they have won in PPI compensation change on a daily basis so these figures could already have been superseded by the time you read them!

To date (December 2014) there had been…

  • 13 million complaints about the mis-selling of PPI and this figure will continue to go up - is your case part of this figure or not?
  • Of these 13 million, the Financial Conduct Authority has ordered that 2.5 million cases (around 20% of the figure) must be re-opened as they have not been resolved satisfactorily or handled fairly
  • The re-opening of these 20% of cases is expected to add a further £1 billion to the collective compensation bill across all banks and lenders
  • This could be an extra £400 for each of these customers!
  • Since 2001, 34 million PPI policies worth around £50 billion were sold to customers
  • There are various estimates but it is thought that around 61% of these policies sold have not been complained about yet

What the banks hope will happen…

Banks and lenders are finding that their PPI compensation bills are starting to really mount up and, at the start of the whole process, they were not so keen on letting customers know that they could claim compensation.

In 2012 and 2013, many banks did not give the due consideration needed to some claims for PPI compensation that their customers lodged with them. They may not have included for example, the fees and costs that may have been added to the account as a result of the PPI premium pushing the account over the agreed credit limit. The Financial Conduct Authority has decided that this is not fair and that these customers need to have the full amount of compensation paid to them… hence 2.5 million cases being re-opened!

Have you claimed? Or do you think your resolved case was not compensated fairly? Contact Payment Protection Scotland to help you get your case re-opened!


PPI Complaints to the Ombudsman Rocketing

The financial ombudsman of the United Kingdom is receiving 1,500 new complaints about Payment Protection Insurance every day.

Overall complaints to the ombudsman about PPI now total 400,000.

This is a small figure compaired to the total number of PPI complaints made by consumers across the UK, as the ombudsman only deals with cases that can't be resolved between the consumer and the bank/lender.

If you have a PPI Complaint contact Payment Protection Scotland TODAY!