With all the negative press that the banks are receiving for the mis selling scandals – mis sold emdowments, mis sold PPI, mis sold mortgages, mis sold interest swaps, and mis sold investments (i’m sure this list will continue to grow)…. you’d think that they would be on their best behaviour when trying to resolve complaints.
Well… that was wishful thinking…
After failing in their bid to avoid repaying customers who were mis sold payment protection insurance, they collectively set aside £billions and agreed deadlines with the FSA for settling PPI claims.
But… they’re continuing to make it as difficult as possible for borrowers to get their money back by rejecting the PPI complaints and forcing borrowers to pursue their PPI claims via the Financial Ombudsman Services… who are already struggling to deal with the ridiculously large volume of PPI compensation claims.
Senior Claims Manager at PPI Refunds UK, Rick Power, has expressed his frustration at the banks “… we ask the banks to provide us with a copy of the original credit agreements and all statement relating to our clients account… we then use this information to calculate the total refund… however, many of the banks, are now writing to us to informing us that they have never received a Letter of Authority (LOA) from the client, or the signatures on the LOA do not match their records, or some other nonsense reason… only to contact our clients directly and make a partial settlement offer that is less than half of the value of the actual refund… it’s ridiculous, the FSA needs to review how the banks are dealing with PPI claims.”
The banks have already missed their deadline for settling PPI complaints that were placed on hold pending the outcome of the PPI Judicial Review without punishment and are now flouting the rules once more to see how much they can get away with before they are reprimanded… similar to a child stealing from the cookie jar!
Remember… these are the same banks that went to court saying “We know we made £billions from mis selling PPI… we just don’t want to pay it back”… and they are used to doing as they please while the FSA watches on. This is becoming a game of wits… where the banks are trying their best to get away with having to repay the money they say they have set aside for their customers…
Our advice is to tread carefully… do not accept a settlement offer unless you are absolutely certain that it includes the PPI premium charged, plus any interest paid, plus 8% interest per annum.