In a recent report, the Financial Ombudsman Service (FOS) continue to receive at least 1,500 complaints a day regarding mis sold payment protection insurance or PPI. The increase in daily complaints is a result of many lenders, banks and other financial institutions rejecting consumer claims, which they should be allowing as big banks have already made adjustments to address the betterment of the situation.
The Lloyds Banking Group was one of the most complained about for mis selling PPI. Around 27,745 complaints have been issued against the bank with 93% of such complaints relating to PPI. Barclays had 23,703 complaints, having 19,522 complaints involving mis sold PPI.
PPI is an insurance product designed to cover loans, mortgages and credit cards from missed payments in the event the customer has financial shortcomings. The PPI’s task is to address these repayments should the customer be laid off from work or have a severe sickness or accident. The exclusions on the payment protection insurance policies had persuaded the high court to urge banks to refund all who have been mis sold PPI which they can’t get a claim for.
UK banks, including Barclays and Lloyds, have set aside a £9bn compensation package to repay borrowers who were mis sold. Half of this amount had been given to customers. However, other lenders are still rejecting claims in which they should actually address.
In the event a lender has rejected your claim, you’ll need to get help from claims experts, such as PPIClaims.co for advice and knowledge that can help address your situation in the best way possible. If you have a complaint, file one with a claims expert to ensure you get the money you deserve back in your pocket.