The new regulatory body, the Financial Conduct Authority, has unsurprisingly declared that payment protection represents the largest body of complaints that they receive. They received around 2.1m complaints during the second half of 2012 regarding payment protection claims. Current accounts, which were the second most widely complained about product, received just 300,000 complaints. This figure continues to put pressure on the banking industry, which had hoped that an end was in sight for the PPI mis-selling scandal that has plagued their profits for the past few years. Continue reading
One of the most commonly asked questions is “was I mis-sold my policy?” The answer to the question depends on many factors, but it is possible to look at your own paperwork and payment breakdown to help determine whether you were sold your policy illegally. The High Court ruled that policies were mis-sold in a number of different ways and determining how your policy was mis-sold should be considered an important step in the refund and reclaiming process. Continue reading
The Financial Ombudsman Service has released its latest figures that show the figures regarding complaints they have received, who those complaints are against, and how many are upheld. Unsurprisingly, the vast majority of complaints were about payment protection insurance and the major banks were the most widely complained about. Top of the league table, it seems is Lloyds TSB Plc – the FOS received over 42,000 complaints pushed to them by the group, of which a startlingly high 86% were found in favour of the complainant. Continue reading
There are many ways in which you may have been mis-sold a PPI policy and, if you were mis-sold your policy, then you have the right to pursue payment protection insurance claims. Millions of policies are believed to have been mis-sold and the total bill faced by banks, building societies, and other lenders continues to grow. They have now set aside more than £16bn between them and this continues to rise. Before you can make a successful claim you should determine whether you were potentially mis-sold the policy in the first place.
There is barely a bank or lender that has escaped the PPI scandal unscathed and as the biggest banking group in the UK it is perhaps not surprising that they have been the hardest hit. However, some of this blame can be placed at the door of their Halifax banking division. The Halifax were the last of the high street banks to stop selling payment protection insurance in 2010 and the chain are also responsible for the sale of many mortgage and loan accounts that include payment insurance according to Payment Protection Claim. Continue reading