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News

Banks Under Attack For Further Delays

The financial institutions responsible for the mis-selling of payment protection insurance have come under further attack from those responsible, being accused of causing both ‘delays and inconvenience’ to the consumers who are still waiting for resolution to their cases.

With around £1bn so far repaid to consumers, many people might be under the impression that all is completely on course. However, it remains the case that the banks are still not exactly trying their hardest to aid consumers: it is estimated that a further £7bn could be repaid before the matter is concluded. If the financial institutions have their way, it could take a while before the repayments are made.

All of this is more controversial because the banks have already been allowed extra time to clear their backlog of cases. With the number of complaints registered continuing to increase by around 3,000 per week, it was considered important for the institutions to stay on top of the workload.

Commenting on the situation, the principal ombudsman Tony Boorman commented that ‘Many firms have not handled cases particularly well in the past, so it’s not surprising that the public might have it in their mind that decisions made by companies should be appealed. We want to get back to a world where people have more confidence in the assessment of the firm itself.’

To view our PPI calculator and to find out if you too could be eligible for a repayment, visit the Creditline Financial website by clicking the link here.

Posted by Shaun Edwards on 17 Jan 2012

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