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News

Complaints Regarding PPI Surging By 40% So Far

With the amount of complaints regarding missold payment protection consistently increasing through the whole of last year, it isn’t a big surprise to find out that there has been a surge in the number of complaints made to the financial ombudsman service since the new year began.

However, the increase meant that the Ombudsman service has announced that the number of cases it expects to solve throughout the next year is likely to decrease from the original estimates.

The swell in PPI cases expected for 2011 is now at approximately 68,000, when the initial budget allowed for a figure around 46,000. This is likely to lead to the resolution of approximately 180,000 cases during the financial year: a decrease of around 15% on the original prediction of 210,000.
Missold payment protection has become – statistically at least – the most controversial financial scandal in UK’s history, with hundreds of millions of pounds likely to have been repaid to consumers by it’s conclusion. PPI is there to cover debt repayments if the holder of a loan or mortgage is unable to work due to an accident or illness. However, the product came in for huge amounts of criticism after various research indicated that it had been missold many times to consumers who would never have been eligible to claim from it.

With the constant increase in the number of cases being reported, the Ombudsman has had to increase staff significantly to deal with the workload, hiring extra staff at a cost of £2m, and noted it had also been using additional contractors to help deal with the work.

For more of the latest news on missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 12 Jan 2011

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