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News

Customers Rush To Reclaim PPI

Following the news that the British Banker’s Association is not going to further appeal against the high court judgement that forces them to repay missold payment protection to previous customers, the revelation that thousands of consumers have now complained to their banks for a refund will come as no surprise to industry insiders.

The revelation was made by banks last week, and since then there has been over £5 billion in funds put back by the various financial institutions in order to prepare sufficiently for the increase in claims that was expected.

The figures estimated for total compensation on the matter has already been voiced at being around £4 billion, so it isn’t a big surprise that this much preparation has already been made by the banks, who are now legally required to contact any of their customers that could have been victims of missold payment protection and make them aware that they may be eligible for compensation.

Consumers have been forced to wait for months for the high court case to be concluded, meaning that there has been a stopgap in current compensation claims. However, this was always going to be dangerous for banks should they lose the case, as they subsequently did.

Whether banks will continue to attempt to find loopholes to avoid paying compensation is yet to be seen, but there is little doubt that the number of consumers seeking compensation is likely to continue.

To find out more about how you could claim thousands in missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 25 May 2011

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