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News

Lenders “Delaying” Missold PPI Repayments

The Financial Ombudsman Service (FOS) has claimed what many people have been thinking in recent years – that lenders have been deliberately slowing down the process of returning missold payment protection payments to put people off following through with their legitimate claims.

The British Bankers’ Association started court action against the FOS and Financial Services Authority (FSA) in October 2010 claiming that they were unfairly settling PPI claim disputes. From that point onwards, many believed that lenders either slowed down and in some cases stopped progressing any more PPI claims until court disputes were resolved.

By January 2011 a leaked letter from one high street bank to a PPI claims firm had reached the media and showed that it was deliberately, and illegally, withholding vital information required to process the claim.

But by April the verdict was published and new rules governing the sale of PPI was announced, although the backlog of claims doesn’t seem to be getting any smaller.

It isn’t just claimants who are experiencing problems as a result of these delaying tactics. The FOS is having funding problems as a direct consequence with over 80% of revenue coming from payments made on a case-by-case basis from companies when disputes are settled.

With tens of thousands of cases now on hold, over half of the FOS’ workload is now tied up with PPI claims cases effectively putting a stranglehold on Ombudsman’s funds.

If you’ve been a victim of missold payment protection insurance you can find out how much you could be entitled to claim back by using our PPI calculator. Give Creditline a call on 01733 393399 to discuss your claim.

Posted by Chris White on 17 Feb 2012

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