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News

Many Customers Still Awaiting PPI payments

In news that won’t come as a big surprise to those who have been keeping up with the PPI scandal, it’s been revealed that there remain many customers who have yet to receive their payouts, despite having applied.

The ‘gentleman’s agreement’ that the banks made to repay any compensation with 28 days of the application is one that (by their own admission) has been broken on a few different occasions – despite the fact that some of the banks had cleared 97% of their repayments by the last days of August.

A recent report (that can be found in Money Mail) highlighted the possibility that a lot of the complaints are originating from Lloyds TSB and RBS/Natwest – ironically enough, banks that are partially owned by the taxpayer. Barclays, Halifax and Santander have all claimed that they are continuing to meet the 28 day headline.

The current figure of complaints is estimated at around 200,000, but the Financial Ombudsman Service has noted that this is likely to continue to rise over the course of the next few months.

A Lloyds spokesman did apologise for the delays, noting that ‘We are processing all PPI compensation payments within a reasonable turnaround time. However, we have encountered a one-off processing issue which has delayed payments for a group of customers with a Lloyds TSB loan. That backlog has been cleared and 80% of customers affected have received their full payment.’

For more of the latest news from the world of missold payment protection, and to view our unique PPI calculator, visit the Creditline Financial website here.

Posted by Shaun Edwards on 02 Dec 2011

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