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News
Millions of Customers to Receive Letter from Bank
Banks are beginning the arduous process of writing to the millions of customers they may have mis-sold payment protection insurance (PPI) to.
The Financial Services Authority (FSA) has stepped into the process to insist the banks write in a clear, jargon free language, that customers will understand. The letters should also include a time limit for making a complaint.
The FSA has described the creation of these letters as ‘a key moment’ in the PPI nightmare. Customers are invited to respond to the letters to make a complaint for compensation, and thousands are expected to turn to specialist claim management companies for their assistance.
Banks paid out a massive 1.9 billion to the victims of PPI mis-selling last year, and have set aside billions more to cover their PPI blunder. The FSA has now insisted that banks and major lenders consider the millions of customers who have been mis-sold PPI, but may not be aware of it, or haven’t yet complained. The FSA expects future compensation payments will far exceed current expectations.
A total of anything between four and twelve million customers will be contacted by letter in the next few months. The FSA is insisting this process starts soon to help prevent customers running out of time to complain.
Whilst the planned letter contact by banks is a positive step forward in the PPI claims process, it’s worth noting providers are only obliged to contact customers who have been systematically mis-sold PPI. There are likely to be many more individual cases that don’t fall within this category.
Customers are being urged to check through loan paperwork, statements and contracts you have had within the last ten years, to check whether PPI was added to it.
Maybe you have received a letter from your bank or lender, and are unsure how to proceed with a complaint? Speak to the specialists and find out how to claim back your PPI here.
Posted by Joanne Price on 22 Jun 2012
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Creditline Financial has years of experience in the PPI Claims market and has returned hundreds of thousands of pounds to its customers through scores of successful PPI Reclaims.
If you think you may have been the victim of missold Payment Protection or mis sold loan protection then contact us using the form on this site and we will get straight back to you. Claiming back PPI is as easy as 1-2-3!
