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News

PPI Still Top Of The Complaints List

In news that will surprise barely anyone who has previously been involved in the matter, it has been revealed that payment protection insurance is once again at the top of the list of complaints made by consumers to the banks.

The latest figures – which were released by the Financial Services Authority – the amount of cases created that relate to PPI rose by 23% over the first half of 2011, to a huge 531,677. Banks have noted that they expect the increase to continue throughout the year, as more and more consumers realise they could be eligible to reclaim their funds.

Over £7bn has been set aside by financial institutions to compensate the customers who had been missold PPI, which was originally created to cover repayments for customers if they suffered sudden unemployment or fell ill and were unable to work.

However, the insurance was subsequently sold to both those for whom it was unnecessary and those who would actually never be eligible to reclaim on the policy such as the self-employed. This practise is believed to have carried on for over five years, only ceasing once public awareness of the mis-selling increased to the national media.

Creditline Financial are experts in reclaiming missold payment protection, so if you think you might be eligible for a reclaim, get in contact with us now.

Posted by Shaun Edwards on 07 Oct 2011

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