According new new data released today the UK’s major high street banks – which include names such as Barclays, NatWest, HSBC, Lloyd s TSB and the Co-op are rejecting ppi claims arbitrarily without properly delving into each ppi claim properly and checking whether the ppi claim has any validity.
Customers are reporting that the banks are dismissing their ppi claims, even though the customer possesses solid proof that he/she was mis sold payment protection insurance.
Some people have decided to give up in their case to gain compensation for mis sold ppi, whereas others are taking their ppi claims to companies such as lowestfeeppiclaims.com, which charges a low ppi fee of 15%, or they are taking their case to the financial ombudsman service.
The mis selling of payment protection insurance, really started to be mis sold in large quantities around 2002/2003. The original objective of this insurance was that it was intended to provide a safety net to an individual if that person became ill, lost their job any wasn’t able to make their monthly repayments on any outstanding mortgages, credit cards and loan payments, they were liable for.
However, ppi was run by the banks as a quick money making scam, ripping people off, because the banks sold ppi to people it knew were not suitable to receive ppi, because they were students, worked in the civil service or were pensioners.
UK banking giant, the co-op has been given a £113,000 fine from the FSA (Financial Services Authority) for it’s failure to act quickly in processing ppi claims that the bank received.
During the first six months of 2011, the co-op put 1,629 ppi claims on hold and it failed to process these claims.
The excuse for this decision given to the FSA by the bank was that these ppi complaints were “put to one side” because the bank did not want to work on these ppi claims until they discovered the outcome of the high court challenge levied by consumer groups against the banks, which the banks lost in May 2011.
The FSA criticized the bank, saying that the outcome of the high court challenge was no excuse for the co-op to arbitrarily put away these ppi claims, and refuse to work on them. Which lead to a significant delay in consumers receiving possible compensation for any mis sold payment protection insurance policies which may have been sold to them.
If you would like to make a ppi claim simply visit mr ppi claims – ppi claims specialists.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
