Mis Sold PPI - What Causes Consumers to File PPI Claims

High street UK banks and financial institutions that were involved in PPI scandal will have to pay back to the victims.

London, United Kingdom (prHWY.com) July 4, 2012 - High street UK banks and financial institutions that were involved in PPI scandal will have to pay back to the victims. Banks are managing with huge financial burden due to large number of complaints related to PPI. However, banks are also complaining about large number of fake PPI claim cases. Mr. Horta Osorio has told that 25% of claim letters are useless and filed by those who never lend any financial product from banks. Osorio has also blamed third party PPI management firms for this.

At the other side, claim management companies have stated that PPI scandal is an issue of years ago. Most of the consumers have not remembered well about the loan and financial product that they have used. In this situation, fake PPI claim letters are obvious and banks should review all PPI claim letters with available data to find out the truth.

It has been noted that banks have already paid over £1.9 billion pounds to the victims of Mis Sold PPI. It has been estimated total payments will ends up with £9 billion. Lloyds group of banking set aside £3.6 billion for PPI refunds to the consumers. Barclays has also announced that they set aside £300 million for PPI refunds.

PPI victims generally file their claims through PPI management firms. As a result, people have to make payments for every successful PPI claim case. Consumers have stated that PPI claim process still require money and time. Some consumers have also complained that they have paid upfront charges for PPI claim process but still they haven't get any compensation.

It is important for consumers to file PPI claims only after reviewing the case. If you don't have any documents related to your financial product then very first contact with your lending agency for documents and then process further. FOS can help you to get compensation for your losses.

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Tag Words: mis sold ppi, ppi reclaim, ppi claims

Categories: Finance

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