Ombudsman States, Still Several PPI Complaints

Financial statements and figures show that ombudsman is still receiving financial complaints and a big part of total financial complaints are just for mis sold PPI.

London, United Kingdom (prHWY.com) July 5, 2012 - Financial statements and figures show that ombudsman is still receiving financial complaints and a big part of total financial complaints are just for Mis Sold PPI. More than 56% of new complaints received in first quarter of 2012 were just for unfairly sold PPI plans.

Other financial products for which ombudsman is receiving complaints are credit card accounts and current accounts. But these products posses only 6% of total complaints received by FOS. Financial Ombudsman services has also stated that during first three months of the years, organization has received above 57, 790 complaints. This figure is lower in comparison of earlier period. FOS has received 76,522 before a year for same period and 80,711 PPI cases in earlier for same three months of period.

Ombudsman has given its decision in favor of more than half complaints received. Present figures also show that there is rise in complaints of mortgages. There are complaints because consumers are facing difficulties to meet with financial obligations. They are unable to make payments especially in case charges has included with the remaining balance. In such serious situations banks should follow some liberal norms to make payments easier.

Banks should attempt reasonable attempts to get agree on repayment options. Ombudsman has stated that when consumers are ready to make payments at some reasonable terms then banks should support them and assist them to clear debts in time.

Banks who are involve in PPI scandal will have to make Payment Protection Insurance refunds to mis sold PPI victims. Financial figures and statements have shows that banks have already paid above £3 billion as PPI compensation and it will ends with payments of above £10 billion. PPI complaints are increasing day by day so banks will have to face extra financial burden. Some banks have already set provision for PPI refunds. Some banks set aside money for compensation.

###

Tag Words: mis sold mortgage, mis sold ppi, ppi claims uk

Categories: Finance

Press Release Contact
45, Vicarage Lane,
IIford, Essex, IG1 4AG
Phone : +44-20799 35898
Fax : +44- 20799 35133

Link To This Press Release:

URL HTML Code