CMCs Mislead Consumers in Making PPI Claims

Statistics report and figures released by financial firm shows high increase in fake PPI claims. Building societies association has received above 22,000 fake payment protection insurance claims at the end of April, 2012.

London, United Kingdom (prHWY.com) July 12, 2012 - Statistics report and figures released by financial firm shows high increase in fake PPI claims. Building societies association has received above 22,000 fake payment protection insurance claims at the end of April, 2012. Officials of the organization have also stated that figure rose up by 247% from in six months of this financial year.

It has been calculated that third party claim management companies are exploiting PPI victims. In order to make money and profit, this companies are providing wrong information to the consumer about PPI claim process and Mis Sold PPI identifications.

Consumers generally believe that they have mis sold payment coverage plan and reach to claim management firms to know PPI claim process and details of mis sold PPI. But CMCs companies offer some smart deals in front to consumers and make them believe that they will receive compensation of mis sold PPI. They assist consumers to file PPI claim.

However, ministry of justice has already issued warning for such companies and also stated that government can take enforcement action against management firms who mis guide PPI consumers. PPI claim management firms must very about the plan before starting PPI claim process.

BSA has also said that tough actions can be taken against rouge PPI claim companies. In the March of this year, BSA has lodges complain against wicked claim management firms but it shows deterioration in the situation. Director General of BSA Adrian Coles has told that companies are completely ignoring the warning issues by ministry of justice. Firms that are showing irresponsibility against financial regulations may face strong judiciary actions. 68 percent of UK consumers agree on the fact that there are very little banking regulations that ultimately cause harm to the consumers.









Steve Thomas is an expert financial consultant and advisor. He has more than 5 years of article writing experience on PPI Reclaim and Mis Sold Mortgage financial topics. This article is based on PPI Claims UK process.

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

Categories: Finance

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