Record Numbers For PPI Reclaims, Says Top Claims Company Missoldppiclaims.info

    GLASGOW, SCOTLAND, July 22, 2012 /24-7PressRelease/ -- The number of reclaims requested via complaints to lenders amounted to around three quarters, or 977,510, of all of the 1.3 million complaints made about insurance products. In total, PPI reclaims and complaints made up half of all complaints to the FSA during this time period.

Richard Lloyd, Which? Executive Director, said:"Some banks are still failing to treat their customers fairly when things go wrong. The increase in PPI complaints further demonstrates just how widespread PPI mis-selling was. We now need to see the banks take action and deal with these complaints quickly and efficiently and the Financial Services Authority must take action against anyone dragging their feet settling complaints."

PPI reclaims and complaints have been steadily rising since the banking industry lost its court case back in January 2011. Now with the introduction of retrospective rules for lenders requiring them to refund and compensate all those likely to be caught in the scandal, even if they are unaware they have been so, it is looking likely that all estimates for compensation payouts are likely to be underestimates.

The first quarter of 2012 smashed all records for complaints about general insurance and PPI since the records began in 2006, amounting to 7,123 complaints every day of which 5,356 were about PPI.

A spokesperson for leading PPI reclaims Company Missoldppiclaims.info said: "Despite it being many years since the PPI scandal came to light, it is surprising that year upon year the numbers of complaints and reclaims get higher and higher. Many people would have put off completing their claims by the way the banks have delayed sorting them out or simply outright refused to do so, and more will not have even bothered starting the reclaim process because they perceived it was too difficult to fight the banks over and win."

Despite many complaints from lenders about the FSA's retrospective ruling, the British Bankers Association (BBA) announced it would not be appealing against the decision. This automatically brought in an additional three million people into the PPI reclaims net and raised expectations of a final compensation bill jumping from 6 to 9 billion.

"We still haven't reached the peak of the complaints' mountain yet," said the spokesperson. "A number of lenders have yet to send out their letters informing customers who purchased products in the past from them that they may have been mis-sold PPI. When all the letters have finally gone out, the financial industry is bracing itself for a massive onslaught of complaints and PPI reclaims to hit its lenders. It is looking increasingly as if the billions already put aside to compensate PPI victims will almost certainly not be enough."

Missoldppiclaims.info are one of the UK's leading PPI Reclaims Companies. Our consistent success rate has ensured thousands of people get back what is rightly theirs. For more information on reclaiming PPI from your lender visit our website or give us a call now.

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