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PPI scandal has years left to run

You may recall back in November I made a prediction that the PPI scandal would take another 3 years before we can finally say that the matter had been closed.

This wasn’t popular amongst the banks and lenders who are at the centre of the scandal, who have been claiming for what seems like years that we’re almost at an end.

Well, yesterday the chief Financial Ombudsman confirmed that the compensation payouts would take years, confirming my thoughts.

Why is it taking so long?

Whilst the number of PPI complaints are steadily failing they are still at epic levels.

Banks and lenders have been caught dealing with complaints unfairly and forced to reopen 2.5 million complaints.

Also, banks and lenders have still not put in sufficient trained staff and systems in place to deal with complaints, despite the saga first being uncovered in the late 2000s.

It’s no surprise that the PPI scandal has years left to run.

Finally, it’s our estimation that there are still approximately 7 million people who have yet to make a claim.

Why so many?

PPI was mis-sold for so many reasons. Our statistics show that the majority of people who approach us now are not aware as to whether they’ve had PPI.

Simple checks can be carried out to see whether PPI has been added to any form of credit agreement, from loans and mortgages to credit and store cards.

Many customers are astounded to find that they’ve been sold PPI, and this is down to the tactics employed by sales staff who often didn’t tell customers they were being sold the useless policy, instead electing to hide the policy within the small print.

The next scandal!

Did you honestly think that was it? The next scandal is upon us, and very much like PPI, it’s currently under the radar, but not for long.

Do you pay a monthly fee for your bank account, or have you in the past?

With 1 in 5 of us currently paying for a Packaged Bank Account, in exchange for various ‘perks’, it’s becoming clear that banks have been at it again.

Can you claim?

Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all lenders, allows you to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify for PPI compensation? Check here to see whether you may.

Want to know how much you may be owed? Why not try our PPI calculator.

Do you pay a monthly fee fore your bank account? Check here to see whether you may qualify for compensation.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

PPI scandal has years left to run

PPI scandal has years left to run

About the author

Daniel Lee

Company Director

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