PPI complaints surpass other UK complaints
It has been announced that the vast number of Payment Protection Insurance (PPI) claims that are being noted in Britain, have led figures to top the tables for UK complaints. Almost two thirds of all the disputes sent to the Financial Ombudsman Service (FOS) related to missold PPI, with consumers not happy with the settlement offered by their bank and instead looking for a counter compensation package.
In new figures that have been revealed by the FOS, it was shown that missold PPI had created the largest amount of complaints that has ever been noted by a single product. During 2011, 157,716 complaints were made to the FOS, and this only indicates the cases that were not solved without the Ombudsman’s help.
Natalie Ceeney, chief ombudsman, said: “This year’s been a struggle for many consumers, who’ve found themselves burdened by debt, besieged by claims companies and bewildered by the complexity of financial services.” She added that 264,375 disputes had been noted in 2011, a 26 per cent increase on previous years.
For those currently wishing to make a missold PPI claim, it is important to first contact lenders and providers for a quick settlement. After this, if compensation is not agreeable, the case can be forwarded to the FOS for further negotiation. Moreover, with the majority of cases ruling in the consumer’s favour, people should not worry that FOS involvement will result in no remuneration being provided.