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Ppi claims article for contextual link

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Ppi claims article for contextual link

  1. 1. Data from the United Kingdom’s Financial Services Authority has lifted the lid on the scaleand scope of the Payment Protection Insurance Scandal. The FSA estimates that complaintsregarding mis-sold PPI skyrocketed eighty-five percent, to total an astonishing one millionppi claims, in the last six months of 2011.The information released by the FSA reveal a scene of major UK high street banks,overwhelmed by email, letters and telephone calls from irate customers demandingcompensation for their mis sold PPI.PPI was a form of insurance that was placed upon credit cards and loans, as a vehicle to helpa person cover their re-payments if that person, became unemployed, ill or was unable tomeet the monthly loan bills. The banks mis-sold ppi to a wide range of people, for whom ppiwas not needed, not required, or who ended up paying for PPI without their knowledge.A couple of these banks have been allocated more time to be process their ppi claims andwork their way through their massive hoard of ppi complaints.Originally, the banks were required to send out a compensation offer for mis sold ppi to theircustomers within a timeframe of eight weeks and then deliver compensation quickly.However, according to the FSA, a mere four in ten PPI claims cases were completed withineight weeks, a figure which has slumped from the earlier figure of seven out of ten ppi casesbeing completed within eight weeks.This jump in PPI claims against the banks has shifted the overall amount of PPI claims totwenty-one percent higher than in the last six months of 2011.Nearly 1.66 million ppi claims were sent to uk banks, building societies, insurance companiesand other companies who provided payment protection insurance in the months between julyand December 2011, the FSA exclusively revealed.Sixty percent of PPI claims made were won by the customer, a figure which has risen fromfifty-one percent of PPI claims being successfully won by the consumer versus the banksfrom the last six months of 2011.The bank which holds the dubious honour of possessing the most PPI claims against it is theUK state owned Lloyds TSB, which received nearly 187,000 insurance based complaints and52,000 banking based complaints.Barclays PLC held the most banking based complaints from their customers, a figure thatreached an astonishing 146,000, while the Spanish banking giant Santander was in secondplace and received 138.000 complaints.