Number of Mis-sold PPI Claims Successfully Resolved by FOS ’on the increase’
The number of mis-sold payment protection insurance (PPI) claims that have been resolved by the Financial Ombudsman Service in favour of the consumer has increased in the third quarter of 2011.
The number of mis-sold payment protection insurance (PPI) claims that have been resolved by the Financial Ombudsman Service in favour of the consumer has increased in the third quarter of 2011, it has been revealed.
Over the past 18 months, hundreds of thousands of complaints have been made by customers against banks who believe they were sold PPI dishonestly. Some are accused of telling customers it is mandatory they buy it when taking out credit cards and loans, with others allegedly adding the product to clients’ loan agreements without them knowing.
According to the FOS, 19,259 new complaints on the issue were received between July and September, dropping significantly from April and June when there were 56,025 claims.
However, the organisation noted the number of mis-sold PPI claims upheld rose quarter-on-quarter from 55 per cent to 92 per cent.
Commenting on the figures, Simon Thompson, managing director at Precision Claims - a company specialising in retrieving compensation for those mis-sold PPI – said, "The fact that the number of PPI claims dropped in the last three months is not that surprising. Because of the prominence of the mis-sold PPI story on the news over the past year, many consumers just tried their luck to see if they could claim compensation and often were found not to have a case.
"However, the number of cases being successfully resolved in favour of the consumer has seen a huge rise, highlighting how the claims that are being processed - although there are fewer of them - are valid.
“At Precision Claims, we have dealt with a multitude of mis-sold PPI claims, successfully helping clients recover the compensation they are due. From our experience, our advice would be that if you feel you’ve been sold the insurance dishonestly, get in touch with specialist solicitors and get the legal advice you need to significantly increase your chances of getting that money back.”
- Contact Information
- Simon Thompson
- Managing Director
- Precision Claims
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