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Banks Continue to Delay PPI Claims

Posted on: March 4th, 2014 | Author:

Banks Continue to Delay PPI Claims

Banks are continuing to make PPI victims wait years to receive their compensation.

The Financial Ombudsman has reported that they are receiving 2,000 claims everyday and employing 1000 extra members of staff to deal with the extra workload. They fear that it will be ages before victims of PPI miss-selling will receive their compensation.

Chief Ombudsman Natalie Ceeney said “It’s extraordinary that we have received well over half-a-million PPI complaints.”

“Despite these record numbers, this mis-selling scandal shows no sign of slowing.”

“It’s clear that unless the banks sort out their complaints quickly and fairly, people will only face increasingly longer waits for justice.”

Lloyds was the most complained about bank with 42,000 complaints in the last 6 months of 2012 followed by Barclays with 38,000 and Bank of Scotland with 34,000.

Many consumers think that the banks haven’t changed the way they treat their clients, consumers have paid on time to their lenders for years and would face heavy penalties if they were just one day late but lenders don’t seem to be taking any notice of this.

The estimated PPI bill for banks is £15 billion.

The banks aggressively sold over priced loan protection policies to their clients and our now dragging their feet when it comes to issuing compensation. If you feel that your bank mis-sold you PPI then Crystal Legal Services can help you recover the full amount that you’re entitled to. Call us today 0808 168 4200 for professional friendly advice.