Payment Protection Claims 2011
2011 was a big year for PPI claims as it saw the completion of the Judicial Review into new Financial Service Authority rules on payment protection. While the Review was pending, 200,000 payment protection claims were placed on hold as banks waited to find out the Court’s decision.
For those people whose complaints were held up by the review this meant several months of anxious waiting. Even after the Judicial Review was settled in favour of the Financial Service Authority many people still faced continued delays as lenders worked through large backlogs and, as a result, five of the country’s largest lenders were granted extensions. The extensions finished at the end of 2011 and this saw a flurry of compensation payouts towards the end of the year with £268 million paid out in October, £379 million in November and £441 million in December. This brought the total of payment protection claims payouts to £1.9 billion for the year.
2012 may prove to be an even bigger year, though, as the Financial Ombudsman Service predicts that 2012-2013 will see them review up to 165,000 new complaints. A review by the Ombudsman is the last step of the complaints process and only occurs where an agreement cannot be reached between the customer and the lender. This means the total number of people submitting complaints may be much higher.
If you have been mis-sold a payment protection policy with a loan, credit card, store card, mortgage or hire purchase agreement you could start your compensation claim today. Common ways in which policies are mis-sold include where they were added without consent, where the sales person failed to fully explain the terms and conditions and where the customer was sold a policy they could not use.
To find out more about payment protection claims contact us today.