More and more customers blighted with being mis-sold PPI in the past are being ‘stalled’ or ‘put off’ claiming back compensation because UK lenders are rejecting legitimate claims for refunds.
In a recent survey of consumers who had lodged a case for mis-sold PPI on their own, we found that less than a fifth of those people surveyed continued to chase a refund after being rejected by the bank. Nearly a quarter didn’t even know that they could turn to the Financial Ombudsmen Service if the bank didn’t refund them.
For claims management companies like us these figures make very poor reading, simply because lenders are wholesale rejecting around a third of the claims they receive, but the FOS uphold up to 98%, so the void in the middle means that nearly a quarter of the total number of legitimate PPI claims are not being compensated due to ‘stalling tactics’.
It is important to remember that there is a lot of help at hand, whether you want to claim your refund by yourself or use a service provider like us there is always information and guidance available, especially if you have been rejected.
Do not be disheartened or assume that because the bank has rejected your claim, you are not entitled to a refund. Some individuals within the industry believe that some banks have little or no idea which of their customers actually has PPI, meaning they are rejecting a certain amount ‘just for the sake of it’.
With up to 98% of cases that are initially rejected, with Lloyds being the biggest offender, being later compensated it is well worth doing some research or speaking to someone like us who can help with your case and ensure that if you are owed money, you get it.
Remember that the average person is compensated with over £3000 per claim, most people have more than one, in some cases people with multiple loans, credit cards, car finance and mortgages may have several or even dozens of claims. Our record is 48 claims for one customer, he thought he only had 2 policies with PPI, until we did some digging.