Banks see rise in customer disgruntlement statistics
by Russell Shackleford, 4th October 2011
The banks have been receiving record numbers of complaints
regarding mis-sold Payment Protection Insurance, or PPI, after this
scandal was revealed to the world at large.
Millions of people are estimated to have been misled by their
financial institution of choice with regard to the usefulness of
such loan insurance products within recent years, with the result
that many customers have found themselves ending up in a situation
wherein they are expected to pay through the nose in order to
support insurance coverage which they may not have wanted and, in
the worst case scenarios, may not be able to use or even be aware
that they are paying for.
Recent court action involving the FSA has meant that these
unscrupulous lenders are now being required to offer compensation
to their maltreated clients, leading to billions of pounds being
set aside as this is the sum which has been estimated to be owed to
the victims of the mis-sold PPI scandal.
Complaints have unsurprisingly come pouring in, with many banks
finding the number of disgruntled customers contacting them to have
smashed all previous records, and with the vast majority of those
having chosen to contact the bank wishing to register a complaint
regarding mis-sold PPI.
Mis-selling of PPI can arise in a wide variety of ways, most of
which involve the insurance broker misleading their customer about
some aspect of the loan coverage. This may involve telling them
that they are required to take out the insurance, not explaining
that they may not want it or may already be covered by another
policy, or even lying about the circumstances under which they are
able to claim.
As a result, many have ended up in situations where they have
been paying through the nose for a reprehensibly misrepresented
loan insurance policy.
Testimonial
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010