93% rise in loan insurance dissatisfaction
by Russell Shackleford, 25th August 2011
Barclays Bank, one of the major contributors to the mis-sold PPI
scandal, has said that the number of complaints over the
controversial loan insurance has risen by 93% in the first half of
the year - and is expected to continue to increase.
The bank claimed that the amount of customers complaining about
Payment Protection Insurance mis-selling had reached new peaks
since the judicial review on the topic ended in April, leaving
banks lumbered with the responsibility for paying out compensation
to customers who they had wronged with their heinous actions.
PPI is supposed to be an insurance policy which ensures that a
borrower is able to keep paying back their loan in the event of an
unforeseen loss of income, but for many it became a cross to bear
after they discovered that they were ineligible for payouts under
the insurance, already had relevant cover from another insurance
policy, or even found they had been paying for PPI without their
knowledge having had it sneakily added to the total amount they
owed to the financial institution which offered their loan.
Barclays claimed to be "working hard to clear PPI complaints as
quickly as possible; prioritising customers who were held up in the
judicial review and resolving all complaints in a transparent and
efficient manner" - a boast which is perhaps buoyed by their policy
of offering compensation payouts, no questions asked, to those
customers who submitted a mis-sold PPI complaint prior to the
termination of the banks' legal challenge in April.
However, the bank has ringfenced a £1bn compensation fund for
victims of mis-sold PPI, proving the depths to which they had
previously sunk in pursuit of profit and perhaps adding a dark tint
to their soothing words.
Other banks have reported similarly soaring rates of PPI
complaint, with Lloyds seeing the number of discontented customers
doubled from this time last year.
If you feel you have cause to make a complaint, we can help you
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