San Fransisco, CA -- (SBWIRE) -- 05/29/2012 -- Had it not been for the global recession and the astronomical bonuses paid to senior executives for mismanagement of major banks, the Payment Protection Insurance scandal may have seen bigger headlines. For years banks have been selling Payment Protection Insurance to people who did not need it or who would receive no benefit from it should they try to claim.
Bury based PPI Claim Company, one of the first companies that was set up to manage claims on behalf of individuals that had been mis-sold payment protection insurance, offer advice and guidance on their website via a simple FAQ section that allows consumers to know if they are entitled to claim compensation. They use specialist solicitors, with years of experience in the financial claims management sector who operate on a No Win No Fee basis, meaning that they only receive a fee if the claim is successful.
Recently, the largest bank in the UK - Lloyds Banking Group, has put aside an additional £375million to repay victims of missold PPI - taking their total to almost £3.6billion. Lloyds boss Antonio Horta-Osorio has blamed ‘a flood of bogus cases lodged by claims management companies’ for his company having to take another £375million out of its reserves to cover missold PPI payouts, stating that they're having to reject over 40% of claims.
However, figures released by the Financial Ombudsman Services show that they're upholding 75% of all cases rejected by the banks, demonstrating that banks cannot be trusted to repay borrowers.
A spokesperson for PPI Claims Co explained the importance of not falling for the image-control attempts by banks in twisting the data, “Essentially, the banks want to eliminate claims management companies because 75% of all claims submitted are though CMC's, meaning they'd save billions of pounds if they can convince the public to go direct to the banks for compensation. Lloyds wouldn’t have to worry about PPI claims if the bank hadn’t mis-sold so many policies in the first place.” Adding “Some consumer groups have got together with the banks to encourage people to claim back PPI on their own. We welcome this move as it raises awareness about the issue but want people to use our services as the banks really can't be trusted to pay back the correct amount.”
About PPI Claim Company
PPI Claim Company UK is a financial claims management company that helps people recover their money from the banks. They have a wealth of experience in claiming back PPI and unfair credit card charges for their customers and guarantee to find all hidden PPI policies for their clients. For more information, please visit: http://www.ppiclaimco.org/