Now is a great time to make your complaints for mis-sold payment protection insurance (PPI).
As you may be aware, following the High Court Case which the British Bankers association (BBA) who represented the case for the major high street banks, Lloyds,Barclays,HSBC etc lost their appeal against having to deal with ppi complaints which were sold before the current regulations were enforced.
This was obviously great news for consumers as the greedy banks thought they had found a loophole to get out with paying back compensation to all the millions of customers they had rip-off for so many years. The nasty banks were left with a big splat of egg on their faces and now face massive compensation deficits which will run into billions.
FSA GRANT EXTENSION
Whilst the court case happened in May 2011 and was great news for consumers this left the banks in a very difficult position because they had put all ppi complaints on hold prior to the court case for about 6 months as they thought they would win.
This obviously left a massive backlog of complaints that had not been dealt with and not even counting the new cases that would now flood in due to the news of the court case.
The nasty banks then had to go begging to the FSA with their tails between their legs and they granted an extension of the times allowed to deal with complaints which were previously 8 weeks to investigate.
The extension allowed:
- PPI complaints still with the firm but put on hold during the judicial review will receive a decision by the end of August 2011;
- PPI complaints received after the conclusion of judicial review but on or before the 31 August will be responded to within 16 weeks; and
- PPI complaints received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks.
This sounded reasonable in the whole but the nasty banks had another idea to prolong matters even further as they simply could not meet the demand of all the customers they had ripped off over the years. They indeed responded within the new deadlines for the complaints they chose not to just simply ignore, but another trick up their sleeve to aggravate consumers even more was to make an offer of payment but then take in some reported cases up to 5 months to actually pay the money !
Some lenders are worst than others but most are culprits of this tactic and when anybody tries to call to complain about how long this is taking, the phone just either rings off or they get some student recently drafted in who can answer nothing on the phone and just says its in a queue and will be dealt with when they can ! How is that for concern for your customers. The banks have proved yet again they have no concern whatsoever for their customers and are only concerned with one thing - PROFIT !!
USING A CLAIMS COMPANY
The good news to all this is that most of these tricks the banks use is to put people off making a complaint in the first instance and the majority of people still believe the banks are there to look after them and their interests and will believe anything the banks tell them as gospel.
Luckily there are companies about that can take all of this headache and worry for you and make the complaints on your behalf. They will usually take a percentage of any money they claim back for you. Some may think this is easy and you can do it yourself and don't need to pay anybody to do it for them. Whilst this is true, if you are not familiar with the law surrounding PPI sales and complaints its very easy to simply get fobbed off by your bank when you try to make a complaint.
The banks sometimes offer you a lot less than you are entitled to but would not dare do this when a professional company is involved on your behalf. This more than usually justifies the fees the company will charge to act on your behalf
8 WEEK DEADLINE IS BACK !
All claims from 1st Jan 2012 are not subject to the original complaints handling procedure deadlines of 8 weeks ! This is great news for anyone considering making a complaint as they could receive their compensation payouts much quicker than this and have every chance of success if using a reputable claims company.
What are you waiting for? call Chargeback Claims now 0800 043 1914 or email: email@chargebackclaims.com to request your simple claims pack.
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