Customers Encouraged To Pursue PPI Claim Northern Ireland Following Rejections

PPI Claim Northern Ireland

According to figures released by the Financial Ombudsman Service they continue to receive 2,000 new complaints every single day about the biggest financial scandal in history. The total bill for lenders has reached more than £18bn, equivalent to £400 per adult in the UK, and lenders continue to endure bad press and publicity with each passing month. One bank, Lloyds, has come under increased scrutiny in the past few months as it has emerged that a company they used for dealing with PPI complaints told its advisors to ignore fraud on the part of Lloyds staff and that rejected claims would deter most people from continuing.

Borrowers that have submitted a PPI claim Northern Ireland are being encouraged to continue their pursuit of the money they are owed even if this means taking it to the Financial Ombudsman Service. A lot of claims are rejected by the banks but the FSO subsequently finds in favour of the claimant, resulting in the claim being honoured by the lender that was responsible for mis-selling the policy.

Claim rejections are more commonplace than the banks would like to admit. The FSO has said that they continue to receive 2,000 complaints a day regarding payment protection insurance. They have taken on an additional 1,000 case managers to deal with the extra load that this has created for the regulator. They say that 83% if its caseload in the first quarter of the year was PPI complaints and that the massive amount of work that this creates means that they are finding it difficult to resolve cases as quickly as they should.

One Deloitte employee was found to have said that most claimants give up if they receive a rejection and while Lloyds may argue that it was an isolated case, figures would seem to show a different story. During the second half of 2012 only 43% of PPI complaints were upheld compared to 87% during the same period a year earlier. While the banks claim this is because of spurious and inaccurate claims, the fact that the Ombudsman continues upholds around 78% of these cases that it receives and reviews.

As one of the biggest high street banks Lloyds has endured massive exposure to the scandal because they have sold millions of PPI policies to their customers dating back many years. The bank has had to further increase the size of the pool that they have put aside to meet payment protection claims. They have now put aside more than £7bn to cover the costs.

Borrowers are still able to submit a PPI claim Northern Ireland in a bid to reclaim the premiums that they have paid towards this policy along with interest against that figure. A PPI claim Northern Ireland can total several thousands of pounds and borrowers are being encouraged to continue with their claims even if initially rejected because of the undercover investigation that led to the discovery that Deloitte call staff were being told to reject claims so that claimants would walk away.

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