PPI lenders accused of using confusing tactics | Gladstone Brookes

PPI lenders accused of using confusing tactics

Lenders accused of confusing tactics on PPI

Britain’s lenders are being accused of using confusing tactics when dealing with PPI claims coming up to the deadline.

⚠️ With the PPI Deadline less than a year away, now would be the perfect time to check!

Barrister Elis Gomer says consumers are going up against firms whose strategy is to make it complicated or difficult to make a PPI claim with just weeks to go before the August 29th cut-off.

Not valid

He said: “There is a stream of people being told they do not have a claim. There are certainly cases where people have wrongly been told their claims are not valid.

“I do a lot of work for estates, and have seen executors being told they can’t claim and the deceased would have had to do it in their lifetime.

It is difficult for a consumer to pick their way through this misinformation.”

Obstruction and misinformation

Times journalist Marc Shoffman said: “Consumers seeking compensation for mis-sold PPI insurance before the final deadline have faced obstruction and misinformation from lenders during the claims process.

“Many complainants are finding the process tricky, with banks telling customers they do not have the right information, but are not explaining what is required.

Others have been wrongly informed that they cannot claim on behalf of a deceased relative.”

Caught out

Martyn James of Resolver said would-be complainants can get caught out if they are unsure who their financial provider is – especially if the company they complain to had different trading names.

The issue is a particular problem for store cards because it’s not always clear who the lender is.

He added: “If your claim is turned down, it is still a complaint and you should be told of your rights to go to the financial ombudsman. Providers cannot just bat you off the telephone.”

Millions still to be claimed?

Experts believe there are millions of pounds which could be claimed before the deadline and lenders are still receiving thousands of new complaints a week.

UK lenders have set aside £10 billion to cover the potential cost.

The important thing to remember is that a claim must be lodged with a lender before midnight on August 29th or you will have lost the right forever.

Compensation

Britain’s finance industry has already paid out £35.7 billion in compensation since January 2011 and are still paying out an average of £⅓ million a month for successful claims.

In the words of FCA spokeswoman Emma Stranack: “Time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible.”

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