PPI News - Are you throwing away the chance of thousands of pounds?

PPI News – Are you throwing away the chance of thousands of pounds?

PPI News - Are you throwing away the chance of thousands of pounds?

Are you throwing away the chance of thousands of pounds by not making a PPI claim before the August 29th deadline?

Legal expert Negar Yazdani of Blacklion Law claims consumers are throwing away their chance of making a viable claim for money which is rightfully theirs.

£12 billion left

Claiming as much as £12 billion remains to be paid out she said: “We have seen a spike in PPI inquiries towards the deadline, but undoubtedly there are still many thousands of individuals who have not claimed but are actually entitled to compensation.

“There is still just enough time to complain, but it is running out and undoubtedly some claims will be cut off by the deadline.”

Drastically revising

Britain’s high street banks have been drastically revising the amount of money they have set aside to pay out successful claims, both Lloyds Banking Group (LBG) and HSBC have added over £½ billion each to their compensation pots in anticipation of hundreds of thousands of additional claims and information requests.

Reporting its latest figures LBG said it was receiving 190,000 PPI information requests (PIRs) every week and expects to receive 200,000 new claims before the deadline.

HSBC has dealt with 1,891,000 complaints so far and expects another 359,000 before the end of August to break the 2 million barrier.

Vexatious claims

Barclays’ Finance Director Tushar Morzaria has slammed the increase in claims numbers in recent months as ‘vexatious’, saying: “A lot of the PPI claims we are seeing are people who have never had a relationship with Barclays. I think the claims management companies are swamping the bank with vexatious claims.”

But Financial Ombudsman Service (FOS) chief executive Caroline Waynman disagreed, defending the right of the consumer to make sure they weren’t missing out.

Simply asking

She said: “What banks refer to as poor quality complaints are often consumers simply asking if they had been sold a policy in the first place.

“At points in time during this mis-selling scandal these policies were being added without people’s knowledge so it’s a perfectly decent question to ask.”

Spike

Though FOS only deals with appeals where the customer and lender cannot agree over mis-selling, the service is still anticipating a spike in business.

Said Ms Waynman: “There is a very good chance that we will see a rush for the finish as people get their claims in before the deadline.”

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