FOS underestimated PPI claims levels

FOS underestimated PPI claims levels

In January 2014 the Financial Ombudsman Service (FOS) produced a budget based on the number of cases they expected to deal with in the coming year.

PPI remains the largest single source of complaints for FOS, who adjudicate on cases which have previously been rejected by the banks.  Each case generates a fee.Read More

FOS says 74% of PPI claims unfairly rejected

FOS says 74% of PPI claims unfairly rejected

New quarterly figures issued by the Financial Ombudsman Service (FOS) show that 74% of the claims resolved between April and June had been unfairly rejected.

The new figures show that FOS received 62,105 complaints about PPI in the three month period, resulting in 49,377 new claims – a rate of 3,700 a week.  PPI claims continue to make up more than half of all complaints received by the service.Read More

SUCCESS STORY – Professional from start to finish

Professional from start to finish

Former teacher John Thompson suspected he might have PPI attached to his Capital One credit card, but couldn’t be sure because he had no paperwork to back it up.

“I thought I might have it, but I had no evidence and so I didn’t make a claim.  Then I saw the Gladstone Brookes advert on the telly and decided to give it a go,” he said.Read More

Top broker warns payday loans can put your mortgage at risk

Pay day loans put mortgages at risk

One of the country’s top mortgage broking firms has warned of the dangers that payday loans could have for anyone making a mortgage application.

Simon Collins of John Charcol brokers says the firm have seen a noticeable increase in the number of mortgage applicants either being rejected for a loan or finding their offer significantly reduced because they have taken out a payday loan.

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