The Three Ways Consumers Suffer From Mis Sold PPI Complaints

April 20, 2015
by admin in PPI News

Reading it from the news, it is quite unnerving to read that more than 10,000 UK consumers did not get fair judging from Clydesdale Bank, Lloyds or other top bank that mis sold PPI. However, PPI consumers who had rejected claims fiscally suffer, obviously. But their suffering also contributes to the downfall of the economy.

One: Consumers Pay Their Bills

On average, Britons have a monthly bill that reaches more than £1000 a month. These include their mortgage, car finance repayments, credit card repayments, college tuition repayments and daily spending budgets. A loss of £3000 is three-months’ worth of repaying everything Britons need. And banks aren’t doing anything about it.

Two: It Takes Time To File PPI

It is outrageous to read that Clydesdale had doctored and edited its FOS-requested Printouts. The FOS is there to help banks resolve issues with objective accuracy. Consumers have to wait 8 months to receive a decision about their claim. It is delightful to hear that they could get back their compensation as the FCA calls on the bank to review 140,000 complaints, but it is still time and money wasted and time is gold.

Three: Unscrupulous Claims Companies Get All The Fun

Not only do they get instant cash from the 25per cent refund one of their unfiltered consumer claims could guarantee, they also plug the PPI claims process. All because banks are unwilling to contribute to their share of correcting their own misgivings.