The Financial Ombudsmen Service in the UK has issued some startling data on the sheer scale of PPI claims in the UK. Did you know that there over five thousand new claims every week. These cannot be resolved between the claimer and bank, loan company or mortgage provider. So what are the chances of winning a PPI claim case?
First of all, part of the FSO job is to step in when consumers feel they are not being taken seriously. People can feel that their claims or not being dealt with in a timely manner. Nearly 62 per cent of cases are being won by people up and down the UK. It is no wonder that many more cases are now being brought to the attention of the FSO.
Furthermore, when the whole PPI scandal was just starting back in 2011 there were many complicated cases. As a result a the backlog grew to further add to the frustrations. Surprising figures released by the FSO indicate that claims are being dealt with much faster. Loan, credit card and mortgage policy holders can now expect a swifter resolution to their compensation claims.
How you can improve the chances of winning a PPI claim
2017 figures for three months prove 80 thousand cases were being handled by the FSO alone. This ist not the true amount as many cases will be straight forward; the banks paying directly to claims companies, solicitors and individuals.
What can you do if you are not happy with your current claim for PPI mis-selling? Firstly, read our guides to improve the chances of winning a PPI claim. If you have access to a local CAB you could always ring them up and ask for help. The chances are, your PPI claim will pass without hitch it is only 10 per cent of claims that need to be passed on to the Financial Ombudsman.
FSO: Dealing with the backlog
Importantly, the really difficult cases are usually handled by a senior financial ombudsman – Steve Townsley is one and openly admits that deciding some cases can be incredibly difficult. With 4,000 staff, the FSO are doing a great job in dealing with the complaints they receive. With the PPI deadline date approaching, the chances of winning a PPI claim case must depend on the ability of the FCO to operate efficiently.
Above all remember, it is your right to claim for compensation. The unacceptable behaviour by the money lenders is wrong. Just be careful before you sign any written agreement with a PPI claims company that you have read the small print first.