Five Questions About: PPI complaints

 

Payment protection insurance? Haven't complaints been dealt with?

That's the problem, they haven't. So far, only £3.5bn of the £9bn set aside to compensate mis-sold PPI has been handed out to customers.

What's holding up payments?

Banks have not been diligent about finding out who qualifies. Most expect customers to contact them and fill in complicated applications.

Doesn't that put people off?

Of course it does. Which is where claims handlers come in. The firms offer to do all the paperwork for people.

That sounds like a useful service. Does it cost?

Yes, far too much, often 25 per cent of any successful claim. That means victims lose £1,000 out of a £4,000 pay out, becoming victims all over again. Now Which? and Moneysavingexpert.com have forced the banks to make it easier to find out about PPI and make a complaint.

What has changed?

Banks should now have PPI information on their online home page and easier access to the right PPI helpline numbers for consumers. The improvements should mean a fall in the number of bogus compensation claims – there were more than 6,000 last year, the Ombudsman said.

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