Time limit to reclaim mis-sold PPI extended
Victims of mis-sold payment protection insurance have been given a new life line by the city watchdog after the deadline to take their complaints to the Financial Ombudsman Services (FOS) has been extended. Between 28.11.2009 and 28.4.2009 it is estimated that around 55,000 initial complaints were regected. The date has now been extended to 27.10.10.
Mis-sold PPI is the biggest source of unresolved complaints in FOS history, alone claiming a massive 30%of their workload between 2009-10. The Financial Services Aurthority (FAS) clamped down on the mis-selling of PPI in September 2009, demanding companies to reopen previously rejected complaints. It is estimated there are over 500,000 cases.
PPI is a policy put in place to protect customers who take out mortgages, loans, credit cards, finance etc incase of redundancy, drops in income and illness. But thousands of policies were mis-sold because the customer wasn’t infact eligible for the cover. For example someone with pre-existing medical conditions.
Massives fines have been given to high profile firms by the FSA. These include Black Horse, Egg, HFC bank and Alliance & Leicester. These PPI selling firms have also been warned to clean up their act and have a new set if industry rules which will be in place by the end of summer 2010.
Consumer group Which? Vera Cottrell said “The decision to extend the time limit for referring complaints gives people more time to reconsider their position, and ideally we would like to have this opportunity extended to people who complained some time ago.”
If you feel you have mis-sold PPI please fill in our claim for on our home page.
Peter Chadwick says:
Sunday, May 29, 2011 at 5:48pm
I had ppi insurance added to my loan and i did not notice this, it was not discussed with me at the time, i only noticed it when the loan had nearly finished and put it down to me not reading the form carefully and my loss. This loan was taken out in March 1999 for a period of 5 years, in view of the 12 year gap is it still possible for me to claim?
admin says:
Sunday, June 19, 2011 at 7:57pm
Hi Peter,
It is still possible to claim and I would invite you to complete our short contact form and one of our trained advisors will get the ball rolling for you with no upfront fees. Thanks for your comment.
MP & G LYNCH says:
Monday, October 31, 2011 at 11:56am
In 1986 we took out an endowment mortgage from Lloyds TSB Bank, the total sum assured was 19170.00, and we paid our mortgage off early, which was in 1996.
Lloyds TSB Bank did not explain what would happen if we paid off our mortgage early and Lloyds TSB Bank did not explain that there was a risk the policy will not pay off our mortgage.
In 2005 we contacted Lloyds TSB Bank because we felt our endowment policy was missold to us.
My husband and I accepted £2,068.12 from Lloyds TSB and we redeem our standard life policy for £5,120.00. The reason why we could not complain to the Financial Ombudsman Service was because we had family commitments abroad.
There were exceptional circumstances for our delay in following up our complaint.