09 January 2017
The payment protection insurance (PPI) mis-selling saga is hitting banks in terms of money, resources and time.
Costs for some banks in the thick of the PPI scandal - such as the biggest banking group, Lloyds Banking Group - are spiralling and not just in terms of how much compensation they are paying out. The internal wage bill for banks and lenders of staff dealing with PPI claims is ever growing, with many banks also relying on agency staff too.
Even straightforward cases suck time and resources. For example;
A straight forward PPI claim from a customer was that she was covered by her employer's sick pay policy therefore didn't need the PPI on her loan. A quick check on the status of this sick pay meant that this was indeed the case and her PPI compensation claim was upheld - in other words, she is entitled to receive PPI compensation.
This process alone took over several hours to conclude, and now the bank representative needs to work out how much PPI compensation she is entitled to receive.
More complex case take many more hours to resolve and this is before any compensation calculations are made.
Look at the investments banks in the UK have to make in order to process PPI compensation claims (2012/3 figures therefore, these will have changed):
Some customers prefer to make their claim through a claims management company (CMC). As a reputable CMC, and our terms and conditions are transparent and easy to understand - all you need to do is call us and let's talks about making a claim for PPI compensation on your behalf.
All you need to do should you decide to use Scottish PPI Claims for your compensation claim is complete a few simple forms - and then sit back and relax and let us do the hard work.