PPI: Building Societies “bombarded” by fake claims

New figures show just how many people are making bogus PPI claims. The Building Societies Association (BSA) say that their eight largest members received 22,441 fake claims in the six months to the end of April this year. Shockingly these were cases where the claimant never even bought PPI from the building society they were claiming from. The BSA figures echo those from the Financial Ombudsman who said that 6,000 people submitted false PPI claims in 2011. If the BSA statistics are correct it seems as though the problem is getting worse, wasting valuable time and manpower at the building societies affected. Lloyds ...

25% of claimants don’t know about PPI claims fees

The mis-selling of Payment Protection Insurance is perhaps the biggest and most costly financial scandal ever in the UK. However, new research has shown that a quarter of people using claims management companies to handle their case are unaware of the fees they will be charged. Fees for Claims Management Companies A survey of more than 2,000 people, carried out by Which? and Moneysavingexpert found that 25% said they did not know Claims Management Companies charged a fee for handling their case. The fees charged by Claims Management Companies are generally around 25% of the claim and can run into many thousands of ...