Lloyds PPI reclaiming delays – what are the alternatives?
Lloyds banking group have admitted that complaints against the possible mis-selling of PPI are taking longer than they should and are now being allowed extra time to settle PPI complaints by the financial services regulators, the Financial Services Authority (FSA).
The regulations covering complaints against the possible mis-selling of PPI state that a complaint should be dealt within 8 weeks. However Lloyds have finally admitted that due to the large number of complaints they are now receiving they cannot complete them within this timeframe. The financial services regulator, the FSA, have agreed that due to these extraordinary circumstances they will be allowed up to 16 weeks in which to complete PPI mis-selling complaints.
These circumstances are ‘extraordinary’ but the question should be asked ‘why are they extraordinary?’. It is not because Lloyds did not know they had mis-sold millions of PPI policies or that these complaints have suddenly arrived at their offices. Lloyds sold more PPI policies than any other bank, made more profit from these sales than any other bank and have been dealing with these complaints for years. So why are they suddenly falling behind? Are the delays being caused by the fact that Lloyds, along with the other main High Street banks, took their own regulators, the FSA, to court to challenge the rules covering how PPI complaints should be handled? Which the banks lost. And then, against the same rules, put ALL PPI complaints on hold while the court case was on going.
Lloyds have no one to blame but themselves for the massive amounts of PPI complaints that are now flooding through their doors. They mis-sold millions of PPI policies and then they were found out put these claims on hold and caused an even larger backlog. When the court case was finished all banks were allowed an extension to the normal 8 week time limit, but this extension ended in September 2011, however Lloyds do not appear to have taken enough steps to ensure the backlog of PPI claims has been cleared.
What many people will now be experiencing is lengthy delays in PPI complaints being resolved, lengthy calls to a call center to get the stock answer ‘your complaint is being dealt with and will be answered as soon as possible’. No amount of shouting or screaming at the call center will speed up your claim and taking your claim onto the Financial Ombudsman Service will only slow your case down even further.
So what it the alternative?
If you don’t want to deal with your complaint yourself, you can use the services of Claim 2 Gain. Once we have logged your complaint you can relax with the knowledge that we wont stop until your complaint has been resolved, which means that you don’t have to spend hours listening to hold music or get frustrated when you cant get an answer to why your complaint is not being dealt with. Once we have logged your PPI complaint we will keep you updated and inform you immediately when your case has been completed. Claim 2 Gain take the hassle out of your claim.