Banks Struggling To Repay PPI Claims Use A Frequent Alibi

A CMC representing organisation claims banks are unlikely to commit to their promise of smooth PPI claiming for consumers given their increasing alibi use that claims they have misplaced or could not find the information of their consumers. From the announcement of the PPI claims deadline in March, PPI continues to top the most-complained about financial products in the UK according to a digital complaints app.

The Alliance of Claims Companies (ACC) indicated that several banks, lenders and other financial institutions have increased the use of an alibi that claims to have misplaced or not find consumer information. The ACC revealed that one motor finance company, Blackhorse, had increased its used coming from 0% in January to 80% in April a month after the PPI claims deadline announcement.

The excuse had allowed banks to buy time or reject a potentially legitimate consumer complaint.

The ACC, which represents several claims management companies, said their represented will stand not to gain any positive economy from the release of data. The publication is to warn consumers about the actions of banks despite the PPI claims deadline announcement.

According to complaints app Resolver, payment protection insurance is  still the most-complained about financial product in the United Kingdom. About 262,000 complaints from January to April 2017 it attributes to PPI alone.