Some high street banks have admitted breaking a “gentleman’s agreement” to pay refunds to customers within 28 days of a claim being made. This is in spite of banks clearing 97% of their PPI complaints by the end of August.
Reports suggest that customers of certain banks are particularly affected by payout delays. Ironically, some customers are still being charged on their PPI policies despite their complaints being accepted by the banks.
Barclays, Bank of Scotland, Halifax and Santander all say they are meeting the 28-day headline, with HSBC maintaining it has reimbursed customers within two or three days of claims being accepted.
Around 200,000 complaints were made to banks after PPI policies – designed to cover income if you lose your job or become too ill to work – were sold to customers who didn’t need them and wouldn’t be able to claim on them.
Sally Bowyer, Managing Director of leading claims firm, BrunelFranklin.com said: “We continue to see a huge increase in PPI refund applications as public awareness gradually rises. Cases of mis-selling are still coming to light; as people feel the financial squeeze and learn of the PPI refund successes of friends, family and colleagues, the upward trend in the number of people seeking refunds is likely to continue for the foreseeable future.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.