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Banks and consumer groups will meet to highlight on the cost of using claims management companies for payment protection insurance (PPI) claims. People who believe they were mis-sold PPI can apply for compensation by writing to providers themselves. But many have used claims management companies who then take a cut of any subsequent payout. Monday's meeting, which will be attended by a number of banks, is aimed at "restoring trust" in the process.
Credit card companies will also attend the event, hosted by Which? and Money Saving Expert. A separate meeting will also be arranged with representatives of claims management companies. Their trade body said that some cases were complex and experts were needed to ensure claimants were not "short-changed". Payouts PPI was supposed to repay people's loans if their income dropped because they fell ill or lost their jobs, but hundreds of thousands of people were mis-sold the policies....Read more here
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PPI mis-selling: 'No need to pay' for claims
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#15corpio commentedEditing a commentBanks and other lenders have signed up to new measures designed to cut claims management companies out of payment protection mis-selling compensation. Complaint procedures will be standardised to improve the process of claiming compensation and consumers will be warned they do not need to use claims management companies (CMCs) in order to get their money. Consumer group Which? and the Moneysavingexpert.com website secured agreement between banks, credit card firms and regulators at a summit in London yesterday.....Read more here--: Banks and credit card lenders sign up to measures to cut claims firms out of PPI compensation
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