Rogue PPI claims firms are taking money from people’s bank accounts without permission, says a shocking report from Citizens Advice. These companies, which typically lure people by cold-calling them and saying they are entitled to compensation for mis-sold payment protection insurance, have been caught taking up-front fees from customers who never agreed to pay. Citizens Advice says that firms convince people to sign up, take an up-front fee — but then never make a claim.
Even customers who do have a valid claim often find they lose up to one-third of their compensation payout in charges to PPI claims management firms. The Citizens Advice report found that three-quarters of households regularly received nuisance calls and texts from unscrupulous PPI claims management firms. People who think they may have been mis-sold PPI are being urged to hang up on cold callers and go directly to their bank to make a claim. The report found that the companies take around 25 per cent of a successful PPI claim in charges, with customers spending on average more than £1,100 in fees.....Read more on this story here: Shock report claims cold-calling PPI firms are taking money from people's bank accounts without permission