PPI is the most complained about financial product


PPI complaints fall but still top the list for the most complained about financial product.

The number of PPI complaints has fallen between July and September 2011 but The Financial Ombudsman Service says this is down as a backlog of complaints has been cleared.

The FOS still received almost 20,000 new PPI cases since July . PPI complaints made up 38% of the total complaints that the FOS received about financial products.

The number of PPI complaints, which ruled in favour of the consumer increased to 92% compared to just over half in April.

Now the consumers have won 80% of their claims cases against mis-sold PPI.

PPI is often taken out when purchasing a financial product such as a loan, credit card or mortgage. Payment protection insurance is designed to cover repayment fees should you be unable

PPI is not for everybody and not everyone needs the insurance as part of their repayment structure towards loans or credit.

This product has been widely mis-sold and more than 20 million people across the UK were paying for an insurance policy that was little or no use to them.

Since the beginning of the year the FOS received almost 150,000 new complaints for mis-sold PPI. Many leading high street banks and lenders have paid out over £200 million in compensation to consumers in the first 6 months of 2011.

If you believe you were mis-sold PPI you can make a claim to get your money back.

For more information, contact PPI adviceline today.