Martin Lewis PPI Claims are wrong?

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As millions of us will be aware Martin Lewis of moneysavingexpert advised us all to make our claims for ppi by our self along with which magazine and after today’s revelations were they correct to do so?

Martin Lewis ppi claims was for all clients not to use the middle men such as claims management companies when making missold ppi claims but after the Times newspaper revelations about Lloyds TSB Bank how many clients have lost out as as result of this advice.

Although I agree that some claims management companies were charging far too much for their service after the recent revelation it may have been better to advise people to shop about to find a claims management company that would not charge upfront fees and charge reasonable fees for their service as there is lots of claims management companies that will reclaim your missold ppi for 15% or less.

The problem with submitting your ppi claim by yourself is that most of the banks drag their heels in the hope if you refuse your claim you will give up and this is evident by the way in which Lloyds TSB have been doing it as the Times newspaper has revealed.

If you have started a claim by yourself do not give up if the bank has refused your claim either go to the Financial Ombudsman direct or get a claims management company to look at it and build up a better case for the Ombudsman.

The next question everyone will be asking is this an isolated case restricted to Lloyds or is it widespread to every bank and what are the authorities going to do about it?

Firstly the authorities must tell Lloyds to review every single case that has been refused and not went to the Ombudsman and this should be done by an independent party so clients can have confidence in the process and secondly Lloyds need to make a statement regarding these allegations to reassure the consumers.

Martin Lewis PPI Claims advice may just have got it wrong by telling people to go it alone as it is more than likely some people who have taken this advice have lost out as a result especially if their case was with Lloyds TSB Bank.

Then new regulator needs to step into this mess immediately otherwise the whole ppi scandal will just get worse and they need to do something serious with regards to Lloyds as recently they were fined £4.3 million for their failings but it appears this has still been going on.

Personally it is time to revoke the Banks Licence so the people of the UK can have trust in the authorities as it is apparent that fines make no difference.

Lloyds Bank are no different to any other business in the UK and in my opinion they are not fit and proper to hold an CCL licence, DPA Licence and certainly not fit enough to hold a licence from the FCA the new governing body who replaced the FSA.

Finally if you have had a claim rejected by Lloyds then I would urge you to consider resubmitting it in light of these new revelations either by yourself or by using the services of a claims management company.

For more information on the news of how lloyds employed such a bad tactic to deal with ppi claims visit http://www.myppiclaims.com

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John Wilson

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