Consumers still confused about payment protection insurance policy issues

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Claims Management Service PPI Claims Management conduct survey and find the majority of customers are unaware of important issues relating to payment protection insurance claims.

It is important that we restructure in order to handle all of the enquiries we receive, even if it is just potential claimants looking for more information or clarity on a payment protection insurance related issue

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Between the 1st October and the 7th October 2012 the PPI claims management service PPI Claims Management examined the typical enquiries which were coming through their customer service line and found a significant and alarming trend.

As many as 6 in 10 enquiries were from those who stated they had a loan or another form of finance in the last 10+ years but did not know whether they had a payment protection insurance policy and wanted help in finding out whether they did have such a policy. 20% of these potential claimants were under the impression that if they hadn’t received a letter from their lender or bank to tell them that they were eligible to make a claim that they hadn’t been effected by the scandal at all.

The large number of enquiries from people who did not know they had a payment protection insurance policy does suggest that there is still a large number of people who did not hold a policy making PPI claims. PPI Claims Management are looking to cut down on the number of bogus claims as are the Financial Service Authority as these are having a negative effect on the claims process as a whole, generally slowing everything down.

Those customers enquiring that did know they had a payment protection insurance policy did not know about the different ways that would make the policy come under the mis sold category and therefore eligible for a claim. Many customers were looking for someone to advise them on the ways in which their payment protection insurance policies could then be turned into PPI claims.

Following the PPI discussion through their customer service representatives the PPI Claims Management company can now see where particular effort needs to be focused when trying to inform customers about their rights when it comes to getting their money back.

Out of the enquiries that were submitted during the first week of October 2012, 45% decided to escalate their enquiry into an actual payment protection insurance claim.

As there has been a large increase in the number of mis sold PPI claims enquiries which are coming through the PPI Claims Management website they have had to make moves to restructure the business in order to ensure that all claims and handled efficiently without neglecting the many enquiries which come through on a daily basis. New customer service staff have been recruited in order to focus on addressing these queries and inform the customer as quickly and effectively as possible.

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Dr M Mansoor Siddique
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