PPI is most complained about thing in table of awfulness

22 May 2012

complain

Payment protection insurance (PPI) was the most complained about financial thingummy in Britain in the last year. It was so jarring and irritating that it accounting for almost two thirds of consumer disputes mediated by the Financial Ombudsman Service.

PPI, which allows you to maintain loan repayments even if they lose their job, prompted a whopping 157,716 disputes during 2011. That's the most complaints ever generated by a single product.

The insurance, which can be tied in with loans or credit cards, caused a kerfuffle last year as it was sold to consumers who didn't actually know they were buying it, which of course, saw one of the biggest misselling furores in Britain's banking history.

Lloyds, Barclays and Royal Bank of Scotland all kept money aside (over £4 billion pounds) in preparation for paying all the compensation to PPI customers. The ombudsman said it mediated a total of 264,375 disputes between consumers and financial services companies in 2011.

"This year's been a struggle for many consumers, who've found themselves burdened by debt, besieged by claims companies and bewildered by the complexity of financial services," chief ombudsman Natalie Ceeney said.

TOPICS:   Banking   Investments   Complaints   Debt   Economy

8 comments

  • Mike H.
    Probably becasue the scrounging little wankers that took it out in the first place, see it as some quick cash, now want their money back so they can buy iPads.
  • Alexis
    Sorry Mike, my girlfriend got a £550 refund from a 2007 Egg loan last week. We went to buy an iPad from Manchester Arndale on Saturday. True story.
  • Mike H.
    And to believe, you could have gone in the week as I doubt neither of you work and scrounge every last fucking penny you can, then complain on forums using your iPad that you can't get a job or that you are really hard up and that you have asked the council for a complete £10'000 entertainment system to find jobs with and that you need a 3 week holiday in the Carribean so you can cope with all the stree of job hunting?
  • bob
    Woah woah Mike! Settle down dear, you'll give yourself a headache.
  • Alexis
    Mike Grimes, or 'Grimey' as he liked to be called...
  • P C.
    It's like a refund for stupidity
  • Mike H.
    Mike, what a sad bastard you are lol.
  • Can y.
    PPI doesn't pee me off, the claims handling companies who are breaching Ofcom guidelines in cold calling every friggin' number in the UK touting for business ... They can go screw themselves.

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