Payment protection insurers delay claim settlements
- 23RD JUNE 2007
Thousands of consumers have lodged complaints about their individual payment protection insurance policies since the investigation into the financial industry began approximately two years ago. The estimated figure currently stands at 2,260, but that number is growing by the day. It is estimated to run into the millions within the next decade, and it is no wonder when you see how consumers have been treated in the past.
Payment protection insurance providers persist in treating customers unfairly despite the fact that three investigations are running concurrently. Many insurers have actually delayed settling claims for months on end by making many poor excuses. For example, application forms, paperwork, phone call records and policy documents have all failed to arrive with the Financial Ombudsman Service (FOS), the office dealing with claims, in a timely manner.
Banks and lenders should be ashamed of themselves, but it is possible to avoid this completely in the future. Investigating the possibility of taking out a standalone policy would eliminate the need to make claims on the basis that the policy was mis-sold.
Payment protection specialist British Insurance is one company that will not let the consumer down. It is thoroughly compliant and will only provide individual with policies that suit all of their needs. When you consider the hassle that the majority of claimants are currently experiencing, it is wise to consider going elsewhere for payment protection insurance.
