How long will PPI reclaiming last?

skv123

Hi all,

I just wondered if anyone has any opinions or stats on how long the PPI reclaiming will go on for?

I mean right now the FOS are reporting record figures for it but when will it all die down just like endowment claims died down in the past?

Any views, stats or opinions would be appreciated.

Thanks

robbedofmymoney

skv123 wrote: »

Hi all,

I just wondered if anyone has any opinions or stats on how long the PPI reclaiming will go on for?

I mean right now the FOS are reporting record figures for it but when will it all die down just like endowment claims died down in the past?

Any views, stats or opinions would be appreciated.

Thanks

there are no official stats that i am aware of, however if you go to the FOS it could take anywhere between 6 months and 2 years, i see you mentioned that things could slow down in terms of complaints, however, currently i think there will be a lot more over the next couple of years as more people realise they have been ripped off.

skv123

Yeah, I am more looking to see when it may all be at an end.

Are there any stats for how many people were likely mis-sold? Or how many have already reclaimed?

di3004

Isn't there perhaps some info on the FOS website of the stats?
http://www.financial-ombudsman.org.uk/default.htm

robbedofmymoney

skv123 wrote: »

Yeah, I am more looking to see when it may all be at an end.

Are there any stats for how many people were likely mis-sold? Or how many have already reclaimed?

sorry, miss-read your post

there are various documents that have been published by the FSA, FOS and competition commision, the scale of the scandal is huge and it is estimated that the banks could be liable for £1.4 billion in miss-sold ppi per year going back a number of years, 10 or more years.

one recent news item on this site also mentioned that the banks are still and will still continue to miss-sell in the future.

this scandel was first brought to lite in 2005 and the banks have stil been miss-selling ppi since then, so in my mind this will probably go on for years to come.

marshallka

I think it has slowly died down a little now TBH. I think that a lot of people were suckered in by the write off your debt companies and so did not claim for their PPI and now its most probably too late or they have given up. FOS are still dealing with a backlog of complaints from ages ago but I would probably guess that complaints going to FOS now have simmered down. Just my view though and nothing solid.

skv123

The opinion is appreciated marshallka, and i'd be interested in hearing anyone elses views on the feel they get or any experience they have.

Having looked on the FOS site di it seems that in 2008 there were about 10,500 complaints, this tripled to 31,000 in 2009. In 2007 it was a paltry 1000 or so. Of course this doesn't necessarily represent the thousands who settle directly with lenders...

The opinion of the FOS is that there is less likelihood of mis-selling in the future due to the banning of the single premium sales in May 2009. However their view is that there will still be substantial complaints in the future.

It seems that the substantial future complaints are in part due to the advent of claims management companies being hugely involved in claiming.

Does anyone else have a view or any other resource which may discuss the same?

maxdp

Yes there is also the element such as Loancheck and other claims management companies where people go along with them to get their PPI back and then these CMC are dropping like flies, leaving people high and dry. Who has to pick up the pieces a lot of the time, the FOS.

marshallka

maxdp wrote: »

Yes there is also the element such as Loancheck and other claims management companies where people go along with them to get their PPI back and then these CMC are dropping like flies, leaving people high and dry. Who has to pick up the pieces a lot of the time, the FOS.

OR "new" claims management companies (like the old Loancheck into the new version 2 Loancheck that also failed!!) promising to be bigger and better than their ancestors.

I wonder what Loancheck are up to now!!!