80% of people mis-sold PPI use claims managemement firms!

cepheus

It seems incredible to me that people still don't realise you don't need to use these charlatans. It makes me wonder if such firms should be taxed extra to support public information on finance to counter their adverts in the media.

Would the public be thankful though, or is this the legitimate hand of the free market helping those who feel incapable of looking up the procedure, or those who have more money than time to write a few letters and persevere? Who earns enough to justify the 25% to 40% commission these firms charge though?

Tens of thousands of people mis-sold payment protection insurance (PPI) have received £215million in compensation from banks so far this year.

But at least £43million of this has gone straight into the pockets of greedy claims management companies, Money Mail can reveal.

A staggering 80 pc of people claiming compensation now use one of these firms, up from 76 pc last year, according to figures from the Financial Ombudsman Service

Read more: http://www.thisismoney.co.uk/money/cardsloans/article-2031869/After-conned-banks-PPI-millions-lose-compensation-unscrupulous-claims-firms.html#ixzz1WaQlO5tY