Failed firms PPI claims rise

Figures released today have shown that the number of people making claims for mis-sold payment protection insurance (PPI) from firms which have gone bust, has almost doubled year-on-year.

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FSCS: 'Claims companies take a sizeable chunk'

In 2012, double the number of people made claims from failed PPI firms, compared to the previous year, research has found.

Claims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation.

Some people may prefer to use a claims management company, but it is important that they understand the charges from the outset and are happy to pay them.

– Mark Neale, chief executive of FSCS

Nearly 20,000 submitted PPI claims from failed firms

Figures released today have shown that the number of people making claims for mis-sold payment protection insurance (PPI) from firms which have gone bust, has almost doubled year-on-year.

Nearly 20,000 people submitted claims in 2012, compared to more than 10,000 in the previous year Credit: Owen Humphreys/PA Wire

According to the Financial Services Compensation Scheme (FSCS), nearly 20,000 people submitted claims in 2012, compared to more than 10,000 in the previous year.

The findings come after the Financial Ombudsman Service (FOS), reported that it handled 11,000 complaints a week about PPI mis-selling, in the last three months of 2012.

The service resolves disputes between people and financial services firms,

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