Financial figures and algorithm released by several financial firms and body clearly indicate that people are facing trouble to complete PPI claim process. Most of the mis sold PPI victims are moving towards PPI claim management firms to complete PPI claim process for themselves. Recent studies also shows that claim management firms have equipped a big part of compensation amount allotted to victims as fee or charge for their services. Actually financial ombudsman services take longer period to complete the task. In most cases, any PPI claim dispute gets resolved in more than 12 months. PPI claim process also goes through several stages. At first stage, as a victim you will need to write a former letter to your lender and if you lose at this stage then you will need to contact FOS. Claim process is complex in views of victims because both lenders and FOS require proper evidences and compensation calculations to complete the process in favor of victims. Proper way of presentation of claim is also necessary to win the case.
FOS is planning to recruit more employees in order to solve the disputes faster. There is delay to complete PPI claim process because in most cases banks reject claim letter at first stage that further reaches at FOS. FOS is receiving more than 5000 claim letters everyday and it is really difficult for the organization to solve the disputes faster as FOS is receiving more letters every day. However, experts have also told that PPI claim process is going to be easier as FSA and court have instructed banks and lenders to clear payments as early as possible otherwise they will need to pay penalty for late payments.
New recruitment in FOS will also be helpful to solve the cases faster. However, you can take help of claim management firm to complete claim process. Companies works on timescale and get success to complete the process faster at first stage.
For more information visit - http://www.ppiclaims.uk.com/