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Deadline for PPI complaints 'put on hold'

The deadline for people to complain about being mis-sold payment protection insurance (PPI) has been put on hold during a judicial review.

Earlier this year, the Financial Services Authority extended the deadline for Barclays, Lloyds Banking Group and RBS to resolve PPI complaints, stating that these complaints would need to be dealt with by August 31st.

Commenting on this deadline was Ben Heffer, insight analyst for life and protection at research company Defaqto.

He said: "Today marks the first of a series of deadlines for these banks to resolve the PPI complaints they have received.

"However, despite the well documented problems with the selling of PPI, it is important for people not to be turned off protection insurance as a whole."

Mr Heffer added that a line needs to be drawn under PPI in order to restore confidence among consumers in terms of protection products.

In the six months since the high court ruled banks must repay mis-sold PPI, consumers have received £215 million in PPI refunds.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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