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Number of PPI claims soars in 2011

The number of payment protection insurance (PPI) claims handled by the Financial Ombudsman Service (FOS) grew by ten per cent in the last three months of 2011, it has been revealed.

Senior members of the organisation suggested that it processed 55,907 complaints during the last quarter of the year.

The bank or insurance companies alleged to have mis-sold PPI cover were found guilty in more than half of the cases that it was forced to deal with.

Banks and insurers who throw out claims made by their customers often find that the grievances are taken up by the FOS and leaders have indicated that PPI issues are now accounting for a major proportion of the body's workload.

Many people have been left out of pocket because firms have sold them insurance policies on top of mortgages, credit cards or loans that essentially protect them if they lose their job for whatever reason.

Earlier this month, the Press Association reported that up to 130,000 PPI claims would be processed in 2012-13.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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