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Mutual lenders 'receiving bogus PPI claims'

Mutual lenders received 247 per cent more bogus payment protection insurance (PPI) refund claims in the six months leading to the end of April 2012 than they did in the half-year preceding this.

This is according to data from the Building Society's Association (BSA), which found 22,441 consumers had been misled into believing they could be eligible to make a PPI claim or receive a loan refund.

Some companies dealing with PPI refunds are engaged in door-to-door sales and are focusing on vulnerable and elderly consumers, the organisation added.

"Mutuals were minor players in PPI and this can be seen by the fact that just four per cent of PPI complaints to the Financial Ombudsman Service related to a mutual provider," director-general of the BSA Adrian Coles said.

This follows a warning from the Ministry of Justice, which warned PPI claims companies it is their responsibility to ensure every letter they send to banks and building societies is accurate.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801404321-ADNFCR



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