Press Release Summary: BrunelFranklin.com and conkers.co.uk is poised to pursue 12 claims for compensation through the Small Claims Court.
Press Release Body: One of Britain\'s largest claims companies is set to take a handful of PPI vendors to court over the mis-selling of payment protection insurance (PPI). BrunelFranklin.com and its PPI and its specialist bank charges claims service conkers.co.uk is poised to pursue 12 claims for compensation through the Small Claims Court.
\"We\'re about to litigate on a dozen or so cases to see whether that changes the vendors\' policy standards,\" managing director Anthony Sultan said. \"It may take months, but we\'re optimistic of a positive outcome. We\'re trying to establish a pattern of mis-selling in certain areas: it could open the floodgates to tens of thousands of PPI cases.\"
The policies are designed to cover the repayment of loan, credit card or mortgage debt if people fall ill or lose their jobs, but is widely criticised for being aggressively sold, expensive and failing to provide the anticipated level of cover. The Office of Fair Trading referred the sector to the Competition Commission earlier this year, but thousands of borrowers are taking matters into their own hands and challenging lenders in a consumer revolt against alleged mis-selling and unfair charges.
Sultan said providers were \"playing games\" to try to hold back the tide of PPI payouts - rejecting claims outright or simply offering to cancel policies instead of repaying premiums paid plus the interest that has attached to them. PPI premiums are generally added to the cost of the loan amount, and interest rolls up on them too. The effect of compound interest means the total amount of interest paid can be as much as 50 percent of the overall cost of the policy.
Sultan added that the scale of the problem was \"far, far bigger\" than endowment mis-selling. \"It\'s so blatant that these policies were mis-sold: these are people who were genuinely ripped off. A lot of people don\'t even know they have the policies,\" he said. To see if you might be eligible for a refund of excessive credit card charges, visit www.conkers.co.uk and take the 60 second test, or call free of charge on 0800 051 54 51.
2022
