Mis-sold PPI's case goes to court
After the recent news of the true cost of PPI (Payment Protection Insurance), we are now starting to see the first group of people to take several lenders to court.
Brunel Franklin, one of the biggest claims companies in the UK, is set to challenge a few lenders in court for supposedly mis-selling Payment Protection Insurance policies to a number of people.
There are approximately 12 cases that could end up meaning lenders will have to alter their policy standards within this market. It may also mean compensation for those few taking the stand against these lenders.
The websites Which? and MoneySavingExpert.com has had thousands of people download the template letter to complain about overpricing and being mis-sold these insurance policies for credit cards and loans.
One of the main companies being taken to court is Lloyds TSB who have approximately 15% of the PPI market, whilst others include Picture Finance, Firstplus and Egg.
The court case is likely to take a few months as evidence is shown for each side, however if the lenders are found guilty of the practice of mis-selling PPI policies it could cause the gates to open for thousands of other people to follow suit.
Brunel Franklin won't do badly out of it either if they can prove the policies were mis-sold. Their no win-no fee service will take a healthy 25% chunk from any payment handed out.
Read more about the Payment Protection debacle here
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