FSA Gives PPI Victims Extension

June 4, 2010 - PRLog -- To: News Desk
From: Smart Savings
Today’s Date: 4th June 2010

FSA GIVES PPI VICTIMS EXTENSION

Hundreds of Cornish people are being helped to their share of thousands of pounds, thanks to a local organisation that provides ethical financial services.

Many people who have been mis-sold PPI (Payment Protection Insurance) alongside a loan are now benefiting by reclaiming thousands, with the support of Cornwall-based social enterprise Smart Savings.

The Financial Services Authority (FSA) has announced that people who have been mis-sold PPI are to be given extra time to refer their cases to the Financial Ombudsman Service (FOS), taking the six month deadline of the end of April to the end of October later this year.

Founding Director and Chief Executive of Smart Savings, Jane Jiwa (nee Opie) explains, “PPI is a form of insurance that is often sold to you when you take out a loan, credit card, or store card, in case you cannot make your repayments if, for example, you become ill or unemployed.  However the mis-selling of this insurance is rife and we are helping our customers to reclaim thousands of pounds”.

Jane continued, “If your financial provider of PPI has rejected your claim of mis-sold PPI, you usually have up to six months to take that complaint to the FOS.  The FSA has now announced that anyone who received a final rejection or final response from their PPI provider between 28 November 2009 and 28 April 2010 will be given until 27 October 2010 to complain to the FOS”.

According to the FOS, around 135 people a day lodged official complaints about PPI during the last financial year, and this figure is still rising. Many PPI providers automatically reject PPI claims, yet the Financial Ombudsman then upholds approximately 90% of consumer protests it handles.

At Smart Savings, with their offices in Redruth, Jane and her experienced team will give you a simple questionnaire to complete about your mis-sold PPI and they’ll do the rest of the work – it’s as easy at that!

For more information, visit www.smartsavings.org.uk or email info@smartsavings.org.uk.

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Editors Notes:
Contact: Jane Opie on 07760 214254 or info@smartsavings.org.uk
Or Helen Mulhern on 01326 376 273 / 07747 633 236

Smart Savings is a locally managed Social Enterprise that specialises in reclaiming mis-sold PPI.  As a social enterprise, it uses its profits and assets for the local community. For more information about Smart Savings or reclaiming mis-sold PPI, visit www.smartsavings.org.uk or email info@smartsavings.org.uk.

Smart Savings is supported by many community-based organisations in Cornwall and UK wide, such as Cornwall’s SSE (School of Social Entrepreneurs), UnLtd, Jobcentre Plus, Cornwall Partnership NHS Foundation Trust, Cornwall College, Carnbrea Leisure Centre, Cornish Community Banking, Eventy – Marketing & PR, Inspired Design Consultants, Cornish Computing, and Redruth Osteopathic Clinic.