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May 11, 2012 - PRLog -- It was initially estimated that the amounts set aside would be in the region of £3 billion but this soon increased to nearly £5 billion after the judicial review and has steadily increased ever since.

We then saw it hit the £8 billion mark and in the last 2 weeks with 4 of the major banks having to increase their respective amounts substantially we are now over the £10 billion mark.

It is no wonder banks are complaining about claims management companies because it is costing them millions more in compensation payments and staff costs to deal with the problem but what all the banks are forgetting is that they lost the judicial review and caused the problem in the first place.

Even after heavy fines by the FSA to many of the providers and the announcement that all clients who were or could have been potentially mis sold ppi were to get a letter from their provider we are still not seeing real clarity or direction from the banks on this problem and until they actually come out with clear guidelines they are going to continue to receive high volumes of claims being submitted by both consumers and claims management companies alike.

What the banks need to understand is consumers have lost all trust in them as thousands of people have already claimed successfully as they were unaware ppi had been added to the finance agreement and word like this spreads very quickly.

The next issue people have is that many have no longer got their agreements but do not trust the banks enough so the submit a claim to see if ppi was added or not but the banks are now causing other issues with this in many cases as they are saying to clients the no longer have the records to show if ppi was added or not and dismissing the claim.

This will not put the public or claims management companies off as clients will simply be asked to obtain their credit report and if the finance agreement is still showing then the company must still have the records for it and if not the FSA will start to see an influx of complaints as all banks are required to keep your records for 6 years under the FSA guidelines.

PPI claims are not going away in the near future and banks also need to remember that they have a duty to treat all customers fairly under the FSA guidelines when dealing with complaints whether they are for mis sold ppi or for any other reason.

Whatever you decide do not be put off if your bank puts obstacles up simply get your credit file which will cost you £2 and produce this showing the bank you did have an agreement that ended in the last 6 years and they will have to send you a copy of your finance agreement and you can then check if you can make ppi claims or not.