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PPI Update

One can't help but notice that every day in the news something is being reprinted in regards to the PPI scandal that has rocked the lending industry in the UK over the past six years or so. The news isn't always good but recently there have been new developments which bode well for anyone who has been mis-sold payment protection insurance and is awaiting an answer to a claim that have filed with their lender. A recent PPI update just making the headlines shows that the British Bankers Association, BBA, lost its High Court challenge regarding the sale of PPI. This PPI update is one which borrowers across the land are celebrating but lenders are regretting.

Outcome of Appeal Filed by British Bankers Association

Part of the reason why lenders in the UK were unhappy with the new FSA guidelines was because the Financial Services Association were only given authority over payment protection insurance and PPI claims in the year 2005 but the guidelines covering mis-sold PPI was enacted retroactive at least by another five years. Lenders feel that they should not be bound by rules and regulations as set forth by the FSA relating to PPI claims filed against lenders dating back prior to 2005. This PPI update means that lenders will now have to pay compensation for any claim filed against a lender whether it was filed against a payment protection claim prior to or after a time when the FSA gained to jurisdiction.

Keeping an Ear to the News

If you are following the PPI controversy that has blanketed the news within recent years you are probably in tune with every PPI update as it hits the press.  Following thde decision by the High Court lenders will have to make compensation and provide refunds for any PPI policy that can be proven to be mis-sold for any of the reasons established of the government.

Besides reading the newspapers, watching television or  listening to the radio you can keep up with each and every PPI update as they happen by visiting the news section of Belmont Thornton Website. Here you will find the latest new as it breaks and you will also be able to follow what has been happening in the industry over time. Since to news articles are archived and there is no fee to call them up you can go back and find each PPI update to refer to as often as you would like. If you are encouraged by the latest news that lenders are being mandated to review every claim they are presented with an have as yet to file yours, talk to the claims team at 0207 471 2000. The news is good with this latest PPI update and now is the time to file.

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