The Financial Ombudsman Services in the UK has received 66,882 new requests to look into their complaints about the payment protection insurance in the past quarter. Since April of this year, there has been almost 100,000 complaints regarding this matter. There has been a majority of ruling to the customers’ favor in seven in 10 out of the complaints that have been handled so far. This is a slight drop on the statistics as there were eight out of 10 complaints ruled in favor of the customers last year. PPI is intended for the debt repayments should the customer is not able to work because of an unexpected event such as an accident or an illness, or even unemployment. This has received a lot of criticism because research has shown that the PPI is missold to a lot of customers and they were not able to make claims or they are forced to use their loan privileges or credit cards.
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