It must be a dreadful feeling when you consider your mis-sold payment protection insurance policy and the total waste of time it was. Fortunately there are legal precedents which allow the overturning of such wrongdoing and the reclamation of your funds. These laws exist to completely defend the rights of the customer.
The financial regulator has been busy heavily penalising Payment Protection Insurance companies in many situations for not treating consumers fairly, plus the Competition Commission has scrutinized market conditions and made a number of demands on these lenders, including outlawing sales within one week of selling a credit card or loans and completely outlawing single premium cover.
The FOS has complained to the regulator that it thinks that lenders are intentionally trying to block the ombudsman's procedures. It thinks some lending sources have been guilty of opposing all consumers' efforts to reclaim their losses, and in the year ending 2009 as many as 89 per cent of cases of peoples' mis-sold payment protection insurance policy dealt with by the ombudsman were found in favour of the consumer.
The result of any action brought in according with peoples mis-sold payment protection insurance policy will be binding and will set a precedent for consumer legislation to come. What is important is that the consumer is totally compensated for all the money which has been wasted. Legal precedent in England and Wales is by now firmly secured against the swindlers who bring about this bad practice.