"Urgent – you are owed £3350 for the PPI you took out, time is running out to claim."
So ran my latest text message this week from claims management companies. Which is interesting, as I have never had any PPI let alone paid out thousands for it.
The Financial Ombudsman Service this week reported that up to 1500 new PPI complaints are pouring in each day and it has now received more than 400,000 complaints in total. Two-thirds of cases are brought by claims management companies (CMCs), and the Building Societies' Association last month called for a clampdown on CMCs after estimating that mutuals received more than 20,000 bogus complaints from them in just six months.
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