Guarantor mortgage complaints overtake PPI for the primary time in over a decade

Greater than 10,000 complaints about guarantor loans had been acquired between October and December 2020 the Monetary Ombudsman Service. This compares to simply over 300 complaints in the identical interval a 12 months earlier, new quarterly knowledge from the impartial complaints arbitrator exhibits. 

In distinction, the Ombudsman acquired 6,679 PPI complaints over the past three months of 2020, in contrast with over 41,500 complaints in the identical interval a 12 months earlier. The final time PPI was not essentially the most complained about product was within the third quarter of 2007, when bank cards attracted nearly all of gripes.

PPI is the most important mis-selling scandal that the Ombudsman service has ever seen. The deadline for complaining about PPI to the businesses that offered it – specifically banks – was in August 2019, though if prospects weren’t pleased with the response they might nonetheless take their grievance to the Ombudsman after this date. See our PPI: Can I nonetheless reclaim? information for full data. 

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