Compensation paid to victims of payment protection insurance (PPI) mis-selling is likely to have passed the £3 billion mark since the start of last year, official figures indicate.
Borrowers left with sky-high mortgage rates because they cannot switch home loan need extra protection to avoid potentially crippling bills, according to an advisory group.
There was a 20% rise in complaints to financial firms in the second half of last year largely driven by a huge spike in payment protection insurance (PPI) compensation claims, official figures reveal.
Worried mortgage holders who want to cap their costs following the news over a million are set to be whacked with massive hikes have an alternative to simply taking out a new home loan.
Squeezed consumers searching for the best deals face a "major risk" of being sold financial products they do not need, the finance watchdog warned today.
Tougher action is needed to clampdown on "opaque and poorly regulated" commercial debt management companies and payday lenders, a report from MPs urged today.
Lenders have been told to ensure their letters offering payment protection insurance (PPI) compensation are clear, to prevent providers misleading victims.
6 March 2012
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