Earlier this year the British Banker’s Association (BBA) went to court with Financial Services Authority (FSA) and Financial Ombudsman (FOS) for the battle dealing with mis-selling PPI policies to consumers.

The court ruled against BBA concerning the way the handled rules on payment concerning PPI policies; the BBA has stated that they will not seek to appeal the holding of the case.

This means a big win for consumers. The BBA will immediately have to pay out on claims which were filed by consumers relating to the handling of their payments. The complaints which were on hold during the trial will be the first to be paid out on. The court stated that the BBA may not delay on paying out compensations to individuals who were mis-sold insurance products.

Additionally, anyone who has not filed a complaint, but has been mis-sold PPI policies, is encouraged to file a complaint to the lender who sold them the policy for a refund as well. The FOS stated that the outcome of the case will hopefully send a message to banks that they must move away from PPI, and that they will not get away with continual mis-selling to innocent consumers on the market.

After the judicial hearing earlier in 2011 due to mis-sellings on PPI loans by banks, the number of claims to the Financial Ombudsman Services (FOS) continues to grow day by day.

Just recently, the FOS has stated that they are receiving over 1,000 claims per week, and see no letting up any time soon on these claims. The major reason for the claims by consumers is due to the fact that many consumers are being sent rejection letter after rejection letter on their claims, by their lender; therefore, consumers are forced to go through the FOS to file their claim against banks.

Many consumers are missing out on payouts due to these mis-sellings, mainly because they are unaware and do not understand the process of filing a claim to the FOS.

Many claims for mis-sellings are totalling over 2,000 pounds, especially in those cases where consumers have taken out the single-premiumPPI insurance policy with their lenders.

Although not all claims are eligible to go to the FOS, consumers might still be able to obtain a refund. If you have tried to file a claim and failed, try contacting a claims company to help assist you in obtaining your refund today.

British banks can no longer maintain their position that they can withhold PPI Claims.

They have decided not to contact people on their own however. If you have a loan, you may want to go check the documents covering the loan to see if you were sold payment protection insurance. Millions of people in the United Kingdom were sold Payment Protection Insurance policies that they did not want or need. The FSA has won a series of legal cases against representatives of the British Banking Industry. The court cases have forced the banks to contact their customers if they have similar claims, but a consumer should not count on this happening. The banks are waiting for a final ruling

If a consumer suspects that he has falling victim to the predatory practices of banks selling PPI Claims, he needs to file a complaint against the issuing bank.

The complaint forms are made available for free by a number of consumer watchdog groups who are concerned about the ethics the banks did not follow. Britain’s High Street banks have already started acting on the ruling. Those who filed a complaint previously did not do so again. If a person has a PPI policy and did not file a complaint, he needs to take action now.

Due to the recent judicial hearing early in 2011, many banks, especially those owned and managed by BBA, are facing the reality of having to pay thousands of insured individuals a refund, due to charging them for PPI insurance which was added to their bank loans without their knowledge.

These PPI insurance policies, were costing individual consumers 1,000′s of pounds annually, and in many cases borrowers had no idea they were paying a premium on them, and in some cases the banks never even offered borrowers the option to add the PPI insurance or not; they were simply adding it onto the bank loans, and charging consumers.

However, earlier this year, a judicial court proceeding found these banks guilty of mis-selling consumers, and is forcing them to pay back all claims which have been filed for mis-selling, and encouraging consumers to file a claim, if they had not done so in the past.

The CAB has given a few tips on how to file a claim to consumers. They must first find out if they were charged for PPI policies. If yes, it is a simple process to file a claim, by simply obtaining the claim form and sending it in to the lender.