You have probably been reading the news and hearing on television just how many lenders are denying PPI refunds when it is a cut and dry case of mis-sold PPI cover. Of course no business wants to refund money if there is any way to get around it, but this is even more the case with PPI refunds since there are so many that need to be issued. As you will hear on the news, there are huge numbers of UK citizens who have been mis-sold PPI either by omission or downright misleading information. In any event, the reality is that too many people are applying for PPI refunds which are placing a significant financial strain on the loan industry.
Considering the fact that Lloyds Banking Group alone reported a £3.47 billion dollar loss in the first quarter of 2011 largely due to refunding PPI money, it is easy to see that smaller lenders could be devastated by the loss of this much money. When lenders deny you a refund when you try to claim back PPI, you will be forced to file an administrative appeal with the Financial Ombudsman Service which is frustratingly time consuming. Your only other recourse would be to consult with a professional PPI claims company that can put you on the fast track to reclaiming PPI that is due you.