Bad credit loans: People should not delay in submitting PPI claims

Consumers "should not delay" submitting their claims for mis-sold payment protection insurance (PPI) against financial products such as bad credit loans, an expert has said.

Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, said that the banks are launching a judicial review into new rules on the handling of PPI complaints.

Mr Davis told consumers: "The bank may say 'well you didn't claim therefore you are owed nothing' even if the claimant is owed. Get your claim registered and, if rejected, then add your voice to the long complaints list relating to banks."

He added that banks "hate to lose" and will challenge any rulings against the financial sector in relation to PPI selling.

Recent statistics from Morgan Stanley said that British banks could face a £5.1 billion bill over the next five years as a result of claims for mis-selling of PPI, although the bank did state that this figure is manageable.