More than 1,000 people a week are pursuing PPI mis-selling claims!

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More than 1,000 people a week are pursuing mis-selling claims about payment protection insurance after having their  complaints rejected by the banks, it has been revealed.

The Financial Ombudsman Service said it was currently receiving more than 1,000 cases each week relating to the insurance  cover from people who were unhappy with the way their provider had dealt with their compliant.

It had expected to receive around 46,000 complaints about PPI this year, but figures for the first part of the year suggest  the total will be far higher than this.

The ombudsman has repeatedly criticised the banks and other PPI providers for the way they are handling complaints, claiming  many of them are failing to investigate them properly.

The service is currently upholding between eight and nine out of every 10 complaints it receives about PPI, which is the  single most complained-about product.

It is also typically calling on firms to pay consumers compensation in the low-thousands of pounds, although in some case the  figure has been as high as £25,000.

But it is thought that tens of thousands of people who could be entitled to compensation may be missing out because they fail  to pursue their claim through the Financial Ombudsman Service.

Figures from City watchdog the Financial Services Authority show that firms received around 260,000 complaints from consumers  relating to PPI during 2009, but only 41,000 of these were referred to the ombudsman.

PPI covers debt repayments if the policyholder is unable to work due to an accident, illness or if they lose their job.

But the product has come in for heavy criticism after research found it had been mis-sold to many consumers who would never  be able to claim on it, while others felt pressurised into taking it out alongside a loan or credit card.