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PPI Compensation Fund – How much PPI will banks really have to pay back?
There are so many figures around regarding the PPI mis-selling scandal that it’s hard to know where to start really.
Average compensation per policy, average compensation per customer, percentage success rate, number of policies sold, percentage of rejections overturn by the Financial Ombudsman Service, percentage of claims rejected by banks…..it can all become a little bit confusing.
So, let’s break things down a little…
How many policies were sold with PPI and how much are they worth?
The Financial Ombudsman Service have some interesting estimates and figures on just how big the scandal is.
They estimate that £50 BILLION worth of PPI policies have been sold over the last 15 or so years.
This is a staggering figure. The Financial Ombudsman Service have dealt with over a million complaints so far.
The Guardian estimated last year that 34 MILLION PPI policies had been sold since 2001.
Our calculations can therefore realistically state that the average PPI policy has cost £1,470. It’s worth remembering that many people have purchased multiple policies, and in large part without even realising.
What are the banks doing about PPI?
In a nutshell, they continue to try every tactic to wriggle out of the biggest scandal ever to hit the financial services industry.
Gone are the days where you can trust your bank, believe me.
Banks have estimated that their total bill for repaying PPI compensation will be £25 BILLION.
So basically they are expecting that half of all people who may have a valid claim will not make a claim.
They are also hoping that by rejecting valid claims that most people will simply roll over and accept the rejection.
Let’s break down the PPI facts
The banks are hoping that they can quietly brush the matter under the carpet.
They are hoping that the British public will accept their word even after they’ve been caught basically taking money out of people’s pockets.
The Financial Ombudsman Service has dealt with over 1 MILLION complaints regarding PPI, but there have been 34 MILLION policies sold!
The banks estimate the final bill will be £25 BILLION, yet there has been £50 BILLION worth of PPI policies sold.
Are we really going to let the banks get away with it?
The British public have a duty, in my opinion, to ensure all banks and lenders who have basically stolen money from the hands of the hard working people of this proud country, pay a heavy heavy price.
We deserve to be treated with a lot more respect, yet the banks continue to try and wriggle out of their obligations.
If we don’t act now, and claim back the compensation that is rightly due, then the banks will have basically got away with the biggest financial scandal of all time.
If you are one of the millions who are still thinking “it didn’t happen to me”, or “I’m not sure I’ve had PPI”, then I shout out to you……IT COULD BE YOU!!!
Now is the time to take the jump, we can’t possible make the process any simpler so come on board and you could join the millions of people who have reclaimed thousands of pounds of compensation. Some of those people were saying the same things that you are now!
PPI compensation fund
