£15 BILLION PPI compensation paid out
The bank regulator, the Financial Conduct Authority (FCA) releases monthly updates on how much PPI compensation has been paid back since January 2011. The figure as of March 2014 stood at £14.7 BILLION. We can safely assume then that at the time of writing this the bill is now sitting comfortably above £15 BILLION. The big question is how much PPI has yet to be claimed.
The average amount the banks are having to cough up each month since 2011 has been a colossal £377 MILLION.
£25 BILLION expected final bill
It’s widely anticipated that the final bill to the banks for the biggest financial scandal will be £25 BILLION so there is still a long way to go before we get to what the banks believe will be the final bill. However, the banks are reliant upon a huge number of people, possibly millions, not making a claim. How do we know this?
What the bill could be, and should be
The Financial Ombudsman Service deals with complaints against lenders where an agreeable solution cannot be found between the lender and the customer. It estimates that a huge £50 BILLION worth of PPI policies have been sold across 34 MILLION policies. You can see from this that the banks expect almost half of all possible claimants not to make a claim.
Don’t let the banks get away with it
If you haven’t yet claimed, if you are unsure whether you’ve had PPI, if you don’t have any paperwork you may be one of the thousands, or millions that the banks are relying on so they can keep the proceeds of their crimes. It couldn’t be easier to make a claim, all we need are your basic details such as name, address and date of birth. We don’t need account numbers if you can’t remember them so don’t worry. Simply fill in the online form and we’ll send you a claim pack that takes less than two minutes to complete. Alternatively you can download a pack from the site. If you have any questions our team of experts is on hand to answer them.