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PPI compensation claims – only 40% people have claimed

Lloyds Banking Group, which includes Halifax, Bank of Scotland and Black Horse amongst others, has admitted it has only received complaints on 40% of the total number of Payment Protection Insurance policies it has sold since 2001.

We cannot see any reason why this won’t be the same across the financial sector, with the likes of HSBC, Barclays, Santander and RBS/Natwest.

Following on from my previous blog regarding my calculation that approximately 7 million people have yet to make a PPI compensation claim, it appears the banking industry is hoping that the majority of people who have valid reason to complain do not come forward.

Billions in compensation still to be claimed

I think it’s fair to assume that the majority of those who have come forward so far to claim their PPI compensation were aware they had been sold PPI, but were mis-sold it based on the policy not being explained properly or were not aware the policy was entirely optional.

That still leaves an astonishing number of UK customers who have yet to stake their claim to what is rightfully theirs. It’s clear that one of the main reasons why so many haven’t yet claimed their compensation is due to the fact that lenders systematically added PPI to loans, mortgages, credit cards, store cards and hire purchase agreements without the knowledge of their customers.

With policies worth £50 billion sold since 2001, the banks and lenders have set their bar very low in assuming the final bill to the financial sector for the scandal will be around £25 billion. The message simply must get out to the UK population to check to see if you’ve had PPI. We believe that if you took credit out prior to 2010 you would be in a minority if you weren’t sold PPI. So…please don’t assume you haven’t had PPI, you may be very surprised.

How to check if you had PPI

If you have access to your credit agreement you may be able to check from that. However, it’s not always clear from first viewing. The majority of us won’t have access to credit agreements, especially if the loan, mortgage, card etc was taken out a long time ago. This is where Your Money Claim can assist.

With years of experience in the financial sector, Your Money Claim has set up fast-track systems with most major lenders whereby we can check whether you’ve been sold PPI in the first instance. With a few simple questions we’ll be able to see if you have a case. Then comes the tricky part, but it’s where our experts thrive, dealing with the banks and the tactics they may try to employ to try to wriggle out of paying the compensation. We deal with every step of the process, and nothing pleases us more than being able to contact our customers to advise them that we’ve beaten the banks again, and secured thousands, or even tens of thousands of pounds in compensation.

So why wait…start your claim today and who knows, you could soon be in receipt of the compensation you deserve.


PPI compensation

PPI compensation

About the author

Daniel Lee

Company Director

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