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What is the average PPI payout?

So….how much can you expect to get in mis-sold PPI compensation?!

Let’s do some number crunching shall we.

How much PPI compensation has been set aside?

So far the total set aside by banks and lenders stands close to £24 BILLION. However, this bill is getting added to on a consistent basis, with £3 BILLION being added over the course of the last 2 months.

The banks estimate of the final bill will be £25 BILLION is most definitely going to be smashed.

With 85% of PPI policies being mis-sold according to regulator figures, and £50 BILLION worth of policies sold since 2001 alone, that would put an estimated final bill in excess of £42 BILLION when you take into consideration the interest and compensatory interest that is paid out with a successful claim.

The banks low estimate is purely based on their belief, and hope, that a large proportion of people who are entitled to compensation do not come forward an make a claim.

Couple this with the fact that most people who attempt to make their claims directly with the lenders, do not escalate their complaint to the Financial Ombudsman Service when they receive a rejection. We estimate that this tactic alone has saved the banks £17 BILLION so far.

The average PPI claim

The average customer receives approximately £3,332**, with the largest PPI payout to date being a whopping £104,500.

Your Money Claim has delved a little deeper using it’s own figures, and here is what it’s customers receive…

1 in 11 Your Money Claim customers receive over £5,000
1 in 38 Your Money Claim customers receive over £10,000
1 in 99 Your Money Claim customers receive over £15,000
1 in 239 Your Money Claim customers receive over £20,000

Why put your claim in the hands of Your Money Claim?

Not sure if you’ve had PPI?
Not sure how to claim?
Don’t have the account details?
Don’t want to deal with the lender?
Don’t want to deal with the paperwork?
Don’t want the stress?

Your Money Claim carries out all of the necessary checks to see whether you’ve had PPI. Your Money Claim can assess whether or not you may qualify for PPI compensation. Your Money Claim then deals with the lender, and their tactics, throughout the process. Your Money Claim beats the banks every day.

So, let’s get things started!

Average PPI

Average PPI payout

About the author

Daniel Lee

Company Director

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