PPI Facts & Figures
Your Money Claim was set up some years ago by the two company directors, Daniel and Nick.
With over 25 years’ financial industry experience behind them it comes as no surprise they’ve built up a successful and professional claims management company.
Daniel and Nick have been around long enough to know how things work, how to deal with banks and lenders and their tactics, whilst maintaining the very best levels of customer service.
It’s for these reasons that Your Money Claim have tens of thousands of satisfied customers already.
Our ethos has always been to provide the best possible service, making sure our customers receive a personal service rather than just being another number.
We’re extremely proud of our record of beating the banks, and having already recovering millions in compensation for our customers, we don’t intend to stop anytime soon.
With BILLIONS of pounds yet to be claimed, you may be able to join one of our long line of happy customers in reclaiming your compensation.
The Final PPI Bill
The banks initially and consistently suggested the final PPI bill would be around £25 billion.
Yes, that may sound a lot to you, and in all honesty £25,000,000,000 is an awful lot of money but the total bill for PPI, in reality should be much, much more than that in our opinion.
Our experts have worked out that the total PPI bill should be closer to £42.5 billion.
This has been calculated by taking figures in the public domain from the Financial Conduct Authority (FCA) and doing some relatively simple sums that prove the banks are continuing to lie to the public, and keep their fingers crossed that people won’t come forward with a complaint.
Number of PPI Complaints
There have been a total of 34 million payment protection insurance policies sold since 2001, worth £50 billion.
Even though PPI has been receiving some media attention in the last few years, 61% of the policies that have been sold haven’t even been complained about as of 2014.
The reason that the banks have estimated the total amount for the PPI bill to be £25 billion, is because they’re hoping that a vast amount of people don’t come forward and make a complaint.
Another major reason why the banks have put such a low figure on the final bill, is that the majority of people who make a complaint themselves and receive a rejection from their bank, do not escalate the matter to the Financial Ombudsman Service (commonly referred to as the FOS), for them to investigate the complaint.
If you started your claim with Your Money Claim, in the instance that you got a rejection from the bank, we’d take your complaint up to the FOS and ensure that you get the correct outcome.
With the FOS historically upholding the majority of complaints it receives in favour of the customer, it’s a further indictment of the underhand tactics the banks employ to try and make the saga go away, and wriggle out of paying for their wrongdoings. Well, we won’t stand for it!
A Short History – The Rise of PPI
Complaints against PPI started back in 2007 but were relatively small in number. In fact they stayed quite small until 2010.
By the time 2011 was upon us, the amount of complaints had risen above 1,000,000 and then, due to the banks defeat in the High Court case in January 2011 and the media attention surrounding it, the number of complaints shot up to just under 6,000,000 in 2012.
In 2013 they were still at highs of 4,000,000 complaints for the year and then as of June this year, they dropped to the 2,000,000 mark which is still a monstrous amount when you compare it to the number of complaints received in 2010.
It has been found that the average pay out per customer is £3,332**. This is quite a good amount of money to be claiming back from the banks and we’ve done a little bit of research into the compensation amounts we’ve been recovering for our customers at Your Money Claim.
- 1 in 11 of our customers has received over £5,000 in compensation.
- 1 in 38 of our customers has received over £10,000.
- 1 in 99 of our customers has received over £15,000.
- 1 in 239 of our customers has received over £20,000.
The total uphold rate across all of the complaints made for PPI, including the ones that go up to the FOS is 85%. With an estimated 70% being upheld by the banks in the first instance, the FOS deals with rejected complaints if they are escalated within 6 months.
Below is the percentage of rejected complaints by some of the larger banks that the FOS overturn, as of 2014.
- Barclays – 81%.
- Black Horse – 81%.
- MBNA – 80%.
- WFS (Welcome Financial Services Ltd) – 78%.
- First Plus – 73%.
- Citi – 69%.
- Lloyds – 65%.
- Santander – 59%.
- Halifax – 56%.
- HSBC – 54%.
- M&S – 45%.
- Bank of Scotland – 44%.
- Natwest – 36%.
- RBS – 31%.
- Clydesdale – 22%.
Banks Want a PPI Deadline
The banks have tried on numerous occasions to try and put a deadline on the PPI scandal but have so far been unsuccessful.
Whilst there is no deadline we are seeing some banks attempt to wriggle out of dealing with complaints based on statutory time barring rules.
Basically, a lender is only obliged to investigate a complaint that has been brought to it either six years from the date of the event, or 3 years since the customer may have reasonably known they had cause to complain.
Our advice is to make a claim as soon as you can as, although the banks generally fail in their attempts as explained above, there will come a time when these feeble excuses by the banks will be accepted by the FOS and the FCA.
Indeed, the FCA have ordered firms to start identifying from PPI complaints when the same problems in past sales kept occurring and caused subsequent mis-selling complaints.
They have also been ordered to consider what action they need to take to make sure that the treatment of those consumers who have been affected by repeat sales failings but who haven’t realised that they can make a complaint.
These firms have started sending letters out to the customers that they have identified as high-risk, non-complainants and they are starting to see some momentum.
They have committed to contacting over 5 million PPI customers.
Of the 5 million that firms have committed to contacting, there have been about 3.2 million letters sent out to date.
If you have received such a letter it may be relatively safe to assume you have 3 years from the date of the letter to make a complaint.
However, if you think you may have been mis-sold PPI, or you want to check, why wait for one of the top banks to get in touch with you?