The ever increasing PPI bill
How many times have you heard that the PPI saga is coming to an end?
So called experts have been saying it and getting it wrong for years.
Today we hear that the Lloyds Banking Group have set aside a further £1bn to cover PPI compensation costs that have now soared to £17.7bn.
In July Barclays added a further £400m to their pot, thus increasing their overall cost to almost £8bn.
The much troubled RBS added £450m in August to take their bill beyond £5.5bn
The total bill for the disgraced industry now creeps closer to our estimated final bill of £42.5bn, it now standing at £38.95bn.
‘Experts’ getting it wrong
We would never suggest that the so called experts are pressured by banks to put out a message that the scandal is drawing to a close but it is difficult to understand how they continue to get it wrong.
Banks don’t wish to alarm shareholders and the markets by stating what they truly believe will be the final cost which is the reason why they drip feed additional money to the compensation fund.
It’s blatantly obvious this has happened for years yet the ‘experts’ fall for it every single time the banking industry suggests we’re close to the end.
The final cost
We’ve said for some years now that we expect a final bill to reach around the £42.5bn mark.
It doesn’t take a mathematical genius to work out that the banks original claims of a final bill of £25bn was simply fanciful.
What does appear to be the case is that we may have even underestimated the final cost ourselves, and we wouldn’t be surprised to see the £42.5bn surpassed within twelve months.
Who is left to claim?
Put simply, there are millions of people out there who are oblivious they may have a valid claim for compensation.
Financial providers used various disgraceful tactics in order to add PPI onto all sorts of credit agreements.
Perhaps one of the most common tactics was the add the product without the knowledge of the customer, hence why these people have not yet stepped forward.
Have you had PPI?
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
Making a PPI Claim
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.