06 June 2018
With everyone clamouring about the PPI deadline August 2019, it is easy to forget that within the facts and figures are people's stories. But what do the facts and figures tell us about PPI so far?
It was a mis-selling saga that ran for a long time with some customers being mis-sold not one policy, but several. Although the banks first told us they didn't know how many policies had been mis-sold, it became apparent that they did have a more accurate idea. Overall, this is believed to be the number of PPI policies sold.
This was the number of customers who had received compensation at the start of 2016. We are still waiting for the figures to be calculated for 2017 but it would be a fairly accurate assumption that this figure will have grown.
Back in 2015, letters were sent to customers inviting them to make a claim but they had to do so within three years of the date of the letter.
This is the number of customers who could be affected by a time bar from the remaining letters that were sent out from banks and lenders. If you didn't claim by spring 2018, you may be too late…
This is the number of customers already thought to have lost out on PPI compensation by the earlier time bar at the end of 2016.
At the end of 2017, figures show that this would be the number of customers affected by the PPI letters time bar. Having said all this, the last three facts don't appear to be having an effect just yet. Banks and lenders appear to be compensating.
The Financial Ombudsman has been working hard throughout the PPI compensation saga and expects to continue to do so. It estimated it would work on and resolve 360,000 cases in 2017 and expects much the same in 2018.
The Financial Conduct Authority only requires the bank to send one letter to customers informing them of PPI. And yet the customer could have several accounts and subsequent PPI claims.
There has been a lot of talk about who has claimed and who hasn't claimed PPI but with the announcement of a 2019 PPI deadlines, there are many who estimated that 60 to 67% of people with PPI have yet to make a claim.
Have you made your PPI compensation claim?