18 December 2017
Payment protection insurance (PPI) was a product that was mis-sold on a scale that many people find hard to imagine. The current compensation bill is standing at £27 billion but with claims happening every day, this figure is set to continue to rise.
And there could be many, many more claims to come with the announcement of a PPI deadline in late summer 2019.
Ordinary people trusted their bank to do the right thing by them. But fuelled by profit and commission, the banks took advantage and mis-sold PPI policies to their customers not just once, but several times over in some cases.
PPI was a poor example of an insurance policy too. It was expensive and very poor value for money. People were paying hefty monthly premiums for a policy that just about covered the basics, but only if you were in the minority group that was covered by this policy.
If you did try to claim, you were often told you couldn't and if you did pursue a claim, the process took 12 months to complete. By which time you were probably back at work…
Some people think that the good news stories belong to everyone else.
There are major success stories, such as the self-employed business woman who claimed £84,000 in compensation or a couple receiving £27,000 from a PPI mis-sold to them via their mortgage product. PPI compensation can be a significant windfall but if you don't seek justice for yourself, how will you know?
The average payment is around £2,750. This was calculated by the number of policies known to have been sold in the UK, to the number of policy holders of PPI in the UK. The value of the PPI policies divided by the number of customers gives an average figure.
You may get much more than this, or you may get less.
Compensation is something that many people seek for all kinds of reasons. The idea behind compensation is that any settlement or payment offered to you should be fair. It should also put you back into the financial position you would have been in had you not been sold PPI.
If you are unsure, there are steps that we can take to help you make a claim. The first step is to find out if you have PPI on any of your products, from credit cards, catalogue accounts, store cards to loans.
We can help! Call us for a no obligation shat about your claim.