11 July 2018
The mis-selling of payment protection insurance (PPI) has hounded the British banking industry for years but will come to an end when the PPI deadline 2019 rolls around.
On one hand, the media highlight and shame the banks for refusing or attempting to refuse to pay people back the compensation they are entitled to.
But then on the other, you also have articles denouncing the use of claim management companies.
Adding to this confusing mix are figures and statistics. We take a look at some of the latest figures from the PPI compensation debacles.
The average pay out is between £2,500 and £2,750 - how is this calculated? This average compensation figure is calculated by dividing the estimated cost of PPI policies mis-sold to every customer. The answer is around £2,500 to £2,750 HOWEVER, you may receive far more than this or far less, depending on your individual circumstances.
34 million - the estimated number of mis-sold PPI policies in the UK. A staggering number and far bigger than anyone first thought back in the early days of this PPI debacle.
40% of people are unaware that they have a PPI policy or that it could have been mis-sold to them. The moral of this story is that the vast majority of people have been affected by this mis-selling saga. YOU really do need to check all your paperwork, statements and documents today!
This last fact is incredibly important. The announcement of a PPI deadline August 2019 means that the people who are unaware they have PPI and are unaware that they have a claim could miss out on possibly thousands in compensation.
Around half of the policies made over 80% of the banks' profits for them; a staggering statistic especially when you think that this is YOUR money that they took from you - sometimes, unknowingly - for a policy that was of very little use to you.
Consumer organisations also estimate that 90% of customers were given mis-leading information about the PPI policy that was mis-sold to them.
With the Financial Conduct Authority's marketing campaign urging us to make a decision, now is the time to contact Scottish PPI Claims about making a claim for PPI compensation with our help.
There are many reasons why PPI was mis-sold to customers - why not find out how much your claim could be worth? Contact Scottish PPI Claims today for a no obligation chat.