Payment Protection Insurance (PPI) is a product or service which is supposed to covers loan repayments in cases where you wouldn’t manage to pay back them (because of accidents, sickness or even losing the job). However, PPI been mis-sold by many banks, credit card and even loans companies due to massive bonuses offered to the employees offering it to consumers in the middle of the nineties to early on noughties (on special customers being told they needed to take out PPI to be able to protect their loan or credit card).
If you are one of many people that were mis-sold PPI, then you definitely include a right to claim back again the money which was falsely captured from you – which in some instances might be a large number of pounds. Continue reading
Lloyds has announced it will be increasing its allowance for the mis-selling of Payment Protection Insurance (PPI) by another £1.8bn, forecasting at least another 550,000 successful claims still to be made.
Lloyds’ PPI costs now total a potential £9.825bn. For all banks the bill is approaching £20bn.
George Culmer, Lloyds’ finance director, said predicting the cost of PPI was “fiendishly hard” but that the bank though it had got the numbers right this time. Continue reading
New research has shown that there are at least two million people still to make a legitimate PPI claim, many of which stand to reclaim thousands of pounds in compensation.
About 34m PPI policies have been sold since 2001. Around £17bn so far bas been set aside by the banks and building societies in compensation. The final bill for the banks is expected to top £20bn.
The Financial Ombudsman Service (FOS) is also expecting to tackle around 320,000 new Payment Protection Insurance (PPI) claims in 2014. In their 2014/15 plan the FOS indicated that they will tackle approximately 1.8 million front-line consumer queries.