04 March 2019
The total PPI compensation paid back to customers since compensation began in January 2011 now totals £33.8 billion, a figure that is set to continue rising this side of the PPI August 2019 deadline. £258 million in compensation was paid to customers in December 2018 alone, according to the Financial Conduct Authority. PPI compensation has been a thorn in the side of banks and lenders for years but, with a PPI compensation deadline in the offing, how much more will this figure rise even more?
In essence, the answer is yes, the PPI compensation bill is set to rise higher than its current total of £33.8 billion. And here is what you need to know;
Only a few years ago, Santander was telling their customers and the regulator that they were adding a few more millions to their PPI compensation fund but expected it to be their last input of cash.
And yet, Santander, along with all other major high street banks and lenders, are still swamped with PPI compensation claims. And with the deadline of June 2019 proposed, they may be adding more their compensation pots.
The Financial Conducts Authority (FCA) along with heavyweight consumer groups such as 'Which?' claim that banks and lenders do know who has a PPI policy.
Banks were told to write to customers during 2013 and encourage them to make a claim, all in an effort to speed up the process of PPI compensation.
If you had a credit card or loan etc. your bank will know if you have PPI or not. And when you ask, they should tell you.
Many spectators and critics were surprised at the FCA consulting on a PPI deadline. This is because it is thought that around half of the people with a PPI compensation claim have actually made got their money back.
That leaves thousands, if not millions of customers with potential claims for PPI compensation. If all these people do claim it could be tough for banks and lenders to process their claims within the two-year deadline countdown.
We have helped thousands of people claim their money back after being duped into buying a PPI policy.
We charge a fee for our service but, we work on your claim until you have the compensation to which you are entitled. And this means following your claim to the Financial Ombudsman Service if needed.
Most claims are straightforward, although some can be a little more complex. If you believe you were mis-sold PPI, find the policy and then call us - and let us get you your money back!