PPI Claims hit £15 billion

PPI Claims have increased to just over £15 billion in just over two years according to the FSA.

With the controversial insurance product hitting major headlines over the
Last two years it is no wonder millions of UK residents have sought out help with their PPI Claims.

There are believed to be around 34 million Mis sold PPI polices in the UK alone and will go down in the history of banking as the biggest scam to have ever hit the UK.

Costing the banks an estimated £50 billion by the end of 2015 UK residents are being urged to sift through their credit agreements such as car finance, credit cards, loans and mortgages to see if their original paperwork shows that PPI was being paid.

Banks are apparently going to be making more of a proactive approach to contacting its customers to inform them that they have paid PPI on any of their credit agreements. However, this has been met with further complaint as banks and other creditors are not contacting customers quickly enough.

PPI hit banks bottom lines last year as profits were down and stock prices dropped amid further fines being incurred regarding the procrastination of banks and other creditors paying out on PPI claims that had been upheld but not paid out on. With some customers having to wait 18 months for PPI claims payouts from their creditors.

Banks also tried to push for a PPI Claims deadline that would be treated similar to bank charges a few years back, this would mean that after a certain date consumers would not be able to claim on their PPI policies and if they had been scammed there was nothing they could do. This again was met with complete anger and squashed pretty quickly, as banks have no jurisdiction here , they have lied and committed fraud against their customers and each and ever last customer who was Mis sold has the right to make a PPI claim.