What is The Average PPI Payout?

Posted on July 2, 2018 by Canary Claims a pile of various British bank notes

You might have heard various amounts labeled as the average PPI payout. But what is the most accurate figure?

Have you made your PPI claims yet? If so, you might have already received a cheque in the post with a four-figure sum! If you haven’t yet made a PPI claim, you still have time. What’s more, the payout could be substantial.

Even if you’re not sure if you ever bought PPI, it’s 100% worth checking. So many people were unaware that they ever bought the insurance, yet, upon investigation, they did have PPI — often with multiple products.

If you had a credit card, mortgage or loan between 1990 and 2010, you might have had PPI. Banks told customers that PPI was compulsory or even added it onto products without the individual’s consent.

Don’t miss out on receiving your money. Find out below what the average PPI payout is and how you can make a claim.

What is The Average PPI Payout On a Successful Claim?

According to the Financial Conduct Authority (FCA), the average payout is £1,700. However, it’s important to note that millions of people have made PPI claims, meaning your refund could be much higher or lower. You won’t know until you make a claim.

If you were paying PPI for a number of years or had multiple policies, you could receive more than this amount.

If your PPI dates back to before 1993, the statutory interest you receive with your claim will be higher than the current rate of 8%. Before 1993, statutory interest was 15%, meaning you will receive this amount on PPI paid before this year.

One of the biggest payouts so far for mis-sold PPI was £142,000. This large sum came from two mis-sold PPI policies on credit cards back in the early 1990s. Other success stories include people who have received £65,000 and £82,000. With this in mind, it’s no wonder that since 2011, the banks have paid over £30 billion to customers.

Use our Free PPI Claims Calculator to Estimate Your PPI Payout

If you’re keen to know how much you could receive from your PPI claim before you get a result from the bank, you can use our PPI refund calculator.

If you have your old financial paperwork with evidence of PPI, you can pop it into the calculator and it will estimate how much you could receive from the bank. It is only an estimation as the bank will know the exact amount you paid, plus interest added.

Claim PPI Before the Deadline

If you’re keen to receive £1,700 (it could be more or less than this amount), you’ll need to act soon. The FCA has set a deadline for all PPI claims, so you need to contact your bank or lender before 29th August 2019. Although the date may seem far off, acting sooner rather than later means you can miss the rush of claims in 2019.

At Canary Claims, we are receiving hundreds of calls every week from customers who would like us to make a claim on their behalf. We can do all the legwork for you, finding out if you ever had PPI, contacting the bank or lender and, if necessary, referring your case to the Financial Ombudsman. As a reputable PPI claims company, you will only pay us if your claim is successful.

You might be due more than the average PPI claim amount! Why wait to find out? Contact Canary Claims to make your PPI claim. We have a no win, no fee policy [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. The fee would be based on the work done at the time of cancelling at a rate of £120 per hour and up to a maximum total of £180] which means no upfront fees.