PPI Claims Reach £28 Billion: Have You Claimed Yet?

Posted on February 26, 2018 by Canary Claims PPI claims reach £28 billion

The total amount of money paid out by the banks for mis-sold PPI has reached nearly £30 billion. Have you made your PPI claim yet?

Since January 2011, billions of pounds have been repaid to customers for the mis-selling of Payment Protection Insurance (PPI). Even as far back as the 1980s, PPI was mis-sold to customers purchasing loans, mortgages and credit cards. During the 1990s, PPI was a lucrative sale and millions of policies were sold, often without the customer’s consent.

PPI claims are increasing due to the recently imposed PPI deadline set for 29th August 2019. But, there are still thousands of people who are unaware of the deadline and are yet to make a claim. A lot of people are unaware that they are due a PPI refund, so haven’t taken action.

We urge everyone to make PPI claims or at least check if you are eligible to make one, as soon as possible. A claim can be made on one or multiple products. It can take a number of months to be resolved, so the sooner you start your claim, the sooner you will be able to receive your money.

Here are Canary Claims, we want to make PPI claims easy. So, if you have any questions about our services, please don’t hesitate to contact us.

PPI Claims Likely to Reach over £30 Billion

The Financial Conduct Authority (FCA) announce each month how much money has been paid to consumers for mis-sold PPI. In October 2017, the amount paid back to consumers reached over £300 million — the highest since April 2016. This brought the total amount repaid by the banks to £28.8 billion. While calculations are ongoing for November and December 2017, it’s likely that the total will reach over £30 billion to date.

The huge amount of money repaid in October appears to be the start of an upward trend due to the PPI claims deadline. As well as repaying money to customers, banks have shelled out huge sums of money for fines, extra staff to manage claims, and contributions to the PPI deadline campaign.

Plevin Ruling: Even More People Can Make PPI Claims

PPI claims are also likely to increase due to the Plevin ruling. A PPI case shed new light on the misselling scandal when it was revealed that, in some cases, PPI commission was over 50% of the sale.

Even if your PPI claim was previously rejected, you can make another claim because of the Plevin rule. Martin Lewis believes that most people who had PPI can claim under this rule, as the banks typically had over 50% commission on PPI sales. This puts new pressure on the banks, as even more claims can be made under these new rules.

Have You Started Your PPI Claim?

We know that there are plenty of reasons why people don’t want to make a PPI claim or can’t be bothered. You don’t know where your paperwork is, it could take a long time, or it was about twenty years ago, so, why bother?

There are so many reasons to bother making PPI claims. You could be due a refund of thousands of pounds and the process is quick and easy when you work alongside a PPI claims company. You could contact the bank yourself, but using a reputable claims management company, such as Canary Claims, to make a claim on your behalf is the smart way forward. Even without paperwork or if the product was bought 20 years ago, we can help, so it’s still worth making a claim.

In just over a year, you won’t be able to make a claim. Don’t miss this final opportunity.

Canary Claims is the very best PPI claims company, offering a low fee of 15% + VAT and 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]. Contact us to start your PPI claim today.