Average UK adult due £600 in PPI compensation

With over £16.6 billion already paid out to UK consumers who’ve made a claim for the mis-selling of PPI, and the banks continuing to add to the compensation pot, we’ve done a little bit of number crunching.

As mentioned in a previous post, it’s looking increasingly likely the the PPI saga still has at least three years left to run.

In the majority of enquiries we now receive, we are speaking with customers who are not sure whether they’ve had PPI.

Thankfully, we are able to carry out the necessary checks via fast-track systems with almost all lenders, and in the majority of instances we are finding that the people who weren’t sure whether they have had PPI, have indeed had it.

How many people are left to claim?

We recently investigated just how many people have yet to come forward to make a PPI, and the number is staggering.

Our statistics show that up to 7 million people have yet to make a claim.

The major reason behind this number being so high is due to the tactics used by lenders whereby PPI was added to loans, mortgages, credit cards etc without the knowledge of the customer.

How much is left to claim?

With the total compensation bill of the major banks (Lloyds Banking Group, RBS/ Natwest, HSBC, Barclays and Santander) standing at over £22 BILLION, with over £3 BILLION being added by other lenders, the bill currently stands at £25.5 BILLION.

As of August 2014, £16.6 BILLION of this had been paid out, leaving £8.9 BILLION sat waiting to be paid out.

However, with the banks continuing to add to their bills on a quarterly basis, it would appear the final bill will be around the £30 BILLION mark, thus leaving closer to £13.4 BILLION to be claimed.

What’s the average payout?

The average payout is £3,332** with the biggest payout being over £100,000!

With a final bill of £30 BILLION, this means the average UK adult would get £600.

Whilst not everybody is entitled, it does give an indication as to the scale of the scandal.

Making a PPI Claim

If you have had a loan, mortgage, credit card or any other form of credit within the last 25 years there’s every chance you’ll have been paying for PPI.

We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Average UK adult