Brexit forces banks to set aside extra money for PPI claims

Following the Brexit vote, banks such as Barclays have reported that the bond-trading division, which specialises in buying and selling loans, has seen a profit increase of around 40%.

Brexit has motivated a surge of activity in the financial world, because the future is unknown in regards to the coming value of markets and interest rates. This type of extreme dryness in the market is beneficial to loans divisions at all the major banks, who take a payment for each transaction.

One of the major banks involved in the PPI mis-selling scandal, Barclays, has announced that they will be setting aside an extra £600 million to compensate clients who are owed a PPI refund. Significantly more than what was originally predicted, Barclays has already designated £1 billion for repaying the claims in the last 6 months.

Recently, the banking industry has been increasingly eager to enforce a deadline on PPI claims, having already paid out a total of more than £30 billion for customers in the last 5 years. However, the prospect of a deadline is causing much dispute in the financial world, as it is thought that the propaganda surrounding the PPI scam has resulted in many people being wary of claiming. In fact, it is thought that less than 25% of clients who are owed refunds have actually received their claim.

With Brexit causing a mass uncertainty to the market of loans, and the prospect of a deadline looming over the ability to reclaim for mis-sold PPI, it is highly advisable to ensure that you research your position as to whether you can make a claim thoroughly as soon as possible.

If you have taken out a bank loan, mortgage, finance, or credit card, you may well have been mis-sold PPI alongside it. Many customers had no idea that PPI had been added on to their bills, and many were told that PPI was a necessary addition to ensure their loan was accepted.

If you are owed a refund for PPI, it is highly likely that you will not have been contacted by your bank, as the lender has no obligation to do so. This means that it is down to you to check if you are owed money. This process is easy with iSmart.

If you think that you may have been mis-sold PPI, you may be owed a large sum of money. You can start the process of obtaining your refund by conducting a free check. Start by simply filling out a form with your current contact details and iSmart will send you the forms to complete, all we need is your name, date of birth and address of where you lived at the time of taking out the loan and a signature; old account numbers are not necessary. Complete your free check as soon as possible to find out if you could receive a refund.