As the year rapidly comes to a close, it would be great to end with some statistics on the scale of PPI mis-selling, but the truth is that there are few reliable figures to be had on the scale of mis-sold PPI. This is in part due to the fact that many UK financial consumers are still to make a claim for mis-sold PPI and in some cases they remain completely unaware of the fact that they were mis-sold PPI. These statistics do however go some way to illustrate the potential scale of PPI or loan insurance mis-selling:-
- Research by The Citizen’s Advice Bureau (CAB) estimate that there are 20 million PPI policies in existence and although the point of sale sale of PPI has been banned this number will continue to grow as banks and the financial sector will target consumers after the cool off period. That is a huge number of consumers who may have been mis-sold PPI.
- Estimates believe that as many as 70% of PPI policies may have been mis-sold. Worst case scenario that places 14 million mis-sold PPI policies. Best case scenario of 30% having been mis-sold and there are still 6 million potential claims for PPI mis-selling.
- Banks are outright rejecting a large majority of claims for compensation for mis-sold PPI or loan insurance in the hope that consumers will be put off pursuing a successful PPI claim. Many are put of but should continue in their pursuit for financial redress as the majority of claims escalated to FOS are settled in favour of the consumer.
Stop being a statistic and make reclaim mis-sold PPI
Here at PPI Return we would like to add your success story to our already large trophy cabinet. While it may sound somewhat brash of us to boast, we have a solid history in claiming back mis-sold PPI or excessive loan insurance contributions for our clients. The kind of statistics we like to work with include the short timescale needed to make an excellent PPI claim, the total payout our consumers can expect and balancing the inequalities that financial consumers have been exposed to. We’d love to hear from you and can be contacted on 0800 877 8888.
Content correct at time of publication