The £Billion PPI Scandal

When the PPI scandal broke into the news in April 2011, no one could have anticipated just how big the giant would grow. And just when it seemed like it had probably reached its peak, another layer has been added on top.

In August of this year, the Financial Conduct Authority (FCA) announced that it had ordered some of the main banks and lenders to look again at 2.5 million completed PPI claims because of customers apparently being short changed or outright rejected with their PPI refunds.

One expert commission by the BBC estimated that the total underpaid amount could be as much as £1 billion.

The total bill so far from the mis-selling scandal stands at a staggering £16 billion already paid out, with a further £6.5 billion set aside for claims yet to be made. This figure is considerably more than what was initially set aside to repay customers.

So how much of that enormous PPI pie is due to you? That’s one of the most important questions you need to ask before you start your PPI claims.

If you don’t have a good idea of the amount that your bank likely owes you, you have no way of knowing if you’re being short changed or duped when it comes time to put your money back in your bank account.

Forewarned is forearmed, as they say.

One of the easiest and most reliable ways to get a good idea of how much money your bank likely owes you is to use an online PPI calculator.

You’ll need to provide some basic information in order to get an accurate figure, but if you don’t have some of the information, that shouldn’t be a problem.

In addition to getting a good idea of what you should be owed, you’ll also be able to receive help and advice on what to do if you have lost or discarded old paperwork, or if you can’t remember your account numbers and other details.

With Christmas looming large, now is the perfect time to find out how much money you are owed from any mis-sold PPI and to get it back.

Leave a Reply

Your email address will not be published. Required fields are marked *