It’s probably the single largest mis-selling scandal of all time, but, according to financial analysts across the country, the number of PPI claims lodged on a yearly basis should not be expected to diminish anytime soon. Numerous people view PPI news and the like as ‘nuisance’ or ‘spam’, and it’s fair to say that there is a good deal of this sort of thing going on, but that doesn’t change the fact that PPI mis-selling has been very real, and that many people are still entitled to compensation.
The PPI Scandal
The Guardian reports how a total of 4,000 fresh PPI cases are being opened on a weekly basis, and there seems to be no imminent promise of that number letting up. In the last two years alone, a huge proportion of the 1.25 million known PPI compensation claims have been documented, and the total cost of the PPI scandal has now reached colossal heights. Banks across the country still regularly dedicate more of their budgets to cover PPI, and estimates suggest that a staggering £24 billion has gone through the system to date. Clearly then, PPI claims are very real for many people!
The Scale of the Issue
Apparently, the number of weekly PPI cases has reduced, but that in itself is a rather worrying observation. If 4,000 claims per week is a reduction, then the peak of the scandal must have been lofty indeed (actually, it was, as 12,000 claims averaged in each week of 2012). Over the next few years, it is expected that around 570,000 PPI claims will be dealt with. Although other products like ‘packaged bank accounts’ have also garnered a lot of negative attention in recent months, we’re not talking about the same scale as PPI mi-selling, nor should we expect it to grow to such levels.
So just how did PPI expand to become such a problem? The fundamental issue was that many banks took the opportunity to push PPI policies in the past, but many customers of the scheme have never had the chance – even a theoretical chance – of placing a claim. Thus money has been paid out for a service that has never been suitable for those who invested in it, hence the requirement to offer some form of recompense. When you think about it, you could be owed something too.
Every time you’ve taken out something like a loan, you could have been mi-sold PPI, and at Debt Advisory Services (Scotland) Limited, we’ve helped many people to reclaim money on mis-sold PPI. To find out more about our ability to provide debt help in Scotland, please feel free to contact us today by calling 0800 011 2322.