| Claiming PPI Compensation, PPI Refund

PPI Compensation In 2017 Reaches New Heights!

Since more than a decade, the infamous PPI scandal has been bothering thousands of mis-sold customers. Since the day the scam was unfolded, several customers started claiming back their PPI refund. This number kept on increasing as media gave air to the issue.

Every day, lenders had to handle more complaints relating to mis-sold PPI. This increase has never stopped since. Apart from the constant increase in the number of complaints being put forward, the number of cases are still increasing every month, meaning the lenders and the banks still have a lot to pay back.

2017 was no different. This year as well, the PPI complaints kept pouring in to the concerned financial organisations. In fact, this year witnessed new heights of cases being registered.

More than £1 billion has already been paid out to the UK customers who were the victims of the mis-sold PPI so far. According to the most recent data by the Financial Conduct Authority, £260 million was paid in redress to customers in the month of May.

This is the biggest figure since the June of 2016, and sees the total compensation figure for the year has risen to £1.1 billion. In spite of the official deadline announced on all the PPI claims to be made by the customers by 2019, the total bill owed to the financial industry has now risen to around £27.4 billion.

Some of the banks have also predicted that PPI refund was on a decline, though the first quarter of the year witnessed a rise in the money returned to the mis-sold customers amounting to over £42 million.

Financial lenders such as Lloyds and Barclays have reportedly increased their PPI provisions, admitting that they have also witnessed an unexpected increase in the number of claims coming to them regarding the refund of mis-sold PPI.

All the regulatory bodies and consumer groups have urged people to monitor their finances as soon as possible with the system expected to be backlogged as the deadline gets closer. In May 2012 when the scandal was at its peak, more than £725 million was paid out in a single month that covered PPI, which was mis-sold along with loans, credit cards, mortgages and more such financial products. Till date, more than £42 billion has been set aside by the banks of UK, with Barclays revealing recently more than £2 billion of their provisions as still unclaimed.

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