Welcome to the PPI Claims hub, a one stop information resource on Payment Protection Insurance (PPI) which was mis-sold to millions of people with personal loans, credit cards, mortgages, store cards, catalogue accounts and business loans & overdrafts.
Most banks and lenders sold Payment Protection Insurance, commonly referred to as PPI. Many of these banks & lenders were hit with hefty fines as punishment for poorly handling claims, many of which left customers waiting long periods of time or unfairly rejecting them altogether.
Learn about the big banks and lenders who sold PPI to consumers in the UK’s biggest financial mis-selling scandal.
IF YOU HAD PPI COULD BE OWED £1000’s IN COMPENSATION!
Banks, Lenders & Retailers Facing Mis-sold PPI Claims
About Payment Protection Insurance (PPI)
To help consumers claim for mis-sold PPI, we aim to provide useful information to help educate and raise consumer awareness about the scandal with easy to read pages that explain:
- What is Payment Protection Insurance (PPI)?
- What did payment protection insurance cover?
- What didn’t payment protection insurance cover?
- How was payment protection insurance mis-sold?
- Glossary of terms related to PPI & PPI Claims
Which Finance Products was PPI sold with?
Payment protection insurance (PPI) was sold with the following types of finance products:
How many customers are affected?
It is estimated that banks and other financial firms sold around 64m PPI policies from 1990 to 2010. In recent years, many of the lenders have had to pay back huge amounts of money as compensation to those who were mis-sold PPI. However, many millions of people that may be entitled to compensation have not claimed or even checked whether they had been mis-sold PPI.
The mis-selling of PPI has been the biggest and most expensive scandal in the history of UK consumer financial services. UK banks & lenders have set aside billions more to cover an increase in payment protection insurance claims in the past few months, pushing the total cost of the scandal over £44bn. The extra PPI provisions come ahead of the PPI claims deadline announced in March 2017 by the Financial Conduct Authority (FCA), aiming to bring an end to the scandal on the 29th August 2019.
In anticipation of a rise in PPI claims before the PPI Claims deadline, all the big bank’s have all increased their provisions to compensate many more victims of mis-selling.
The cost of Mis-sold PPI Claims
Ever Since 2011, UK banks & lenders have been shelling out billions of pounds to compensate victims who were mis-sold payment protection insurance (PPI). The floodgates for PPI claims from people all over the UK opened after the High Court ordered the banks to reimburse their customers for mis-selling. Seven years later these financial institutions who sold PPI are still paying back the money. Some of the biggest PPI culprits involved in the mis-selling scandal included:
- Lloyds = £19.2bn
Lloyds Banking group has spent over £19.2bn on reimbursing customers. In the second quarter of 2017, another £700m of PPI expense was added to its provision to compensate after the scandal. In addition to this in August 2018 Lloyds announced it has put aside a further £460m in costs for payment protection insurance (PPI) mis-selling claims which bring the total provisioned to £19.2bn.
- Barclays = £9.1bn
Barclays reported that it had spent £8.4bn in total as a result of the PPI scandal. And after releasing its latest quarterly results in July 2017, Barclays said it had set aside another £700m for customers taking the total to a whopping £9.1bn
- HSBC = £4.05bn
The PPI scandal has already cost HSBC £4.05bn, after another £160m provision to pay compensation to customers in 2017.
- RBS = £5.1bn
Mis-sold PPI charges for RBS brings the bank’s total funds set aside and paid back to customers to the £5bn mark.
Discover which banks and lenders were involved in the UK’s biggest financial mis-selling scandal and billions of pounds in PPI provisions made by the PPI Culprits to compensate victims of mis-selling.
How much PPI Compensation has been paid out?
The PPI scandal has already cost lenders more than £31bn in compensation payouts since January 2011, with the total bill expected to climb further ahead of the final deadline for compensation claims in August 2019.
last updated Aug 2018
How is PPI Compensation made up?
The Financial Conduct Authority (FCA) found that PPI was frequently mis-sold all over the UK by lenders and banks and ruled that they repay any mis-sold policies plus statutory interest of 8% per annum. If you are one of the many millions of consumers who were mis-sold their PPI policy, it is your right to claim back that money. Contact us if your unsure if you have PPI and we can start a FREE PPI check** for you.
Whether it’s an old loan, mortgage, credit card, store card or catalogue account you took out. We can conduct searches with the bank or lender all the way back to the early nineties to find PPI policies and identify whether it was mis-sold to you.
What is the PPI Deadline?
After many months of consultation, the Financial Conduct Authority (FCA) has finally imposed a deadline for claiming back mis-sold PPI as the 29th August 2019. The FCA action is to draw a line under what is known as the “biggest mis-selling scandal in UK banking history” which is estimated to end up costing the banks over £44bn as millions of customers have already come forward and claimed mis-sold PPI, with many millions more still left to make a PPI claim.
THE PPI CLAIMS DEADLINE CLOCK IS TICKING
TIME REMAINING TO MAKE PPI CLAIMS
The FCA also announced that it would run a two-year public awareness campaign, starting in August 2017, in an attempt to flush out the remaining complainants.
Learn more about the PPI deadline and other important dates to do with PPI claims.
How much can I Reclaim in PPI Compensation?
Millions are still owed money from mis-sold PPI and are entitled to make a claim. One of the most popular questions we get asked is, “How much could I be owed?” Without having the exact details of your borrowings, the payment dates, and the interest rate, it’s difficult to put an accurate figure on it. If you believe that you have been mis-sold PPI your complaint must be submitted to the relevant bank or lender before the PPI deadline.
Please use our PPI calculator to get an indication of what you may be entitled to include statutory interest if you were sold PPI on a loan, credit card or mortgage.
Frequently Asked Questions & Answers About PPI Claims
Read our frequently asked PPI Claims related questions and answers. In the majority of cases the first step to making a PPI claim is to get a PPI check done with the lender. We offer this as free standalone no obligation service, find out How to start your FREE PPI Check** with us today.
What you can do If Your PPI Claim has been Rejected?
If you have made a claim that has been rejected by your lender, it may be necessary to pass your case onto the Financial Ombudsman Service (FOS) who would be able to review your case from an independent position. The FOS has the power to overturn a rejection should they decide that the lender had sold the PPI policy unfairly. This is a free service and will cost no extra money.
Learn more about your options available and appealing against a rejected PPI claim.
How to Make a PPI Claim Under the Plevin Ruling?
A new ruling, called ‘Plevin’, came into effect on 29 August 2017 and deals with high levels of PPI commission charged.
A ‘high level of commission’ typically means it was more than half of what you’ve paid for your PPI policy.
The rule means that banks must now consider a Plevin pay-out in all mis-selling cases as well as writing to 1.2 million people who have had their claims rejected in the past.
You’re eligible to claim for undisclosed high commission on PPI if:
- More than 50% of your PPI premium was commission for the lender, and you didn’t know; you may be due the extra commission above that;
- Your PPI has been active at some point since April 2008;
- You haven’t already made a successful PPI claim.
Learn more about the Plevin ruling and undisclosed high commissions
Starting a Free PPI Check** with Us
Following the FCA’s announcement of the final PPI Claims Deadline you now only have until 29 August 2019 to make your PPI claim. Don’t miss the deadline!