The Payment Protection Insurance (PPI) scandal is becoming the financial world’s version of the film ‘Titanic’, that drags on and never ends. By now, you’re probably tired of hearing of everyone claiming except yourself, or Arnold Schwarznegger popping up on your television.
Since 2011, a whopping £27.4 billion has been paid out by banks to affected customers who were mis-sold the policy. However, the real figure might actually be nearly two times that, according to the New City Agenda, a financial services ‘think tank’.
Even if your claim has been rejected in the past, you could still be eligible for a pay-out thanks to the Plevin ruling. If your lender earned over 50% commission on your PPI, you can claim. There’s been cases of people claiming after being rejected twice by their credit card provider and earning back thousands of pounds.
Some have even earned four-figure sums in the form of their PPI pay-out.
And to be honest, today’s climate has never been more suited to a claim. It’s reported that the average pay-out is £2,000. Even if we halve it, £1,000 in your pocket is a life-changing sum for us all.
Just to give you some examples, £1,000 could cover:
- 16 months’ worth of gas and electricity bills in a one to two bed flat;
- The monthly cost of a mortgage if it’s at £780 a month for a house costing £235,000;
- Three months of rent at a basic university student halls accommodation, which averages about £78 per week (if you’re lucky…)
- Four nights for two adults and two children. That’s totalling £617 for the cheapest flights and two rooms in a two-star hotel, leaving £383 for spending.
Whichever one of these options you might use your claim for, there’s one thing for sure. The UK banks’ tattered reputations will go on. Kind of like Celine Dion’s famous warble (we did mention the Titanic, didn’t we?)
Hard-working families and young people fresh from education are finding themselves treading water. According to a study conducted by Financial Conduct Authority (FCA), those aged between 18-34 have the highest level of unsecured debt, “averaging £8,000 per head”.
So, you’re not alone. In fact, the Financial Ombudsman has predicted that they’d receive a surge of PPI complaints in 2018. That’s unsurprising, considering the average pay-out since January 2017, found by yet another FCA study. Here are the results:
With the deadline of 29th August 2019 approaching, the number of claims is only on the rise. So, don’t miss out—there are so many factors that might mean you’re eligible for PPI even if you think you’re not.
Use our free PPI check tool to see if you can claim. Even if it’s just in case! Beyond a check, we’ve got a friendly team of consultants to guide you through this process. You could be among hundreds of thousands of potential customers who don’t realise they are eligible—not just for a pay-out, but for a real helping hand in life’s costs.