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The Shocking Truth Behind the Ppi Scandal


Lancashire, UK -- (SBWIRE) -- 05/22/2013 -- The PPI scandal is perhaps the biggest scandal in UK financial market history, but of the millions of claims, there is a lot of confusion. The Payment Protection Insurance controversy dates back to the late 1990’s, when major news outlets revealed problems .

Thus far, more than 4.5 million people have made claims over mis-sold PPI charges . If you have taken out a loan, a mortgage or any other form of credit agreement recently, you may be entitled to claim back the fees on your PPI policy. The average payment so far is around £3000, but some have been considerably higher. At the PPI Claims Company we have made many thousands of successful claims for our clients, and you could also benefit from our expertise.

PPI Compensation Helps

Despite the monumental lack of trust it’s created, and the fact that banks put huge profits before customer needs; the mis-sold PPI scandal is proving to be a very timely economic stimulus package.

The PPI compensation scheme is giving people money and creating jobs at a time when both are greatly needed. Of the 4.5 million people who have made claims over mis-sold PPI charges, 2.5 million of those people have been paid.

Financial Statistics

£900 – The amount a bank pays to the Financial Ombudsman Service if a claim is ever referred and upheld
£3000 – The average refund received by a victim of mis-sold PPI.
£4.3 million – The amount that Government-owned Lloyds was fined for delaying 140,000 PPI payouts.
£875 million – The amount of PPI claims that companies have made so far (based on 25 percent cut of 50 percent of payouts.)
£13 billion – The amount already in the pot to cover claims.
£25 billion – The estimated total refund bill.
£34 billion – An estimated number of policies sold between 2001 and 2010.

PPI is the worst money scheme

The PPI compensation scheme is among the top three in UK history. About £7 billion will be paid out over the net couple of years, bringing the projected total to £25 billion. The miners compensation scheme is right behind it, totaled to about £4.1 billion over a 13-year timeframe; and the injuries compensation scheme, known as CICA, awarded £3 billion over 49 years.

Because financial scheme is so large, UK banks and lenders have reportedly hired around 6,000 extra staff to handle the influx of PPI claims. It continues to be one of the most complex financial claims controversies in history, and we here at PPI Claims Company hope to put your mind at ease by providing the best services to get you the financial justice you deserve.

About PPI Claims Company
We’re a team of 40 hard working PPI claims experts, from claim advisors and customer service to solicitors at PPI Claims Company . In addition, we will also help you to claim back unfair credit card charges that you may have incurred over the last six years. Not every claims company makes this offer, and it is one of the many things that we believe makes us stand out in the crowd. To begin, fill in the simple form that you can see online and we will call you back. If you prefer you can call us on 0800 840 7291 and one of our specialist claims advisers will help you with any questions and get your claim underway.

PPI Claims Company
Lester House
21 Broad Street

News Media Contact
John Gregory
Email –
Phone – 0800 840 7291