The great British PPI scandal is finally drawing to a close – 114 days and counting before the August PPI claims deadline – but there are still millions of pounds to be claimed for policies mis-sold over decades.
From seemingly small beginnings back in the early 2000s we have now reached the stage where the UK finance industry has already paid out more than £34.4 billion pounds and firms are still receiving thousands of new complaints a week as consumers try to beat the deadline.
More than £1 billion
Gladstone Brookes has recovered more than £1 billion for our clients since 2007 and we are still receiving more than 5,000 new enquiries a week.
Many of our successful claims result in the average payout of around £1,700, but there are some notable exceptions, including those from people who had no idea PPI was even attached to their agreement.
Janice Smith had tried to claim for mis-sold PPI on three loans from Marks & Spencer herself but was told she knew what she had signed up for.
However, Janice wasn’t happy and asked GB to look into it for her again. At the same time a Free PPI Check** found she also had the insurance attached to two loans and a credit card with Halifax that she knew nothing about.
Investigations found PPI had been mis-sold on all six agreements and Janice received £3,545.59± for the three M&S loans.
But the big surprise came from Halifax who paid her £8,610.50± redress for the two loans and an amazing £94,570.65± on the credit card – making a total payout of £106,726.74!
Said Janice: “I feel terribly sorry for people who haven’t pursued making a claim – either because they don’t understand or because they’re nervous. There must be millions out there in the same boat.”
Janice only started her claims after the August PPI deadline was announced and the same is true for GB’s Top 20 payouts for April – all of whom received more than £20,000 in compensation.
Top of the tree was a client who received over £110,000 for three successful claims.
Barclaycard paid more than £67,700 on a single claim with a further £42,500 coming from a House Of Fraser store card.
The remainder was paid out on a Barclays loan.
Store cards and catalogue accounts can also return substantial amounts of compensation. One lady received £30,116.58 in a single claim on a Debenhams card and another lady got back £28,475.10 with successful claims against JD Williams, Very and Littlewoods.
The calculation for compensation works the same was as it does for credit cards and is based on the residual balance on the account every month.
If you maintain a high balance on the card you will pay a correspondingly high amount of PPI premiums and don’t forget the interest you are charged every month as well.
“114 days and counting – you can’t afford to wait much longer.”