The deadline for PPI claims is almost upon us and experts continue to predict potentially thousands of consumers will lose out on millions of pounds in compensation for mis-sold insurance.
As the race to get compensation goes down to the wire, top finance journalist Adam Williams of he Telegraph claims there is still £12 billion in compensation waiting to be paid out before the deadline brings down the shutters forever.
He was quoting a specialist lawyer who told him: “Undoubtedly there are still many thousands of individuals who have not claimed but are actually entitled to compensation.”
Official figures from the Financial Conduct Authority (FCA) show total compensation paid to date since January 2011 is £35.7 billion, but that figure is now almost three months old and is not scheduled to be updated until after the claims deadline on August 29th.
Over the past year it has been increasing by an average of more than £⅓ million a month which puts the likely total by the deadline date at around £36.5 billion.
But it’s not likely to end there. Tens of thousands of people a week continue to make new claims and the high street banks are predicting uphold rates of between 90% (RBS) and 83% (HSBC) with average payouts of £1,559 (RBS) to £2,286 (Barclays).
It’s vital that if you have not yet made a claim for a PPI policy you think may have been mis-sold to you that you do so within the next fortnight or you will lose the chance forever.
If you wish, you can make a claim direct to your lender at no charge and can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, if you have approached your lender first, and it falls within their remit.
There to be claimed
The money is definitely there to be claimed. Collectively, the banks have set aside more than £1 billion in extra funds to pay future successful claims – Lloyds and HSBC earmarking £½ billion each just weeks before the deadline and Santander adding another £70 million.
They have also said that because there is considerable uncertainty how many claims will be made and what the value of each of those claims might be they are prepared to set aside still more money if necessary.