
One of Britain’s former top banking executives believes the mobile phone industry ‘is making the same mistakes as the banks’ and could be heading for a PPI-type scandal.
Finance experts are speculating that the PCP method of buying cars could develop into ‘the next PPI scandal’ because buyers were not made fully aware of the financial implications of the deals.
PCP stands for personal contract purchase and has replaced hire purchase as the most popular way of buying a new car.
HSBC added an extra £840 million to its PPI compensation pot in 2017 in anticipation of a flood of new claims following the announcement of the PPI claims deadline.
Millions of pounds in PPI payouts could go unpaid because the consumers either have no idea money is owed to them or haven’t bothered to make a claim against their lender.
A new survey of nearly 900 people has revealed 80% have no idea that the deadline for making PPI claims is just over a year from now.Read More
The rate of payouts for successful PPI claims is continuing to rise following the announcement of a final deadline in 2019.
Official figures from the Financial Conduct Authority (FCA) reveal that Britain’s lenders paid out £298.8 million in September – the latest month that figures are available for – bringing the overall figure paid out since January 2011 to £28.5 billion.Read More
Picture courtesy of FCA
Arnie Schwarzenegger has only just started careering across our TV screens with his PPI claim message of ‘Do It Now!’ and already the volume of claims for mis-sold policies is growing.
You can do the claim directly yourself to the lender for no charge. You 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.