Let The Numbers Do The TalkingAug 28, 2017
It's not 'nuisance PPI', it's potentially life changing sums of money!
The scale of the PPI scandal is something that many struggle to comprehend. £40 billion has so far been set aside to re-pay those affected, and of that, £27 billion has already been re-paid. However, the Financial Conduct Authority has caved to pressure from the financial institutions that mis-sold the product in the first place, and have set a deadline for those looking to reclaim the money that is rightfully theirs.
£13 billion still left unclaimed.
The implications of the deadline have been cleverly shadowed by the media and the banks, as they brand it ‘nuisance PPI’ in a bid to ensure people support the deadline and sweep the whole scandal under the carpet. However, with that goes the remaining PPI redress.
We are on a mission to make sure as many people as possible claim back what is rightfully theirs, and realise it’s not ‘nuisance PPI’ at all, it’s potentially life changing sums of money owed to ordinary people around the country.
People like Mr N, who received an offer of £97,726.28 for PPI mis-sold on a Royal Bank of Scotland credit card.
The average offer for mis-sold PPI on a credit card is £1,560.94.
Admittedly not everyone is going to receive offers like this. However, the average offer for our customers who have had a successful claim against a credit card is £1560.94. So if you are one of the 30 million UK credit card holders, it may be worth a chat with one of our friendly advisors!
Although credit cards were one of the most popular agreements that PPI was sold alongside, we have found that PPI was most commonly sold alongside loans.
We’ve secured £66 million in offers for mis-sold PPI on Lloyds TSB loans.
A large proportion of our successful claims on loans come from one lender in particular. We have had over 40,000 successful claims on PPI mis-sold alongside loans from Lloyds, resulting in over £66 million in compensation!
Now although that figure may seem high, it is nothing in comparison to the £18 billion that Lloyds Bank has had to set aside to compensate their customers! Something for you to think about if you’re a customer of Lloyds TSB and you have yet to make a claim.
We also deal with Cheltenham and Gloucester, Woolwich and Northern Rock mortgages.
When looking at average offer values on successful claims against mortgages, our top three looks like this:
• HSBC: £2,927.04
• Abbey National (Santander): £2,796.42
• Bradford and Bingley: £2,545.04
Whilst these are some of the larger mortgage providers, we also see a number of successful claims with providers such as Cheltenham and Gloucester, Woolwich and Northern Rock. We had a total of 3032 successful claims against mortgages with these providers, resulting in over £6.9 million in compensation.
It is common knowledge that PPI was applied to loans, credit cards and mortgages. However, our customers are often surprised to learn of the other financial products that were included in the scandal.
The average offer for mis-sold PPI from AA Personal Finance is £2056.45.
For example, did you know that PPI was applied to finance and hire purchase agreements? You may be surprised to learn that we have successfully secured over £50,000 in offers of compensation from Currys for mis-sold PPI on their finance deals.
Finance and Hire Purchase is a popular choice for those looking to purchase cars, and two popular providers are Blackhorse and AA Personal Finance. We managed to secure over £1.3 million in offers from Blackhorse, and have seen an average offer value of £2056.45 for customers who are successful in their PPI claims against AA Personal Finance.
We have secured over £8.5 million in customer offer for mis-sold PPI from Littlewoods.
Everyone enjoys a bit of retail therapy, and the British high street is full of much loved names such as Marks & Spencer and Debenhams. It may surprise you to know that we have secured over £2 million for PPI mis-sold on store cards from these two major outlets.
Mail order catalogues are another pay monthly product that many people overlook when making a claim. Shockingly we have had over twelve thousand successful claims on Littlewoods catalogues, resulting in over £8.5 million in offers for our customers. Very is another popular catalogue choice, and with an average compensation offer of £1,419.02 it is well worth investigating if you have ever used one.
Although in many cases we look at a large majority of financial providers, when it comes to PPI applied to overdrafts, we only look at Barclays. If you have ever had an overdraft with this lender it may be worth a chat with one of our advisors. The average compensation offer received from Barclays for mis-sold PPI on an overdraft is £2735.22
The average offer for a mis-sold PBA is £1,503.
PPI isn’t the only mis-selling scandal to have hit the financial industry. Packaged Bank Accounts are paid for accounts that have additional features ranging from home, mobile phone and travel insurance to free overdrafts. However, the benefits that weren’t discussed were the one the banks were getting from mis-selling the product. The average compensation offers for a customer claiming against a Lloyds PBA is £1,503.
*Figures correct as of 01/07/2017