England – 23/02/2012 – There are thousands of people who still need to Claim Back PPI
Already, in the UK, thousands of people have already been able to claim back PPI. The amount paid out in 2011 is close to £2 billion and the amount paid out each month has accelerated to the point where in December 2011 £441 m was paid out. There are already a lot of claims in the pipeline, so the amount paid out each month is expected to continue to rise during 2012.
The average compensation of around £2,700 is for many people is a lot of money. It is giving people the chance to pay off other debts, or a little spare cash. For the economy as a whole, this is good news, because tens of thousands of people have spare cash.
Since the judicial review of 2011, the speed at which firms are settling claims has improved considerably. Many claims are settled within 2 to 6 months, but some take much longer. How long this actually takes varies from case to case. It is largely dependent on who the lender is, and the individual circumstances of the claimant. The FSA recommends that firms give an initial response within 8 weeks, which many PPI suppliers are doing.
Thousands can still Claim back PPI
A surprising number of people who could make a claim have still not done so. There are many reasons for this. Some people do not have the time, or wrongly, think that the process of making a claim is, difficult, time consuming and not likely to succeed. These mistaken beliefs are stopping a lot of people from taking the step of making a claim.
An awful lot of people simply do not realise that they have grounds to make a claim. There are still lots of people who do not realise that they there were automatically sold PPI and paid for it without being told they were doing so by the loan provider. Others assume that because they have already paid off the loan, it is too late to claim back PPI. Another common misconception, that is simply not true.
The PPI Advice Line are aware of this, and expect to be even busier in 2012 as more consumers wake up to the fact that they have grounds to claim back PPI successfully.
PPI Advice Line
Unit 4, The Courtyard
Midpoint, Bradford, UK
Zip: BD3 7AY
Tel: 0800 292 2233