Recent figures from the Financial Services Authority (FSA) have shown over £1bn has been paid by lenders to customers mis sold payment protection insurance in the first 10 months of 2011.
October (the most recent available figures) saw the highest amount of PPI redress rightly returned to customers; 16 unnamed lenders, who account for 92 per cent of PPI complaints, collectively paying out £268m¹.
However, with the overall PPI compensation bill estimated to cost lenders £9bn, this is only the tip of the mis selling iceberg.
Millions of customers were mis sold payment protection insurance when taking out a loan or credit card.
The mis selling of PPI came in many shapes and sizes, from customer’s being told PPI was compulsory to others being led to believe taking out a PPI policy would increase their chances of the credit agreement being approved. The self employed were often frequent victims as were those with a pre-existing medical condition. And, in some cases, lenders simply automatically included a policy without the knowledge or consent of the customer.
There are still many customers mis sold a policy yet to make a claim. If you think you could be one of them, find out for free by completing our online claim form.
¹The Telegraph (Dec 2011)
