Total PPI refunds to hit £20 billion?!

02 October 2013

If there is one upside to the PPI debacle, it’s the incredible boost to the economy created by all the PPI refunds. The latest concrete estimate for how much the big banks, building societies and credit companies will have to pay out is £18.8 billion, which equates to around £800 for each and every household in the country! About one third of this figure has already been paid out, and despite the best efforts of these organisations, bodies like the Financial Conduct Authority and Financial Ombudsman Service are working hard to make sure that unfairly refused or delayed claims for PPI refunds are processed as they should be.

While that £18.8 billion figure seems unquantifiable, when you consider it is more than twice the £8.9 billion cost of putting on the Olympic Games, you start to get a picture of just how big a problem PPI policies have been, and just how important the PPI refunds and reconciliation are.

The amount being paid out in PPI refunds is now reducing, from £2.95 billion in the second half of 2012 to £2.5 billion in the first 6 months of 2013, but even at this slightly reduced rate, there is a wealth of cash being flooded back into the pockets of people all over the country. These much-welcomed extra funds are being used to pay off debts, purchase cars and holidays, and give people back some much needed cash in the bank.

When we finally get to look back on this time, pundits predict that the PPI refunds bill will have hit £20 billion plus, which is over £500 per working-age adult in Britain. Whether you are one of the millions of people who will get a payment depends on whether you make a claim!

Find out today if you are entitled to make a claim by filling out our quick and easy form. We’ll put you in touch with a UK-based expert who will guide you through the process and make sure you get back what’s yours.