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£500 million paid in PPI compensation in March.

In March 2012 lenders paid out a massive £500 million in compensation to its customers for mis-selling PPI – The highest single month of redress in 2012 so far. This is slightly below the overall monthly record of £536 million, which was set in December 2011.

This takes the total paid out since the start of 2011 to over £3.5 billion, but with an estimated total amount yet to be claimed of £5.5 billion, the process is far from over.

Some of the top lenders, Lloyds, RBS and HSBC have set aside an additional £800 million to top up their original PPI compensation pots.

The huge jump in compensation payments can be attributed to the end of the legal battle, in May 2011, when new rules were introduced to force lenders to review past sales of PPI. The Financial Ombudsman Service has said that on average those who were awarded compensation, received amounts in the region of £2,500 each.

These details come amidst news from the Independent Financial Ombudsman Service (FOS) that over 6,000 false PPI related compensation claims were made last year. 60% of the total claims received by the service were related to PPI mis-selling and 4% of these were classified as ‘unjustified’.

Many customers simply cannot remember whether they had a PPI policy or not and are being urged to check statements and paperwork carefully; it may be referred to as something other than Payment Protection. Names such as ‘Payment Care’ or ‘Protection Plan’ were also used.

The FOS have recruited an additional 500 staff to help investigate and process the deluge of complaints.

With thousands still out there waiting to reclaim their mis-sold PPI, a new monthly compensation pay out record is likely to be set very soon.

Posted by Joanne Price on 01 Jun 2012

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