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Banks to Pay Out £4bn in Missold Payment Protection Compensation Cases

Specialists in payment protection insurance (PPI) Randall and Vickers say that banks could end up paying out an estimated £8billion in missold payment protection compensation claims, with 2012 proving to be “the most expensive year of all.”

Just under £2billion was paid out during 2011 after a High court ruling told banks that they must compensate all customers who had been missold PPI policies, aimed at covering the repayments on loans and credit cards in the event that the policy holders were unable to make repayments due to illness, loss of employment and other significant circumstances.

However, with more than 1,000 new cases being filed on a daily basis, Michael Pilgrim from Randall and Vickers says that the bill for banks could double during 2012 as they work through the backlog of complaints in addition to all the latest claims.

“Thousands of people have already had their cases settled and are waiting, in some cases for significant periods, to receive their money back,” said Mr. Pilgrim. “Thousands of new cases are being made each week with around three quarters likely to result in payouts. With that in mind, banks could be handing over between £4billion and £4.5billion during 2012, reducing slowly through 2013 and 2014.”

Earlier this week Lloyds TSB, one of the banks at the heart of the scandal, announced that it would be clawing back £2million worth of bonuses paid to executives involved in the missold PPI scandal in 2011, which will contribute to overall costs of £3.2billion.

Mr. Pilgrim has called on chancellor George Osborne to put deadlines on the banks for paying out once a settlement has been reached – which is likely to be announced in the Budget on 21st March.

Pilgrim added that “These are people who have already been the victims of banks’ behaviour in the past and they don’t deserve to be victimized again by being forced to wait months for the money they’re owed. Forcing banks to pay out within a timeframe could put money back in consumer’s pockets, boosting spending at a time when the economy really needs lifting.”

If you’ve been missold payment protection insurance, let Creditline Financial help you to reclaim what you are rightfully owed. Contact us today on 01733 393399 and we’ll talk through your case and the options available.

Posted by Chris White on 24 Feb 2012

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