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Thousands did, and just like them you could have been mis-sold Payment Protection Insurance, meaning that you could be entitled to a refund of thousands of pounds!

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News

Missold PPI Payouts Nearing £5.5 billion

As one of the biggest financial scandals to have gripped the UK in decades, the amount of compensation paid out by banks over the misselling of payment protection insurance is closing in on yet another milestone, the £5.5billion mark.

In June of this year alone, the Financial Services Authority reported that a total of £614.8million was paid to customers affected by the incorrectly sold insurance policies, which, while significantly lower than the record monthly compensation figure of £730.5million just a month previously, is still a startling amount of money to be paying back. Yet another dark month for the banking sector.

This puts the amount returned to affected customers perilously close to the £5.5billion mark since January 2011, and plenty more still out there either processing a claim, considering making one or unaware that they may have one. If you do, find out how to claim back PPI here.

With the monthly repayments leaving people significantly out of pocket, they have had to resort to other methods of finding money to make their other repayments – the ones they were aware that they’d be paying – such as credit cards and mortgages. Online payday loans have grown in popularity, borrowing money by filling in a few boxes and having it in the bank within minutes, and making the repayments when they’re able to, usually around payday.

But for some people this isn’t an option and they have had to contend with demanding letters from the companies they owe money to which, had they not been paying PPI, they would have cleared well within the timeframe.

Posted by Chris White on 25 Aug 2012

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