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News

PPI Policyholders Reach An Astounding £1bn In Repayments

In news that will have the majority of financial consumers rather jumping for joy, it has been revealed that in the first ten months of 2011, those who had been victimised by the mis-selling of payment protection insurance had been refunded a staggering £1bn altogether – a figure that would have been virtually inconceivable just two years ago.

The figures – which were released by the Financial Services Authority – were taken from 16 un-named financial institutions (we’d imagine the usual suspects), and are estimated to make up around 92% of the total PPI claims made over the year, meaning that the total figure is likely to be slightly higher.

What will be more concerning to the banks (and more enjoyable to everyone who has been involved in the scandal) is that the total figure once the total fees have been repaid is now being anticipated at being a potential £7bn, with more and more claims being made every week.

Around a year ago, this figure was estimated as being around £3bn, showing that the more the scandal is unravelled and the banks are required to repay their debts, the more mis-selling is being uncovered. Needless to say, we at Creditline are glad that the repayments are being made, and would encourage anyone who thinks they may be eligible to claim repayments to use our PPI calculator now in order to see just how much could be made available to you.

Posted by Shaun Edwards on 06 Jan 2012

Other News

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19 Aug 2011