The PPI scandal isn’t going to leave quietly. Despite the fact that PPI claims have now reached a staggering £27 billion in compensation, it seems that the end is nowhere in sight, and that banks are going to have to come to terms with the fact that until full repayments are made the scandal will roll on.
The Lloyds Banking Group have shown recently that they understand the severity of the action that is being taken against them, by setting aside an extra £1.4 billion for PPI mis-selling. The Executive Director of Which?, Richard Lloyd, has been vocal in his message to banks that they need to do more, with the money put aside by Lloyds clearly indicating that there are huge number so consumers yet to be compensated. He believes that the PPI mis-selling could become a scandal that lasts for years, unless banks make claiming compensation for mis-selling a much easier process.
Whereas the Lloyds’ figure is vast, the Barclays contribution has been described as having woefully underestimated the size of the scandal, having put aside a paltry £750 million for their own PPI redress. It is likely to be the first of many payments set aside unless banks such as Barclays grab the bull by the horns and truly deal with the situation. Until they do it is up to companies such as Enjay Claims to make sure that consumers receive what is owed to them, and that the difficulties banks have put in place to try and prevent compensation being claimed are overcome.
Banks themselves have been calling for a deadline to be set on PPI compensation, clearly suffering from what they have already had to repay and fearing what is to come. Senior officials have called for a ‘Time Bar’, something that will obviously continue to encourage them make claiming back money without the help of a PPI Compensation company extremely difficult, and therefore help them retain more of their mis-sold takings.
The Financial Conduct Authority will be looking to make a decision on whether a ‘Time Bar’ should be set. Many view this as letting banks get away with it, and being allowed to continue with their poor practice in future. The reason for banks pushing so vehemently for a deadline to be set coincides with the landmark case of Susan Plevin, a woman who has had the Supreme Court rule in her favour. Her claim came thanks to the fact that she wasn’t told about the lender’s commission when she bought her product from them. This ruling has left the door open for a huge amount of new claims for consumers, something that looks set to cost banks further millions of pounds.
So if you think you might have cause for a PPI Compensation claim then call us on Freephone 0800 612 7958 or email email@example.com today to discuss your claim and find out exactly how much compensation you could be entitled to.