Blog - The Verdict
MSB Solicitors Liverpool
Friday, 03 October 2014 00:00

The clock is ticking to claim back your mis-sold PPI...

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You’re probably fed up of receiving cold calls informing you about your mis sold PPI.  It’s impossible to escape the frenzy and this is the reason why many people haven’t even checked to see if they are entitled to make a claim.
 
The Financial Ombudsman Service estimates that £50bn of PPI policies were sold over the last 10 – 15 years.  The approximate bill to the banks so far is £22bn which suggests that there is still a long way to go in this compensation process.
 
Since 2011, the estimated average monthly payout by the banks is £390m.  In 2014 alone, the average monthly payout is £440m.  So, whilst many of you might think (and even hope) that the scandal is coming to an end, think again. 
The banks are continuing to set aside billions to compensate victims of the mis selling scandal.  It’s not surprising therefore that the banks have tried to impose a cut off date for consumers who want to make a claim (another attempt to circumvent the law).  Thankfully, the Financial Conduct Authority has confirmed that it will not impose a cut off date as to do so would take away consumers rights.
 
However, it looks like the banks are getting wise.  I have recently seen copies of letters which have been sent to thousands, possibly millions, of consumers by a number of high street banks.  The letter in question makes consumers aware of the fact that they have a possible claim and thus starts the limitation clock ticking.  You will therefore have 3 years from the date of receiving this letter to make your claim. 
 
I know that some banks have only recently started sending these letters, however others started sending them a couple of years ago so there is no time to waste.
 
We have already recovered millions in mis sold PPI for our Client’s.  Below is an illustration of some of our successes;
 
Creditor Total Redress Recovered
Barclays Bank plc £8,457.39
Halifax £16,283.34
Lloyds Bank plc £24,411.93
Barclaycard £19,211.63
Marbles £19,846.13
HSBC Bank plc £14.026.65
Santander UK plc £10,863.94
MBNA Europe Bank Limited £26,227.15
RBS £15,228.55
 
Whilst the above illustrations are relatively generous, they reflect genuine refunds we have obtained for our Client’s.  Each case is assessed on its own facts, however, whatever the value of your claim, you might as well get your hands on your share of the billions still being set aside by the banks.
 
It isn’t too late.  If you wish to discuss the possibility of making a claim, please feel free to call us on 0151 281 9040 and speak to a member of the team.
Last modified on Tuesday, 07 October 2014 15:34

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