PPI Claiming Probably Would Not End in 2014

According to experts and observers, PPI claiming will probably not end in 2014. With Lloyds adding £750 million more to their PPI refund pool along with HSBC and RBS, the £12 billion PPI redress bill could probably reach more than £20 billion the following year. 

The Financial Ombudsman’s figures show that it had received an increasing number of complaints every quarter. In 2012, it had received a total of 245,000 PPI complaints. Halfway in 2013, it received a tot al of 265,000 PPI complaints. According to the Financial Ombudsman, the trend is that the number of PPI complaints is increasing greatly and consecutively every year.

PPI is an insurance product designed to repay your loans or mortgage when you get sick or get unemployed. However, with the intent to increase work volume for higher incentives, bank employees sold the insurance policy to ineligible consumers. For more information on claiming your PPI refund visit the link.

However, Barclays is one of the first few banks who declared no additional PPI redresses after its third quarter financial results announcement. This confidence in the falling of PPI complaints is evident as it plans to close down its Glasgow PPI claims centre.

Observers said that PPI might not end in 2014 along with numerous other financial mishaps banks and financial companies are involved in the Libor and Euribor scandals.