PPI compensation bill likely to be largest in history

Industry specialists have claimed that the total compensation bill for customers that we’re mis-sold payment protection insurance (PPI) is likely to be the largest in history – even bigger than the pension mis-selling scandal.

British banks have so far set aside £11.5bn to compensate customers that have been allegedly mis-sold PPI.

Lloyds Banking Group currently has the biggest bill on his hands at £5.3bn. Barclays, which announced it had set aside an additional £700m to compensation customers this month, has the second biggest bill at £2bn.

PPI was designed to cover debt repayments in the event of illness or redundancy but in 2011 the High Court passed a ruling that meant Britain’s banks were forced to re-open thousands of PPI mis-selling claims.

If you feel you have been the victim of mis-sold PPI, Claimant Law can help. Call us today for a free no-obligation assessment of your case to see if we can help you to claim compensation.

Contact us on 0800 089 4444 to speak to a friendly member of our team.