Monday, 23 April 2012

Payment Protection Insurance bonanza

The extraordinary scale of the PPI compensation grab:

£5bn compensation still to be paid out

12 million are to get letters saying they may have been mis-sold

800 claims management companies  trying to get a slice of the money

£2m a month being spent on advertising by these claims companies

They charge 25% or more in fees, plus VAT

Banks are making 50,000 compensation payments a week

That's around £400m a month being paid out

The payments average £2,750, some are £16,000 or more

Some say this massive cash payout could give a boost to the economy

How to claim compensation? Contact your bank, or the Financial Ombudsman Service.

My report on BBC News today.

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