The shocking scale of the great PPI rip-off – and why it’s all about to (finally) end

Ombudsman upheld almost two-thirds (64%) of disputes in favour of consumers

In two years’ time, it will all be over.

On 29 August 2019, the deadline for making PPI complaints finishes, drawing the curtain on a saga that’s run for well over a decade.

We can turn the TV and radio back on without fear of endless claims adverts. No more pushy cold calls and text blags either (well, about PPI anyway). The biggest financial miss-selling scandal in recent memory will be over.

But surely everyone’s complained about their PPI policy by now?

The simple answer is no. The scale of the mis-selling is huge. Here’s a few of the killer stats.

  • It’s estimated between 52 and 64 million policies were sold
  • This works out to 30 million consumers
  • £27.4billion has been paid out since 2011
  • But some estimates suggest the final bill could be £100bn
  • The banks have put aside £40bn to cover successful PPI claims

Put simply, countless people may have had PPI added to their policy, despite it being unsuitable for them – and may never have realised it.

  •  Added without permission

One of the team at Resolver made a claim to demonstrate how it works – only to discover PPI had been added to two credit cards without his permission.

So when I’m asked if PPI claims are just encouraging ‘compensation culture’, it’s easy to disagree. You still have to make a complaint that’s looked at on its individual merits.

The key thing to remember when making a claim

But there’s one thing to remember above all else. Never, ever pay a claims manager to make a complaint for you. And here’s why:

  • They don’t improve your chances of winning – and with ‘cut and paste’ forms, many of them make it worse.
  • They charge you huge chunks of your compensation while still getting you to provide all the information.