When the case of mis-sold PPI first hit court cases, only a few banks were being charged with it. As the case extended over time, it’s believed that almost every single bank in the United Kingdom was involved with the mis-selling of Payment Protection Insurance at one point or another.
The worst problem, many of the banks and their employees knew that awarding PPI without specifying what it is or what it will be used for was illegal. As the court case progressed, it became apparent straight away which side the court’s were going to go with. Even if the bank’s had any sort of claim, it’s unlikely that a court of law would go against millions of citizens for a handful of multi-billion banks.
Some of the biggest players in the mis-sold PPI scandal include Barclays, Natwest, Halifax, RBS and The Co-Operative. Still, to this day, these banks are paying out millions of pounds each and every month. It’s quite remarkable how little people know about the court case, and how many people still haven’t put their claims in for PPI insurance. In fact, it’s believed that roughly 60% of all people who were mis-sold PPI still don’t know about it – or haven’t claimed for it yet. That’s why you see so many television adverts still on the commercials. The mis-sold PPI business is huge, and there is still potentially billions to be paid out.
One bank, Barclays is believed to have three offices dedicated to dealing with mis-sold PPI cases. One office is located in the UK, and two offices are located in India. These three offices sole purpose is to refund clients for any mis-sold PPI. So, as you can probably see, many people are still missing out on the claims that they are entitled to, and the banks know this full well.
The PPI financial scandal is set to be one of the biggest bills ever with total figures running into the tens of billions, and seeing as it has only been just over a year since the court ruling was announced there are still going to be many more claims and a lot more money paid back over the next few years. After all this uproar about PPI the last thing the banks need is another scandal on their hands, however it is rumoured that the claims companies are about to launch a campaign of websites and TV ads targeting people that believe they may have been mis sold their mortgage focussing on interest-only mortgages.