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Confused About PPI?

You needn't be as we have all the statistics you need to know, right here!

The mis-selling of payment protection insurance seems to have hounded the British banking industry for years.

Confused

On one hand, you have the media berating the banks for refusing or attempting to refuse to pay people the compensation they are entitled to and on the other, you also have articles denouncing the use of claim management companies.

In amongst all this are the true facts and figures about PPI. And we've rounded them up and updated them.

The average payout is between £2,500 and £2,750

But how is this calculated? Consumer organisations have divided the estimated cost of PPI policies to every customer that they think has been mis-sold such a policy and the answer is around £2,500 to £2,750.

However, you may receive far more than this or far less, depending on your individual circumstances.

34 million

This is the estimated number of mis-sold PPI policies in the UK, a staggering number that is almost too big to be imagined.

40% of people are unaware that they have a PPI policy

Or that it was mis-sold to them. The moral of this story is that the vast majority of people have been affected by this mis-selling saga. YOU really do need to check all your paperwork, statements and documents today!

Spot something that looks like PPI or an insurance policy that promises to make payments on the loan etc. if you cannot, for whatever reason? It may not be called PPI - this is a general label - as many banks, lenders and financial institutions called their products by different names.

Around half of the policies made over 80% of the banks' profits for them

A staggering statistic especially when you think that this is YOUR money that they took from you - sometimes, unknowingly - for a policy that was of very little use to you.

In fact, PPI policies only successful paid out in 15% of claims made, far less than the payout rate of essential insurances, such as car and home insurances.

Consumer organisations also estimate that 90% of customers were given misleading information about the PPI policy that was mis-sold to them…

There are many reasons why PPI was mis-sold to customers - why not find out how much your claim could be worth? Contact Payment Protection Scotland.

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