Banks put aside billions for PPI compensation
Consumers hoping to finally see the end of longstanding payment
protection insurance (PPI) issues can finally see light at the end
of the tunnel after major banks revealed that billions of pounds
has been set aside to assist with compensation claims.
This week Lloyds revealed that roughly £3.2billion has been set
aside to compensate consumers, and more than 6,000 staff have been
employed to process the claims as a consequence.
"This is a wonderful day for consumers. For once the banks have
done the right thing and backed down," said MoneySavingExpert.com
creator, Martin Lewis.
However, consumers have been warned to steer clear of a string
of opportunist business looking to cash in on the PPI debacle.
Experts claim the rise in no-win, no-fee business around the
scandal should be avoided at all costs.
Those hoping to receive a share of the billions available in
compensation should contact proven experts or their bank today and
see what options are available.
The PPI debacle is now believed to be the worst case of
mis-selling in the UK's history and could cost banks up to
£9billion in total.