No escape for banks withholding PPI payouts

Published: 06/11/2014

Banks have had to add a further £1bn to the payment protection insurance provision pot, taking the currently total to £22bn and making it the most costly scandal in banking history.

There had been some hope from the banks that PPI claims would start to subside in the latter part of 2014. However investigations into the calculation of charges and the incorrect rejection or underpaying of 2.5million claims as well as good old persistence from solicitors such as ourselves have meant that lenders continue to pay the price for their deception.

Solicitor Paul Cahill comments:

“With the current PPI bill standing at £22bn it just goes to show how many millions of people have been misled by their bank or lender and why we are still working with those affected to recover all that they are owed.

“We are so frustrated with lenders playing games and continuing to shy away from their responsibilities and repay customers the money they are owed that we are now offering to pay for a Subject Access Request (SAR) for all our clients. This allows us to conduct a full financial review and check that all PPI has been recovered and in its full amount. We can also check to see if clients have been mis sold a packaged bank account, and try to obtain a refund of the fees paid.”