For a few years now financial experts have been saying that the PPI claims market is drying up, those people that are eligible to make a claim either have already done so or will not be claiming in the future for a number of reasons, but new signals show there are still millions of people out there who are owed money, thousands of pounds each.
It has emerged this week that 20,000 jobs have been created by the PPI claims boom, that accounts for over £400m in salaries alone to the banks that continuously ripped off consumers applying for finance.
In the same vein, several years ago experts were detailing the amount of compensation set to be paid to mis-sold policy holders totalled around £3bn, this has since risen to £6bn, £9bn, £12bn, £15bn and now sits at a hefty £18.5bn.
All indications show that there are still millions of people out there who are owed vast amounts of compensation for being mis-sold payment protection insurance by their banks, it is imperative that these people look into their finances and start a claim as the more time that passes between the act of mis-selling and the claim, the harder the case is to win.
A spokesman from one of the largest recruitment firms in the UK gave his opinions on the escalating recruitment, compensation and drama created by PPI:
“Despite attempts to put a lid on the amount that the banks pay out on PPI, within the last month alone, we have seen big names like Barclays and Lloyds massively raise the amount of money set aside to deal with PPI claims.
“A whopping £11bn pounds has already been allocated, and some commentators think that number could easily double. The consequence of this will not only mean cash in people’s pockets, it will also translate into jobs. We must not be fooled by the figures. These extra jobs are not a sign of a thriving banking sector.”