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Consumers in for PPI refunds following court ruling

A host of consumers will soon be receiving PPI refunds after the high court overruled the banks challenge regarding payment protection.

Millions of consumers who were mis-sold payment protection insurance will be able to claim refunds.

Stefan Maryniak, credit expert at, commented on the findings.

He said: "Today's announcement is great news for the millions of consumers who have been short-changed and mis-sold by the banks.

"The decision to uphold the revised guidelines is recognition from the courts that the banks are in the wrong - they will no longer be able to dodge the bullet of PPI mis-selling even in the case of old sales."

Mr Maryniak also said it was good news for those looking to reclaim payment protection who have not yet sought it out, as the "doors now stay firmly open"

However, he added that the banks will appeal the decision.

The Daily Mail estimates that the ruling could mean that banks have to pay out £4.5 billion.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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