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Surge in demand for PPI claims expected in 'weeks ahead'

A surge in demand for PPI claims is expected in the next several weeks, following the banks' decision not to appeal against the ruling that they must pay out to customers who were wrongly sold loan insurance, it has been reported.

According to Reuters, claims management and law firms have seen increased demand from the British public since the banks revealed how much they expect to pay out in compensation.

Between them, Barclays, Lloyds, Royal Bank of Scotland and HSBC are said to have set aside more than £5 billion to cover the mis-selling of payment protection insurance.

To date, more than 200,000 PPI complaints have been received by the Financial Ombudsman Service, with an average compensation payout of £2,750.

Law expert Andrew Hummersome told the news provider that the decision by banks to drop their legal challenge will result in more people coming forward to claim compensation.

"The surge in demand will come in the next few weeks," he said.

Last week, the Evening Standard reported that banks may consider increasing interest rates and fees on credit cards and other products in order to cover the cost of refunding consumers who were mis-sold PPI.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800535536-ADNFCR

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