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Essex man receives £82k PPI payout

One of the largest ever payment protection insurance (PPI) payouts reported was received by an Essex father.

Phil Stevens told MoneySavingExpert.com he had received £82,000, which is the largest debt cover compensation the firm has ever heard of.

He received the cash from Barclaycard but had submitted his original PPI claim 18 months earlier.

The recipient claimed the insurance simply appeared on his policy one day and he had never asked for PPI.

He argued he did not know why he had been charged or what the cover was for.

MoneySavingExpert.com said this has happened in many other PPI misselling cases, with lenders providing the insurance to customers without the recipient's knowledge.

The size of Mr Stevens' payout "shows why it's so important everyone who's had a loan, credit or store card within the past ten years checks now to see if they had this insurance added", creator of the website Martin Lewis said.

Barclays recently revealed its overall income in 2011 was impacted by PPI compensation claims.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801335190-ADNFCR



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