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'Huge' PPI refunds pot 'could reach £15bn'

Credit card payment protection insurance (PPI) claims can be "huge", it has been said.

The Nottingham Post revealed that some of these PPI claims have reached upwards of £20,000.

Furthermore, banks will have to send around 12 million letters to members of the public informing these people that they are eligible to make a claim for PPI compensation.

Lord Justice Ousely made it clear to banks and credit card companies that "even those that had not complained should be notified that they may have cause to complain", the publication noted.

It pointed out that the amount of money earmarked for PPI refunds began at £1 billion, but then increased to £3 billion, rising to figures of £4.7 billion and £6.6 billion before recently breaching the £10 billion mark.

Furthermore, it will "probably end up around £14 to £15 billion", the news source declared.

The misselling of PPI is set to become the "biggest consumer financial scandal of all time", Which? chief executive Peter Vicary-Smith recently said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801424907-ADNFCR

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