Tweet
Some £379m was paid in compensation in November to people who were mis-sold payment protection insurance (PPI) - the highest total of any month. This was an increase from the £268m paid out in October, the Financial Services Authority (FSA) said. PPI was supposed to repay people's loans if their income dropped because they fell ill or lost their jobs, but thousands were mis-sold the policies. The figures are supplied to the FSA by 16 unnamed firms.
These firms accounted for 92% of all PPI cases in the first six months of 2011. After losing a High Court test case in April, banks were told to deal with 200,000 complaints which they had put on hold pending the hearing's outcome....Read more here--: BBC News - PPI payouts hit monthly record, FSA says
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.