PPI Payouts Exceed GDP of Latvia, Cameroon, and Bahrain

Research by Your Money Claim, has found that the compensation paid to consumers from being mis-sold PPI has exceeded the national GDP of 93 countries from around the world.

Using data from the Financial Conduct Authority and comparing it to the IMF’s GDP figures, PPI payouts would be placed in 97th place.

At a total of £25bn, this means the compensation outranks the GDP of:

• Cameroon
• Bahrain
• Latvia
• El Salvador
• Paraguay

Further details, including charts and maps, can be found here.

With the deadline for PPI claims possibly being extended to 2019, the amount of compensation is set to grow. Your Money Claim will be monitoring all new data releases from the FCA and updating our map and charts.

It’s highly likely that the total payout will surpass more countries as consumers continue to get their well-deserved compensation from the banks.

Since 2011, over £25bn has been paid out by the UK’s banks as thousands of people became aware of the scandal. Claims peaked back in May 2012 when £753m was paid out in a single month.

The latest data shows July saw the lowest payout since September 2011 with £244m being paid out to consumers. It’s thought this will begin to rise with the likelihood of an extended deadline.

What is PPI?

Payment Protection Insurance (PPI), was designed to make your monthly repayments on your mortgages, loans, hire purchase agreements, car finance, credit card or store cards in the event that you were unable to work due to accident, sickness or redundancy.
Many PPI policies were inappropriate for borrowers, with various exclusions written into the policy which rendered it useless in a huge number of cases.

About Your Money Claim

Your Money Claim was set up by its current directors, having gathered over 25 years industry experience.
We are regulated by the Claims Management Regulator in respect of regulated claims management activities, and also registered with the Information Commissioner’s Office to ensure compliance with the Data Protection Act 1998.
We fight for our customers to ensure they get the compensation they deserve. We fight the banks every step of the way and have proven track record in reclaiming mis-sold PPI compensation.

Questions and Further Information

If you have any questions about this press release or want a quote from Your Money Claim, please get in touch at Danny.Lee@yourmoneyclaim.co.uk or 01254 822 880.