Long has it been speculated as to how long the ppi claims scandal will continue for, because most people thought that it would be more of a short term issue, with people speculating that within a 18 months it would all be over, however, the scandal is going strong with more people than ever putting in claims for ppi, so how long is this likely to continue for?
Lets look at some of the facts…
- First of all, since 2001 there have been over 34,000,000 ppi policies sold
- It is speculated that only 1 in 3 people have reclaimed their ppi
Looking at these two facts alone, it becomes quite apparent that there are a lot more ppi policies to be reclaimed upon, and that this scandal will continue well into the coming years, assuming the banks do not get their deadline, which, if this article is anything to go by, the banks don’t have a chance PPI claims.
There are still a plethora of ppi claims that are yet to be reclaimed, and there has been more than £10bn paid out to the British public already, and it is thought that by the time all of the ppi policies have been repaid the total bill will be around £25bn.
So this scandal is likely to go on for some time yet, with so many people still yet to claim their compensation, not to mention the people who have not even thought about putting in a claim yet.
Further down the line, it is expected that perhaps the claims will taper off, due to some people forgetting about their miss sold policies or not taking the time to put their case into action or submit it to a claims management company (CMC), however this is likely to be about the question of awareness and exposure, as people can only act upon information on which they can make their decision, so if the advertisements continue, and people continue to talk about it to their friends, relatives and colleagues it is likely that the demand will remain constant.
If the figures above are correct, that would suggest that we are around the halfway point of the claims’ scandal, meaning that if it has gone on for 3 years so far, it is likely to go on for at least another 3 years assuming the cases are completed at the same rate as they are now, which is accurate.