(PRWEB) November 02, 2012
The claims management service, PPI Claims Management released figures which shows that the number of payment protection insurance claims being made through the website have now tripled compared to the number of claims which were being made six months ago in April 2012. PPI claims numbers are still set to rise further over the next six months across the industry as a whole.
The massive rise in the number of claims through the PPI Claims Management website has also followed the trend of the payment protection claims industry as a whole. Statistics released earlier in October 2012 showed that the number of claims which were being made on a daily basis across the whole payment protection insurance market had doubled compared to the daily rate of claims 6 months ago.
Although a rise in claims was expected generally the increase that was experienced over the last six months was beyond all forecasts that were made. As a result PPI Claims Management have been exceptionally busy and have been working on a variety of ways to speed up the process of claiming and increasing customer satisfaction.
The boom in PPI claims however has resulted in banks needing to grow their claims departments and therefore this has added to the total cost of the PPI scandal. £3 billion has been paid out in PPI claims alone over the last year alone and this is already in addition to the £3 billion which was paid out in the previous year. With only £4 billion left of the money which has been set aside there have been some industry insiders such as experts from PPI Claims Management wondering and aiming to predict what the next step will be on the part of the banks and financial institutions.
PPI Claims Management believe that the strong growth in the number and even the value of the payment protection insurance claims which are being made suggest that the bill will quickly go over the £10 billion which was set aside within the next 12 months. As a result banks will be required to put more money aside to prevent loss in profits or dent in shareholder confidence which may result in a negative impact on the economy.