30% Increase in the Occurrence of the Multiple Policy PPI Claims Being Made Reports PPI Claims Management

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During October 2012 PPI Claims Management sees a 30% increase in the number of payment protection insurance claims being made that include two or more policies.

PPI Claims Management’s PPI claims service which searches the claimant’s previous loan and credit accounts for previous instances of a payment protection policy that may have been incorrectly sold to the claimant. As a result of this service being introduced to the claims management service there has been a significant increase in the number of forgotten payment protection insurance policies which were discovered.

The increase in the number of single payment protection insurance policies being made which became multiple claims after investigation was 30% on a month on month basis from September 2012 to October 2012. Overall 45% of claims in October 2012 were made on multiple policies for an individual claimant which is quite a significant marker for just how often consumers became a victim of the PPI scandal. 30% of claims made were by those who held two policies and during October 2012 there were even a small number (less than 5%) that held four or more payment protection insurance policies. Such a high number of policies was easy to accrue for those with multiple credit cards, store cards, loans and car finance.

Following discovering further payment protection insurance policies PPI Claims Management followed this up with a number of consumers to discover the origins of such additional policies. A shocking 65% of consumers questioned stated that they hadn’t made a claim for those particular payment protection insurance policies because they were simply just not aware of the existence of such policies.

Currently the UK is in the peak of the PPI scandal yet it still comes as a surprise to many, even those that were aware of one instance of PPI being incorrectly sold that they still had other policies which they did not know about. To make the initial claim the consumer would have had a general knowledge about the payment protection insurance selling procedure so to not be aware of further policies shows just how secretive salespeople have been over the last two decades in order to successful sell payment protection insurance policies and increase the overall monthly payment a consumer was making without anyone noticing.

The increase in the discovery of payment protection insurance policies that the consumer had forgotten about until making another PPI claim has inevitably led to the increase in the average PPI claim pay out. This has increased from £3230 in August 2012 to £3700 in October 2012. In addition as pay outs are getting higher there have been more and more which almost beat the record for the biggest ever pay out achieved for a claimant through PPI Claims Management.

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Dr M Mansoor Siddique
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