PPI Claims Justice Celebrates its Ruby Anniversary

by John on July 21, 2014

in Money

The latest PPI payout figures have been released by the Financial Conduct Authority (FCA). In April £410.3m was refunded, making it the highest payout month of 2014 so far, beating January by a substantial £21.1m.

Seeing as April represents the 40th month that payout figures have been recorded by the FCA we thought it appropriate to have some Ruby anniversary celebrations! And by that we mean a blog post all about PPI claims compensation.

£12.5m refunded every day
The most common figure bandied about to do with PPI claims is the set-aside figure, currently £22bn, this is the total amount the banks have put to one side to cover PPI compensation. But what we hear less about is the amount that’s actually been refunded, currently £15.1bn since January 2011 or £12,592,592.59 every single day.

By using a magical PPI claims calculator we can work out that £15bn over 40 months puts the average monthly refund total at £375m, but some months have seen much more refunded with one returning over £735m to mis sold consumers. The figures are derived from compensation data released by 24 firms that made up 96% of complaints about the sale of PPI last year. Here’s the breakdown:

Monthly PPI payouts

2014
Jan £389.2m
Feb £329.5m
Mar £349.8m
Apr £410.3m

2013
Jan £439.3m
Feb £409m
Mar £375.9m
Apr £424m
May £422m
Jun £498m
Jul £528m
Aug £446m
Sep £444m
Oct £524m
Nov £425m
Dec £324m

2012
Jan £405.4m
Feb £473.1m
Mar £501.6m
Apr £572m
May £735.3m
Jun £614.6m
Jul £512.3m
Aug £601.4m
Sep £516.4m
Oct £578.2m
Nov £410.8m
Dec £360.1m

2011
Jan £36m
Feb £36.1m
Mar £32.4m
Apr £28.6m
May £39.8m
Jun £66.4m
Jul £103.2m
Aug £244.5m
Sep £225.3m
Oct £321.9m
Nov £464.4m
Dec £535.5m

PPI payout patterns
If you analyse the payout figures you can begin to see patterns. Payouts tend to peak in the middle of the year, possibly because people start the new year thinking about their finances and make a claim. Claims usually take anywhere from six to eighteen months which backs this up.

May 2012 saw the highest compensation bill, 12 months after the High Court case that kicked off wide-scale claiming – at the time there was a 12 month delay from claim to payout. Talking about the April 2011 court case, you can clearly see the impact on compensation payouts. January 2011 saw £36m refunded, by December over £535.5m was refunded, that’s over £500m more being refunded in the same time-period.

Justice, in the form of tens, twenties and fifty pound notes. If you’d like to find out how much of the compensation pot you can claim, use this free PPI calculator. Just enter a few details about your loan and repayments and you’ll receive a ballpark figure of what you’re owed, then if you’re happy – you can start your claim!

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