PPI Claims have now hit £1.9 billion, as recently reported by the FSA. The rate at which claims were being made sped up dramatically towards the end of 2011, with a record pay out month in December, where £441 million was paid out.
PPI claims will undoubtedly have had a large impact on losses reported recently by Lloyds TSB.
However, reports in May 2011 suggested that claims were likely to reach £9 billion, suggesting that this could still only be the beginning of claims made against providers who mis-sold payment protection insurance policies for years.
A typical PPI claim results in around £2,750 in compensation, but there are widely reported cases of much higher claims successfully being made.