Tsunami of Last-Minute PPI Claims Sees Compensation Bill Spiral to £50 Billion

Concerns over PPI, which was supposed to protect customers if they fell ill or lost their jobs, first surfaced more than two decades ago. But the unprecedented scale of what has become by far the UK’s biggest mis-selling scandal has not lost its power to shock, The Irish Times reported. A flood of last-minute claims was widely expected before an August 29th deadline, but the scale of the rush has been little short of astonishing. Lloyds, for example, was hit by up to 800,000 requests for information a week in the final month for claims, compared with 70,000 a week at the start of the year. Many of those enquiries will not end in a payout but the success rate is expected to be high enough to have caused the bank on Monday to raise its PPI liability by between £1.2 billion and £1.8 billion. Read more