Obviously, if a deadline is proposed, the process stops, but this article will discuss what can happen to PPI claimants should the Financial Services Authority approve the proposed deadline of April 2014 next year by the British Banking Association. PPI is the most complained-about product in the United Kingdom, with banks mis selling PPI to around 3.2 million customers.

John Cridland, the director general of the Confederation of British Industry, was first to propose the deadline to the FSA. He claims that it was time the UK financial industries rebuilt their capital and aided the “real” economy of the United Kingdom. The British Banking Association backed up this proposal. The FSA considered making the deadline, but they reassured customers that all their decisions will be to the benefit and fairness to the customers.

If the PPI claims deadline pushes through, it can mean trouble for many bank call centres. The average PPI claim call centre has around 3,000 – 4,000 employees. Lloyds, the biggest mis seller of PPI, has around 6,000 personnel to handle the influx of claims. This number of employees can increase as a greater number of claims will be expected on a weekly basis, making a temporary “employment boom”.

Banks may continue to make unsatisfactory investigation on the influx of PPI claims. The great number can overwhelm their employees’ workload, causing them to automatically compensating any claim with any amount, which may or may not be unfair to customers.

You might also have a difficult time processing your claims because of the great number of PPI complaints coming in. It is also possible to see a “bottleneck” scenario as the PPI claims deadline approaches, which might possibly render the financial industry unstable. To avoid being caught up in the bottleneck, contact MisSoldPPIClaimsCo.co.uk today and get your PPI claim underway!

UK financial experts point out that payment protection insurance (PPI) is the biggest financial scandal the country’s financial industry ever committed in history. Banks had mis sold PPI to 3.2 customers in a span of ten years. According to experts, the average PPI payout is at £2750, but claims experts can tell you that banks are keeping more of your money from you. How much have you actually lost in repaying a useless insurance policy? Here’s how to estimate your losses.

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1. Your First Receipt
Your first insurance billing statement is the starting point of your PPI repayments. If you have your first receipt, keep it and from the month of such year, calculate your repayments until the date you stopped paying for it.

2. Compound Interests
Your insurance probably has a compound interests table. Look at the annual or bi-annual increases your interest rates go through. Your compound interests actually lose you more money, but banks continue to hide information about the interests by telling customers they only keep six years of financial and insurance records.

A claimant named “Roberta” actually received £65,000 for two mis sold PPI in her credit cards, which she owned for more than 10 years. The high compound interests, based on the calculation of her bank, had actually increased her repayment amounts. If you could find estimate your compound interests in your PPI claims you could get the total amount for yourself as well.