A Yorkshire law firm has won, what it believes to be, a record payment for a mis-sold Payment Protection Insurance (PPI).
Harrogate-based Ashworth Law has secured a massive £142,000 settlement for a client who purchased two PPI policies from a credit card supplier in the early 1990s.
With PPI settlements averaging a few thousand pounds, Ashworth Law PPI team leader Hamish Richmond (pictured) said the payment was the biggest settlement on behalf of a single client to date.
This is a fantastic result for our client and for Ashworth Law. I’m certainly not aware of any other PPI settlements being anywhere near this figure.
Like hundreds of thousands of other people, our client took out Payment Protection Insurance when she didn’t need it.
The money we were able to reclaim for her was not only the amount paid for the insurance premiums, but interest too. The credit card provider took this all into consideration and offered the payments to settle the complaint without admitting liability.
Ashworth law co-founder Mathew Cobley said:
Hamish and his team are doing a fantastic job. Over the last year they have recouped millions-of-pounds from credit card suppliers on behalf of their clients.
The credit card companies, banks and building societies have put aside billions-of-pounds to deal with a continued flood of compensation claims.
New figures released by the Financial Services Authority (FSA) indicate that the number of cases relating to PPI has risen to over 531,000 with banks expecting that the volume of PPI complaints with continue increase throughout the year.
Mr Cobley added:
I would urge anyone who believes they were mis-sold a financial policy such as a credit card PPI or salary protection to contact us without delay.
The client, who didn’t want her identity revealing, first contacted Ashworth Law at the end of January. In July, the credit card provider agreed to review the claim and in less than a month, whilst not accepting liability, agreed to make the payments.
Since its launch in 2009, Ashworth Law has recovered more than £20 million on behalf of its clients. The company is currently handling in excess of 10,000 cases on behalf of clients who believe they were mis-sold the insurance.
According to the Financial Services Authority (FSA), firms that mis-sold PPI policies paid out a total of £215m in compensation to consumers in the first half of this year.