According to reports, the amount of claims being submitted by residents are up by a staggering 50% in 2014 so far, it is believed.
This is thought to be the result of financial over-spending during the course of both Christmas and new year in 2013.
There is a trend that has followed this pattern year on year since 2011 when the “judicial review” gave rise to the rapid increase in ppi complaints & the huge amount of uk individuals wanting the claim their money back from the banks and other financial institutions that have miss sold them payment protection insurance in the years leading up to 2011.
It comes as no surprise to some people, particularly those working in financial services because the month of January is reported to be the month where UK individuals look at ways they can make up for the financial over commitments that the winter holiday periods often lead to, with Christmas being the single biggest expense of all of the national holidays, and 2013 was certainly no exception to this rule.
Online ppi claims are up by over 50% in the last 35 working days according to reports from sources within the industry. & additional statistics from the financial services industry as a whole.
There has also been a marked increase in loans applications & inquiries from people wanting to enter into a debt management plan due to less than responsible financial management in the household.
Due to the increased volume in ppi reclaim applications, it would possibly be a smart move by anyone wishing to make a claim to do so at the earliest convenience because this time of the year has past form as being one of the busiest periods of the entire year, and if the recent influx of fresh enquiries are any indication of things to come, then it will be a very busy first quarter.
Anyone currently researching the market with a view to getting repaid some compensation on their ppi premiums is advised to start their claim quickly because there may well be a queue for such services in the coming months.
It is also worth remembering that in the year 2013 the financial ombudsman had a recruitment drive to bring in more operators in order to handle the backlog of cases that had built up over time.
The industry is currently in a boom at the present moment, to find out more about reclaiming your compensation, visit the homepage of this site at the clickable link.