City residents re-claim £1.5m from PPI scandal

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PORTSMOUTH residents have successfully reclaimed more than £1.5m in mis-sold payment protection insurance.

First Target Recoveries, a specialist in mis-sold PPI claims, has reported that over 400 people throughout the city have managed to recoup money from their banks.

Portsmouth customers received an average payout of £4,336 on their claims, which is more than double the national average claim of £2,000.

A total of £128m of mis-sold PPI claims have been successfully recovered with around 1.8m people throughout the UK being reimbursed.

Banks have anticipated that they could face a total payout of £36bn as a result mis-sold PPI.

FTR has dealt with more than 69,000 claims since the issue came to light in 2011.

The firm has warned that the population faces losing billions of pounds if people do not claim back money which is rightfully theirs.

The Financial Conduct Authority recently advised that anyone wishing to file a claim for PPI must do so before August 29, 2019.