People in Walsall claim back more than £1 million in mis-sold PPI

Nearly 300 across Walsall have claimed for mis-sold PPI in recent years, at an average of more than £4,000 per person.

Payment Protection Insurance (PPI) is an insurance product sold alongside loans, mortgages or other credit facilities, designed to cover payments if a person has a loss of income. It was mis-sold on millions of policies across the country, including in Walsall.

The figures for Walsall show that the borough's average payout of £4,016 is more than double the national average of £2,000.

Other high payouts across the Midlands include Birmingham, where people have claimed back £3.8m, Northampton, where people have claimed back £1.5m in mis-sold PPI and Coventry, where people have received £1.3m in compensation.

First Target Recoveries, which helps people to claim for mis-sold PPI, has released the figures as the Financial Conduct Authority (FCA) has set a cut off for people claiming for mis-sold PPI. Claims have to be filed by August 29 2019.

The firm claims to have recovered £128m from more than 69,000 claims since 2011.

A spokesman said: "First Target Recoveries customers could use their refunds to buy TWO rolls of 22-karat gold toilet paper with 150k left, pay to have lunch with the Apple CEO, Tim Cook 18 times or buy 698 bottles of the most expensive Moet & Chandon."

The firm added that people could be missing out on 'billions' as only £26bn out of a predicted £36bn has been claimed.

A spokesman added: "This could mean that those mis-sold PPI and still owed thousands will unknowingly allow their bank or building society to keep their money."

Those wishing to make a PPI claim can contact First Target Recoveries on 0800 012 6460 or visit the website on www.firsttargetrecoveries.co.uk/

People can expect to see more PPI adverts on the TV between now and the 2019 cut-of date, as firms have launched a £42m advertising campaign.