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PPI bill set to rise again by a further £1.5 BILLION

It’s envisaged that the banks and lenders caught up in the biggest financial scandal in UK history will have to set aside a further £1.5 BILLION over the next week or two. The biggest banks, Barclays, Lloyds Banking Group, HSBC, Santander and RBS/Natwest are each expected to each set aside more money to cover payouts of compensation to innocent customers who have been conned out of potentially tens of thousands of pounds.

Who is setting aside what?

Whilst figures are yet to be officially released, it’s expected that Barclays will make up the biggest increase, with between £500m – £1bn being added to their compensation pot. Lloyds Bankings Group, which includes Halifax, Bank of Scotland and Blackhorse to name a few, is expected to take it’s PPI bill close to the £11 BILLION mark.

Previous Lloyds statements

You may recall some time ago Lloyds released their latest set of figures at the time, and did not set aside more money to compensate customers caught up in the huge scandal. Many analysts and so-called experts claimed at the time that this was a sign that the scandal was slowly drawing to a close. I did a blog at the time, disagreeing with this and making the point that Lloyds were in the process of trying to sell off a large chunk of their share in TSB, and that any bad news could affect share prices. It looks like I was correct in my thoughts, as now that 25% of TSB has been sold, Lloyds will soon announce that they are to put hundreds of millions of pounds more aside AGAIN, to compensate claimants.

What will the final bill be?

With 34 MILLION policies sold since 2001, worth an estimated £50 BILLION, the final PPI bill should be way above the banks estimate of £25 BILLION. This will all depend though on a few matters. Firstly, most people who haven’t yet claimed are thought to not be aware they’ve been sold a PPI policy. This is because banks and lenders have been caught placing, or hiding, PPI on credit agreements without the knowledge or acceptance of their customers. Secondly, banks and lenders have also been caught rejecting millions of valid complaints in the hope that customers will simply accept the rejection and walk away. Unfortunately we estimate this may have saved banks almost £17 BILLION. If you have received a rejection regarding a PPI complaint, do not take no for an answer. You have 6 months from the date of the rejection letter to escalate the complaint to the Financial Ombudsman Service who, in the majority of cases, overturn the rejection and order the bank to make an offer of compensation.

Put your claim in our hands

It may sound from the above that banks cannot be trusted, and you’d be right. They have cheated in the first instance and continue to cheat to try and avoid paying out compensation that is rightfully due. Your Money Claim is used to beating the banks. It’s primary objective is to recover the maximum amount of compensation with the minimum effort from it’s customers throughout the process. Your Money Claim can find your accounts, check if there’s PPI, deal with the lender, deal with the Financial Ombudsman Service, and best of all, if you’ve been mis-sold PPI we will strive to get the compensation that you deserve. So why wait, start your claim today.

 

PPI bill

PPI bill

About the author

Daniel Lee

Company Director

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