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RBS PPI fund up £650m to almost £4bn

It’s that time of year again when the major banks release their quarterly figures to the city, which all too often sees them having to increase their PPI compensation pots.

First up this time is RBS, which also owns Natwest, and we are already off to a flyer!

Our October prediction

In the last set of figures released approximately 3 months ago, RBS added £150m which took their total PPI bill to a gigantic £3.3 BILLION!

At that time we made what some considered to be a bold prediction, stating that over the course of the following twelve months we believed that the RBS PPI fund would surpass £4 BILLION.

Well, even we have to admit that we didn’t think the target would be within touching distance just a few months later.

Huge addition to the pot

In their latest figures released today, RBS have set aside a mammoth £2.2 BILLION for various regulatory failings and fines, ranging from the recent foreign exchange rigging scandal to the IT failures, not forgetting the interest rate hedgings.

Of the £2.2 BILLION set aside by RBS/Natwest, £650 MILLION is to be set aside to cover compensation claims for mis-sold PPI.

This sees the overall cost so far to the troubled high street bank stand at £3.97 BILLION.

With further quarterly announcements due later in the year it now appears our bold statement will actually turn out to be a bit of an underestimation, much to the surprise of city experts.

Where will the final bill stop? Well, with an estimated 7 million yet to claim, we believe the end is far from near.

Making an RBS or Natwest PPI Claim

Not sure whether you’ve been sold PI? Our fast and comprehensive checking systems that have been set up with almost all banks, including RBS and Natwest, allows you to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Want to know how much you may be owed? Why not try our PPI calculator.

If you have had an RBS or Natwest loan, mortgage or credit card within the last 25 years there’s every chance you’ll have been paying for PPI.

We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

RBS PPI fund up £650m

RBS PPI fund up £650m

About the author

Daniel Lee

Company Director

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