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Clydesdale PPI bill rockets

Clydesdale Bank has, in one fell swoop, almost doubled it’s PPI bill.

With a new PPI compensation fund standing at over £1.2 BILLION, a whopping £425 MILLION increase, it’s yet more evidence that the banks and lenders have hugely underestimated what the final PPI bill will be.

With a new wave of claims against mis-sold Packaged Bank Accounts, in addition to the PPI scandal, it’s hardly a good time for UK banks, who are finally starting to face the music for their greed.

Profit warning

The bank, which is owned by National Australia Bank, has had to issue a profit warning on the back of this new addition to the Clydesdale PPI bill.

Further misery was heaped on the bank, which also owns Yorkshire Bank, as it stated this latest increase should see it through this financial year. This clearly indicates that more is to come, much more.

Indeed, only two months ago the bank set aside a further £75 MILLION, hoping this would be an end to it.

Overall picture

Clydesdale Bank and Yorkshire Bank have followed in a long line of banks who have added to the compensation fund over the last few months.

With UK banks adding over £3 BILLION within a 6 week period just a few short months ago, this addition to the Clydesdale PPI bill pushes the overall cost to the financial sector beyond the £25 BILLION mark that they had hoped would be the final figure.

The final figure

We stated months ago that our estimation was of a final figure between £25 BILLION – £42.5 BILLION.

This is based on basic maths, but is entirely dependant on the estimated 7 MILLION people who have yet to make a claim doing so. Furthermore, with banks and lenders continuing to handle complaints unfairly, our figures suggest that they’ve saved themselves a cool £17 BILLION, simply because of the sheer number of people who accept the banks telling them that their PPI wasn’t mis-sold.

The experts

By placing your claim in the hands of the experts, you don’t have to deal with the tactics and hurdles that banks often put up in order to try and wriggle out of paying compensation where it’s due.

Your Money Claim are the experts. From checking to see whether you’ve been sold PPI, to dealing with your lender throughout the claim process, you can relax, safe in the knowledge that your claim is being dealt with by a company that is used to beating the banks every day.

It’s what we do, it’s what we love, so why not start your claim today.

Clydesdale PPI bill

Clydesdale PPI bill

About the author

Daniel Lee

Company Director

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