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Scotland Wide PPI Specialists

£900 million extra in one PPI compensation pot at one bank…

16 February 2015

When will the PPI scandal that haunts the UK major banks disappear?

At the tail end of 2014, the Lloyds Banking Group announced they were adding a further £900 million to their payment protection insurance (PPI) compensation pot.

You may not bank with Lloyds, but you would be amazed at how many products the major banks in the UK, including Lloyds, have a hand in and this is why the five major banks in the UK have now set aside a total of £22.2 billion.

This staggering amount means one thing - as we enter the new year of 2015, the banks are still being haunted by the mis-sale of PPI.

How much have each bank set aside?

The 5 major banks have set aside huge amounts to compensate their customers:

  • Lloyds Banking Group, one of the biggest banking groups in the UK, has recently increased provision which now means that they have set aside £11.3 billion, the largest pot out of all 5 banks
  • Barclayshave set aside around £5 billion, a significant amount even though it is less than half that set aside by its larger counterpart, Lloyds Banking Group
  • Royal Bank of Scotland has set aside £3.25 billion, placing it in third place when it comes to how large a compensation pot they need
  • HSBC, accused of issues over tax payments in February 2015, has set aside just under £2 billion to compensate its customers
  • And finally, in 5th place in terms of compensation pot provision isSantander, with their pot standing at £811 million; this groups now say that they believe they have compensated all their customers for mis-sold PPI

Are you owed money?

Many people still do not realise that they could be entitled to claim compensation for mis-sold payment protection insurance.

This is because PPI on accounts is not always called PPI… as this is a generic name for an insurance product that promises to make repayments on the account should the customer be unable to do so. Banks called their PPI type insurances by different names, as did catalogue companies, car finance groups and others.

What you need to do NOW…

  • Check all paperwork and documentation, online too in many cases to see if you have PPI on your account
  • If you do, check the terms and conditions and whether this policy is of any use to you - in many cases, the policy was not suited to the vast majority of people it was sold to
  • Make a complaint, by letter, telling your bank why you think you were mis-sold the product and that you are entitled to your money back…

OR, Scottish PPI Claims can help do this for you! Contact us today…