24 April 2019
The figures when it comes to PPI and the whole mis-selling of it, are astounding. In fact, they make for sober reading when you consider the SCALE of the PPI issue. So how does your bank come out of the PPI debacle?
The most severely hit of the banking groups in the UK when it comes to the mis-selling of PPI as under its umbrella it has Lloyds TSB, Black Horse Finance, Halifax and the Bank of Scotland. With over £8 billion already paid out in PPI compensation to customers, Lloyds Banking group adding another £460 million to their PPI pot to cover future claims.
HSBC has already paid out millions to customers in PPI compensation but has at least another £400 million yet to pay. Following guidelines from the Financial Conduct Authority, HSBC has now written to customers advising them they may have a claim for compensation.
Have you received a letter from HSBC? Act now by calling us to help you make a claim!
They have paid out £1.7 billion in PPI compensations so far and have put aside another £450 million to meet PPI claims before August 2019.
Representing a small proportion of the PPI market, Nationwide was another bank who believed it had compensated all the customers entitled to compensation, going so far as to say companies made erroneous claims for PPI that simply did not exist. However, along with Santander, they added yet more to their PPI compensation fund in readiness for yet more PPI compensation claims being made before the deadline.
Encompassing RBS, NatWest, Lombard Mint, Churchill and Direct Line, this banking group believes it has made the majority of payments in terms of PPI compensation but carried on making many compensation payouts in 2013, and expects to continue with some payments throughout 2014. They also started to write to customers in 2013, so look out for a letter if you were a customer of any of the banks and financial bodies listed under their ownership.
Thus far, they have paid out £5.1 billion but they also hold another PPI accolade - they are seen as the bank who have been the most difficult over PPI compensation claims.
Originally setting aside £2.6 billion in their compensation post, the bank claim to have paid out around £8.4 billion in PPI claims thus far - and they have added another £600 million to the pot to meet future claims. Like other banks in the UK, it suggests that half of the claims made to it in the early stages were invalid and from less scrupulous claims companies. They are also writing to customers, so if you bank with them - or have had a loan etc. with Barclays - keep an eye for a letter.
Take a look at your accounts - do they have PPI on them?