Payment protection insurance is now recognised as the ‘biggest mis-selling scandal of all time’. Approximately 34 million PPI policies have been sold since 2001.
Are you one of the many policy holders still yet to reclaim? If you took out a loan, a credit even a store card or car finance then there is a very strong chance. Find out for free if you have a claim
The PPI big hitters
Lloyds Group – £6.7 billion
By far the biggest PPI culprit is Lloyds Group which includes Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland. Collectively Lloyds Group has now set aside £6.7 billion after adding to its original provision on subsequent occasions; the latest addition of £1.5 billion coming after its end-of-year results.
By the 2012 it has spent £4.3 billion on settling claims and averaged £200m a month for the final quarter of the year.
The lender was also fined £4.3 million last month after it was deemed to have delayed compensation payments to around 14,000 customers.
If you are a Lloyds Group customer, find out if you have a claim for mis-sold PPI
Barclays – £2.6 billion
According to latest figures, Barclays are the second biggest mis-seller of PPI, having so far set aside £2.6 billion to cover compensation claims against all its brands including Barclaycard. To date it has used £1.6 billion of its provision.
Barclays or Barclaycard customer – you may have been mis-sold PPI
Royal Bank of Scotland (RBS) – £2.2 billion
It’s not been a good few years for RBS which also includes NatWest, Lombard, Mint, Churchill and Direct Line. Not only is it the third biggest lender involved in the PPI mis-selling scandal, for the second time in a matter of months, a technical glitch has meant customers have been unable to withdraw their own money from ATMs or even access their accounts.
Payment protection insurance mis-selling has also hit it hard – RBS has put aside £2.2 billion with customers so far receiving £1.3 billion.
Ripped off by RBS? PPI Return can help you reclaim back these charges
HSBC – £1.5 billion
Like Lloyds Group, HSBC recently added its PPI provision; the lender upping its ante by £199 million to £1.5 billion. Just over half of this provision has been reclaimed so far with customers mis-sold PPI collectively receiving £757 million.
Help is at hand for HSBC customers mis-sold PPI
Santander – £538 million
Out of the five major high street lenders, Santander is the least culpable. It has however still set aside over £500 million for mis-sold PPI and, having not increased this provision since July 2011, it wouldn’t be surprising if this lender (including Abbey and Alliance and Leicester customers) needs to inject some additional funds to it PPI pot.
See if Santander has mis-sold you PPI with our free online claim form
But no matter who the lender, PPI Return can help all customers affected by PPI mis-selling. We have recovered over £32 million in compensation and have the experience now needed to deal with slow and often unresponsive lenders.
Content correct at time of publication