RBS recently added £250 million to its PPI redress package,
bringing it to a total of £2.6 billion for PPI redresses. RBS is second only to
Lloyds, who had now reached £8 billion following an addition of £750 million
after its third quarter financial results announcement. RBS said that its
recent provisions will provide repayments for a total of 10 months based on the
monthly utilisation of the bills.
RBS also admitted that it could be possible their PPI
redressing could still reach until halfway the following year. There are still
uncertainties to the actual redress costs, complaint numbers and uphold rates.
In total, the UK PPI redress package has now reached £17
billion, with Lloyds taking almost half of the entire bill. Experts estimate
that the entire UK PPI bill could reach £20 billion or more the following year
as PPI claiming does not show any sign of slowdown.
PPI repays consumer loans and mortgages in case of sickness,
accidents or unemployment. You could be owed £3000-3500 for an average PPI
complaint. You might want to consider having help from claims management
companies in claiming PPI from RBS, Lloyds and other financial companies in the
United Kingdom.
PPI has become one of the most expensive financial scandals
in the United Kingdom. However, consumer confidence will still remain at an
all-time low should the UK move on from PPI as banks are involved in the Libor
and Euribor scandals.
