RBS Hits £2.9 Billion in Total PPI Redress

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.

The Possible Causes of Your PPI Claim Getting Rejected

Customers continuously complain about PPI claims being rejected by banks because of some undisclosed reasons. While some rejections are fair because customers have a lack of evidences to prove their point, sometimes, banks reject claims for their own selfish reasons. Here are a few possible causes of a PPI claim getting rejected by banks.

1.    Lack of Provisions

According to the Financial Ombudsman Chief Natalie Ceeney, banks impose new “claims standards” whenever their promised provisions run out. First, they promise shareholders their estimates regarding the expenses needed to redress mis sold PPI. To avoid having their shareholders disappointed, they try to weed out some of the PPI claims by using these standards.

2.    Deliberate Rejection

Lloyds was recently involved with a scandal regarding its PPI claims contractor Deloitte, who deliberately rejected PPI claims to lessen their workload, with trainers ensuring trainees that the Financial Ombudsman will probably handle the rejected claims, saving them more time.

3.    Fraud Crackdown

Banks are actually using their fraudulent claims crackdown as an excuse to chop off some numbers from the PPI claims they receive. This is why claims experts advise customers to ensure they have all documents and they confirm they have a PPI with their loan, mortgage and credit card before filing a claim.

If your claims get refused by your bank and you find a lack of time to make your claim, don't hesitate to call help from a PPI claim company to help you.