Jump In PPI Bill Expected To Be £5bn

The next few months will prove to be a very interesting time in the whole PPI mis-selling saga.

With expected announcements regarding a PPI deadline and new rules opening the door for potentially millions of rejected PPI claims, we are anticipating a wave of claims and media attention.

The impending media attention is prompting lenders to set aside large sums as a widely anticipated jump in the PPI bill looms.

What can we expect?

Whilst the major banks have already set aside £27 billion, the overall figure including the remaining lenders already stands at £31.5 billion.

At the beginning of the scandal the banking industry put their estimate that the final bill would be £25 billion.

Our estimations have always suggested a figure closer to £42.5 billion.

Rumours emanating from the city suggest the major banks will set aside a further £5bn over the coming weeks, taking the bill to £36.5bn.

With the major announcements also expected and a media campaign having to be funded by the banking industry we have no doubt that the final bill will reach our estimated figure.

Who is increasing their PPI bill?

We expect most, if not all, of the major banks to be setting aside further compensation over the coming weeks.

The major culprit in the scandal has been the Lloyds Banking Group, which includes Halifax, Bank of Scotland, Lloyds and Blackhorse.

We expect the Lloyds Banking Group to be setting aside approximately £2.5 billion.

It is also highly likely we will see a jump in PPI bills from the likes of HSBC, Barclays, Santander, RBS and Natwest.

Have you had PPI?

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

Not sure whether you’ve been sold PPI?

Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Our average successful customer award is £3,332**!

Want to know how much you may be owed? Why not try our PPI calculator.

Making a PPI Claim

Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.

Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.

Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.

Jump In PPI Bill Expected