RBS PPI provision up by £500m

Yesterday we brought you news that we were expecting major UK banks to be setting aside upwards of £5bn over the next few weeks to cover PPI claims.

Today we hear that the Natwest and RBS PPI provision will receive an additional £500m.

This takes the total Natwest / RBS PPI provision to £4.6 billion, and we can can say with some degree of confidence that this is far from the last addition we will see the sister banks having to set aside.

Why the increase?

As mentioned yesterday, we are expecting some big announcements over the coming months with regards to a PPI deadline and new hope for previously rejected claims following a Supreme Court ruling.

This pending media attention is sure to see a new wave of PPI claims as the estimated 7 million who haven’t yet made their claim decide to check whether they’ve had PPI.

Total bill

This additional £500m takes the overall bill to all UK lenders to £32 billion, with the major banks accounting for £27.5 billion of this.

Over the coming days and weeks we fully expect the total PPI bill to break the £35 billion mark and edge closer towards our estimated final bill of £42.5 billion.

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.

RBS PPI provision up £500m