Santander PPI provision receives £450m bonus

With the impending news of a PPI deadline and new hope for potentially millions of rejected PPI claims we have been expecting UK lenders to make additional payments to their PPI funds.

Today we hear that the Santander PPI provision has received £450m, with news earlier confirming RBS / Natwest added £500m.

This addition takes the total Santander PPI provision to £1.4 billion, and the overall bill to UK lenders to £32.5bn.

The Santander compensation fund is to cover payouts for the likes of Abbey National and Alliance & Leicester, as well as Santander and the many store cards that are administered by the group.

A long road ahead

With UK lenders bracing themselves for a wave of new claims as they are forced to fund a media campaign once the anticipated PPI deadline is announced, it comes as no surprise that lenders are having to set aside more compensation money.

That isn’t all though, as new hope is offered to potentially millions of previously rejected claims following a significant development within the Supreme Court.

Our estimation of a total final bill of £42.5 billion, initially mocked by so called city experts, now appears more likely as the months pass.

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.

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

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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.

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Santander PPI provision up £450m