Banks in the UK are paying out millions of pounds to compensate for mis-sold PPI. PPI claims company, Canary Claims, explains how each bank could owe you money.
Payment protection insurance (PPI) is often added to credit cards, loans and mortgages. One in three people have been mis-sold PPI. Since 2011, banks have paid out over £22 billion to compensate people who paid for PPI but weren’t aware of it or didn’t need it.
Since the scandal has come to light, millions of people have been claiming their money back. Claiming back your money with a PPI company means they will be able to find out if you are owed money and can handle all of the communication with the bank. Canary Claims offers no win, no fee PPI claims, meaning you don’t need to pay us if your claim isn’t successful.
The Financial Conduct Authority (FCA) has confirmed 29th August 2019 as the PPI deadline. This means that all claims against banks need to be made before this date. Now is the time to contact a PPI claims company, before it is too late.
Most bank and building society websites now have official pages to make a claim about PPI. To find out more about which banks have mis-sold PPI and how you can make a PPI claim, read our handy guide below.
Barclays PPI Claims
Over 1.5 million people have already made claims against Barclays. Barclays is one of the top five banks that have spent the most in compensating for mis-sold PPI. Its website is very forthcoming with information about PPI claims and it sent out 10,000 letters to customers offering PPI refunds.
Egg Card PPI Claims
Egg Banking plc is now known as Citibank. Since its takeover, Citibank has tried to compensate customers and comply with regulations. In 2011, Egg was fined over £700,000 due to credit card PPI sales. Egg credit card PPI can still be claimed, despite the takeover from Citibank.
Natwest PPI Claims
Natwest is another bank with a dedicated page on its website for complaints. Natwest’s bill for claims hit over £2 billion in 2013. Since then, more claims have been made against Natwest PPI and more money given back to people. PPI was made available on mortgages, loans, credit cards and overdrafts from Natwest. It was sold to both businesses and personal accounts.
MBNA PPI Claims
MBNA is an American-based credit card provider. Some believe that its payouts for mis-sold PPI are actually less than high street banks. However, this didn’t stop one woman reclaiming £65,000 from MBNA.
HSBC PPI Claims
HSBC PPI claims have reached over two million and the bank has paid out over £3 billion for mis-sold PPI. PPI was added to loan protection plans, mortgage repayment protection, small business loan protection and more by HSBC.
Lloyds PPI Claims
Lloyds Bank is one of the biggest offenders of mis-sold PPI. Lloyds’ total repayment for all of the PPI claims is estimated to be over £17 billion. The Telegraph states that this is “the single largest bill for mis-selling the insurance of any lender.” As the August 2019 deadline grows nearer, Lloyds Bank has set aside another £350 million to repay mis-sold PPI.
Northern Rock PPI
Northern Rock has found itself in a crisis on multiple occasions. Mis-sold PPI is another of its issues. The Northern Rock website isn’t quite so forthcoming with questions and answers about mis-sold PPI as some of the other banks.
Setting aside another £450 million for repayments, Santander is another bank which will have paid out a huge amount of money before the PPI deadline. One of Santander’s biggest payouts was £25,000 for a Debenhams store card. Store cards play a huge factor in the PPI scandal.