Monday, August 5, 2013

Banksters in £18bn compensation for PPI scam

from dailystar.co.uk


GREEDY bankers who ripped off millions with insurance they did not need have set aside £18.6billion for a wave of compensation claims.

ppi, compensation, compo, calims, victims, bank, banksTaxpayer-backed RBS has earmarked £2.2bn for PPI compensation
Furious victims who were wrongly sold payment protection insurance have swamped the banks with demands for their money back.
The whopping compo bill is more than double the total £8.9bn cost of hosting last summer’s London Olympic Games.
A spokesman for consumer watchdog Which? said the £18.6bn figure, laid bare this week in banks’ annual reports, was staggering.
And the public looks set to get hit twice, with taxpayer-owned banks having to set aside some of the biggest amounts.
Lloyds is also facing a substantial bill for PPI compensations claimsLloyds is also facing a substantial bill for PPI compensations claims
“It’s sneaky”
Clare Dawson
Lloyds TSB, 39% owned by the taxpayer, faces a £7.3bn PPI bill, while the Royal Bank of Scotland, 81% public-owned, has ­earmarked £2.2bn. Dozens of “claims handling” firms have sprung up to process claims for bank customers in exchange for a slice of their cash.
But websites also offer advice on how customers can do it themselves.
PPI is meant to cover loan repayments if a borrower falls ill or loses their job, but a string of banks sold policies to people who did not need it.
Pub kitchen worker Clare Dawson, 34, said she managed to get £3,200 back from the Halifax after being billed for years for credit card PPI that she did not even know she had bought. Clare, from Gloucestershire, said: “It’s sneaky.”

No comments:

Post a Comment