HSBC puts aside more Money for PPI Compensation

PRLog (Press Release) - Aug. 21, 2012 - HSBC has recently announced that it has set aside even more money to compensate customers who were wrongly mis-sold Payment Protection Insurance (PPI). HSBC has set aside a further £670 million to cover the costs of compensating victims of the PPI scandal. This means that in total HSBC has put aside £1.1 billion to compensate customers who were wrongly mis-sold PPI. HSBC is not the only bank to have increased its compensation package to customers. Royal Bank of Scotland (RBS) has also recently announced that it has set aside a further £135 million increasing its total to £1.3 billion.

PPI was often sold to customers who were taking out loans, credit cards and mortgages. The insurance product was designed to cover the repayments of customers if they were unable to work. Banks make a lot of money selling these types of products so there is a great incentive on their part to try to sell customers these insurance products. The problem with these particular insurance products is that they were wrongly mis-sold. The insurance was often not fully explained to customers or sometimes they were forced into taking on insurance just so that they could get the loan they wanted.

So far in total the banks have set aside over £10 billion to cover the compensation they owe to customers, however it is still estimated that over £5billion remains unclaimed.

If you think that you have been wrongly mis-sold PPI then get in touch with Douglas Wemyss Solicitors to see if you could reclaim the money you owe. You can call or email us and we will get back to you as soon as possible:

Call: (0116) 2999 199
E-mail: info@d-w-s.co.uk

Also please visit our Website: http://www.d-w-s.co.uk/