Banks may be increasing their fees in order to give PPI refunds to consumers that were mis-sold payment protection insurance. The Evening Standard reports that banks have been accused of hiking interest rates and fees on credit cards in order to pay consumers. A recent high court ruling means that banks have to give PPI refunds to everyone they mis-sold policies to. Michelle Slade, of financial comparison site Moneyfacts, is quoted as saying: "A few years ago, the big banks used to offer cheaper loans and make up for it by earnings from PPI policies, but now they can't do that as much they're looking to recoup more revenues from the loans "Rates across the whole of personal finance … are all creeping up. We've seen this before." The news provider reports that prior to the high court ruling, RBS increased credit card interest rates by 6.6 per cent. It is estimated that Lloyds will have to pay out £3.2 billion in PPI refunds. Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt.
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated
claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk/search.aspx
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233,
whose head office and registered office is at Suite 2, Unit 25, The Coda Centre,
Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
Belmont Thornton Ltd is registered with the Information Commissioners Office. Registration number Z1728023
and holds a Credit Consumer License issued by the Office of Fair Trading license
Please note that calls may be recorded and email traffic monitored for the purposes
of security and staff training.
* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are
no upfront costs to pay. Our fee only becomes payable on a successful outcome of
a claim. A cancellation fee is payable if you decide that having instructed Belmont
Thornton to act on your behalf, and after 14 days of signing your Letter of Authority,
you do not wish to continue pursuing your claim with us. The cancellation fee is
the reasonable costs incurred for the work undertaken. Please see our terms of engagement.
By using our web-site, you agree that we can place the types of cookies described