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RBS Mis Sold PPI

The Royal Bank of Scotland is one of the UK’s largest lenders with a long history stretching back to the 1700s. The bank owns subsidiaries Natwest and Ulster Bank and provides retail banking facilities to millions of customers across the country.

Including policies sold under the Natwest brand, RBS is said to have sold between 1.6 and 2.4 million payment protection policies. Payment protection cover is controversial for several reasons. Critics claim it is expensive while surveys have revealed the payout rate on policies can be shockingly low. In addition, the insurance has been widely mis-sold.

If you believe you have RBS mis sold PPI then you have the right to make a complaint and, if it is proven your policy was mis-sold, you could receive thousands of pounds in compensation. The amount of compensation you receive will depend on the size and age of your payment protection policy. PPI is also applied in different ways depending on the financial product to which it is attached which could also affect the refund.

PPI on loans is usually charged as a percentage of the amount you are borrowing, often between 13-25%. This means you could pay between £1,300 and £2,500 for PPI on a £10,000 loan. The insurance will also incur interest at the same rate as the loan so it can significantly increase your overall debt or repayment term.

PPI on credit cards is applied on a monthly basis and is directly linked to the outstanding balance. Costs vary, but are often in the region of 79p per £100 outstanding. You may expect to pay in the region of £79.00 per month on an outstanding credit card debt.

If you think you have RBS mis sold PPI or you are interested in finding out more about payment protection insurance claims, speak to a member of our team today on 0207 471 2000.

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