As expected a number of banks have followed the decision of LLoyds Banking group not to continue their legal battle to obstruct ppi claims. Today Barclays, HSBC and Royal Bank of Scotland (RBS ) and have joined Lloyds and set aside provisions to pay out current and future ppi claims. Barclays has set aside a provision of £1bn and HSBC has set aside £269m respectively. Tax payer backed RBS has not released official figures yet but experts estimate that over £1bn will be set aside for PPI claims.

Other lenders and stand alone credit card companies are expected to soon follow suit with the lending institutions finally after giving up the fight against PPI claims. This is a great day for consumers as banks and lenders now must start to process PPI claims which have been on hold for the last number of months whilst the high court case was being fought. It is estimated that there are in excess of 20 million mis-sold PPI policies in the uk. Some figures have estimated the actual number to be somewhere closer to 60 million. There has never been a better time to process ppi claims then right now. If you have any doubt on whether you have been mis-sold PPI now is the time to check.

LLoyds banking group has reported a first quarter loss after setting aside £3.2bn for the mis-selling of Payment Protection Insurance. Lloyds have decided not to appeal against the recent high court ruling which will pave the way for millions of UK consumers to reclaim mis-sold PPP. Lloyds released a statement stating “We do not want to continue a long-standing debate of this with the regulator,”. This is a fantastic outcome for the millions of uk consumers who have claims currently in progress or those just about to submit new ppi claims. Lloyds currently has thousands of cases currently on hold. These ppi claims were put on hold whilst the recent high court case came to a conclusion.

It is likely that many other UK banks and lenders will follow the decision of Lloyds and simply set aside a reserve to refund the vistims of PPI mis-selling. If you have ppi claims there has never been a better time to submit them for compensation.