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Lloyds PPI bill increases by £900 million

Earlier this year, in a previous announcement regarding it’s figures to the city, Lloyds decided not to add to their PPI compensation fund, prompting analysts to confidently predict it was the beginning of the end of the PPI scandal.

I disagreed with that prediction in my blog, pointing out that Lloyds were in the process of selling off a stake in TSB and that any negative news could negatively impact the share price.

I also predicted at that time that the Lloyds PPI compensation fund would increase by a minimum of £1 BILLION over the course of the following twelve months.

This years increases

In May of this year, Lloyds announced they were adding a further £600 MILLION to the fund, taking it beyond the £10 BILLION mark.

Today, the bank have announced, along with 9,000 job cuts and 150 branch closures, that it has added a whopping £900 MILLION to it’s spiralling PPI compensation fund.

This sees the Lloyds Banking Group PPI bill, which includes Halifax, Bank of Scotland and Blackhorse, smash the £11 BILLION barrier, and puts an end to the prediction made by banks and lenders of a final bill of £25 BILLION.

Our estimations predict a final bill closer to £42.5 BILLION, but this depends largely on the estimated 7 MILLION people who have still yet to make a claim.

Millions yet to claim thanks to bank tactics

Whilst the majority of people who knew they had PPI have now made a claim, there are millions out there who have not.

The main reason for the estimated 7 million who have not yet stepped forward to make a claim, is that they are simply unaware they’ve been sold PPI.

PPI was added to 34 million policies, and one of the main reasons for a mis-sale is that these policies were added to mortgages, loans, hire purchase agreements, credit and store cards without the knowledge of the customer.

Make your claim

  • Unsure whether you’ve had PPI?
  • Not sure how to claim?
  • Don’t want the hassle?
  • Unsure whether you qualify?

Your Money Claim are the experts, dealing with and beating banks on a daily basis.

We don’t need account numbers or paperwork. We deal direct with the bank and obtain the details so you don’t have to. What’s more, we do these checks for free.

Once we’ve established whether you’ve had PPI, we then launch the claims and deal with them at every step.

Simply fill in our online form which can be found on every page or download our pack.

If you have any questions, or want an update throughout the process, our expert team is on hand via telephone, email or our online chat facility.

So, let’s get started…!

Lloyds PPI bill increase

Lloyds PPI bill increase

About the author

Daniel Lee

Company Director

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