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Lloyds PPI bill rises as jobs are cut

As we approach the time of year again where banks announce their quarterly figures to the city, it appears there will be a double blow for the Lloyds Banking Group which includes Halifax, Bank of Scotland and Blackhorse to name a few.

The bank which is part owned by the UK taxpayer has already announced it’s plans to cut up to 10% of it’s workforce, is also expected to announce it’s Lloyds PPI bill rise that will provide further evidence that the PPI scandal still has quite a lot left in the tank.

Job cuts

Having already cut a huge 45,000 jobs since the start of the financial crisis, a further 9,000 are expected to go over the course of the next three years.

Where these jobs will go is yet to be announced but you can bet your bottom dollar it won’t be the gambling side of the business that led to the crisis in the first instance. We are expecting branch closures which will obviously mean redundancies for front line staff.

9,000 jobs equates to 10% of the total employees of Lloyds Banking Group and it’s not yet clear how many of the 9,000 will be lost in the UK.

Lloyds PPI bill rise

With the bank expected to report a profit, this will be clouded by yet another announcement of an addition to the Lloyds PPI bill.

Whilst we await the announcement, we believe the addition could be in the region of £500 MILLION, taking the total bill close to £11 BILLION, an astronomical figure.

Furthermore, this, along with announcements expected from many of the other major lenders advising of similar increases, the initial estimate by UK banks of a final bill of £25 BILLION will be blown out of the water.

We’ve previously given our estimate of a final bill closer to £42.5 BILLION, but this is reliant on the potential 7 MILLION people who are still to come forward with a claim.

Millions yet to claim

You may ask why there are so many people who’ve yet to make a claim.

Well, the main reason is that because PPI was added to credit agreements without the knowledge of customers, people simply aren’t aware they may have a claim.

Your Money Claim carry out the necessary checks with fast-track systems set up with the majority of banks and lenders.

We don’t need account numbers, we don’t need paperwork, all we need is your signature and basic details and we’ll do the rest. It couldn’t be easier.

So, if you’re unsure, if your friends or family are unsure, why not take advantage of our free checking service and No Win No Fee* service.

Lloyds PPI bill rise

Lloyds PPI bill rise

About the author

Daniel Lee

Company Director

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