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Lloyds PPI provision rockets

Early last week I brought you news of rumours emanating from the city suggesting that the Lloyds PPI bill was about to receive a cash injection to the tune of £1bn.

News on Friday confirmed this rumour, but that is was somewhat of an under-estimation.

Fridays additional £1.4 BILLION sees the Lloyds PPI provision soar to £14.1 BILLION.

It also takes the overall PPI bill to the £30.5bn mark when you take into account provisions made by smaller banks and lenders, and not just the ‘big four’.

Rocky road for Lloyds

It’s hardly been a pleasant couple of months for the Lloyds Banking Group, which also includes the likes of Halifax, Blackhorse and Bank of Scotland.

In early June the much troubled bank received the biggest PPI specific fine to date, a huge £117m, for their continued failings when handling PPI complaints.

Mis-reporting of the Lloyds PPI provision

You may see most media outlets and news articles suggesting that this latest £1.4bn sees the overall Lloyds PPI provision rise to £13.4bn.

However, this does not take into account the additional £710m it was ordered to set aside for claims it had previously unfairly rejected.

Final overall bill

We’ve been suggesting for some years now that the final PPI bill should be beyond £40bn, but this is dependent on a few factors, with the main two being…

  • The estimated 7 million who have yet to make a claim, do so. With a significant amount of UK consumers being sold PPI without their knowledge, there remains a huge number still to come forward.
  • When banks and lenders reject valid claims, which they systematically do, never take no for an answer

Lloyds recent statement also confirms that only 45% of the PPI policies it sold between 2000 – 2010, which further backs our argument that this scandal still has years left to run.

Have you had PPI?

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

Not sure whether you’ve been sold PPI?

Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Our average successful customer award is £3,332**!

Want to know how much you may be owed? Why not try our PPI calculator.

Making a Lloyds PPI Claim

Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your Lloyds PPI claim.

Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.

Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Lloyds PPI provision rockets

Lloyds PPI provision rockets

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