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Lloyds PPI provision up again
With the government recently announcing their intention to sell more shares in the part publicly owned Lloyds Banking Group, we anticipated that there would be no additional money being set aside for the PPI compensation pot.
However, today we learn the Lloyds PPI provision up £500m taking it’s grand total to £14.6bn.
The provision includes Halifax, Bank of Scotland and Blackhorse, which also make up part of the Lloyds Banking Group.
Surprise increase, why?
Some time ago, when Lloyds were selling their stake in TSB, they decided against adding to the compensation pot.
Many so called city experts thought that news sparked the beginning of the end, whereas we, perhaps cynically, suggested that the only reason they didn’t add was to avoid any negative impact on share prices.
Just as we thought, the compensation pot received extra cash thereafter.
With the government in the process of selling more of it’s stake in the disgraced banking group, we fully expected a quarterly announcement confirming no further additions in these latest figures.
When will it end?
We’ve always argued the case that the final bill should be over £40bn, which would still see the banks having profited from the PPI scandal.
At the beginning of the saga the banks and city analysts suggested a final bill of £25bn.
This figure was surpassed some time ago, and now currently stands at £31.5bn.
Furthermore, the regulator is looking into a further development in the Supreme Court which could open the floodgates for up to £30bn more of compensation.
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.
