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PPI - Lloyds Banking Group Shows a Loss

Lloyds Banking Group is the biggest banking organisation in the UK, but that doesn’t mean they are the most popular! Their customers are less than happy with their part in the PPI mis selling scandal, an affair that has cast a dark, shameful shadow of mistrust and eroded confidence. Customers are naturally reluctant to just ‘take their business’ elsewhere…they were all at it! Where do you go? Who can you trust to give accurate, impartial financial advice:  Sadly, it’s hard to say these days?

Figures just released show that the Lloyds Banking Group reported a £3.9bn loss for the first nine months of 2011, with the bulk of these losses due to the cost of settling claim for mis-selling PPI. Lloyds are reported to have so far paid back some £3.2bn in PPI claims. Total income for the same period also fell, by 15% to £15.3bn.

The bank's results are announced just six days after chief executive Antonio Horta-Osorio is due to take leave on medical grounds. Headache is it? Stress? There are millions of customers who will argue they know exactly how it feels!

PPI was a thriving, lucrative market place – with plenty of takers – and big fat profits to be made; it sold itself! …well, almost, there was pressure and help from unscrupulous and slick sales staff.

PPI was meant to provide people with a degree of assurance, some peace of mind: it was meant to provide income in the event of unemployment through sickness, redundancy, or injury, but many people were sold this insurance that could never have benefited from it, if the worst came to the worst. Many customers were told it was compulsory! No insurance…no loan and this was untrue. These policies were a minefield of traps and ambushes: and the staff that sold these products weren’t there to help, they were there with one objective…to get your signature, and earn a nice fat commission. And that’s just downright dishonest!

The financial services authority’s ruling: not found in the banks favour, has set the ball rolling for a multi million pound compensation bonanza after the banks lost their high court challenge over the latest in a series of scandals to befall the industry.

Consumers have been systematically and deliberately deceived over the years: they have been cheated shamefully, but now, its time to pay back the money that was swindled. 

Lloyds have trained some 40,000 front-line staff to take ownership of complaints and to attend to customers complaints immediately where possible, but it’s training for their sales staff that should be top of the agenda! Its preventative actions needed to make sure it can’t happen again.

If you have taken a loan out in the last 10 years then it’s almost certain you were offered PPI, or you bought PPI without your knowledge. You may, or may not, have been mis sold PPI… but don’t wait for the banks to contact you and invite you to put forward a claim.

If you find the prospect of checking or reclaiming PPI a stressful prospect, or fear having to complete lengthy questionnaires – or simply just don’t have the time, then contact one of our team - we will give a quick and truthful answer as to whether there is a valid claim for PPI repayment.

Even if you can’t find your policy documentation, don’t worry, it is not necessarily a lost cause because somewhere along the paper trail there will be records to help verify your claim.






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!