Lloyds Banking Group confirmed first half losses this year after it allocated a whopping £3.2bn to tackle the PPI claims scandal.
Comparing to a £1.3bn profit last year Lloyds have reported a £3.3bn pre-tax loss in the six months to June.
Putting aside the allocation of money compensating for missold PPI, the bank has seen underlying profits drop to £1.1bn (to 31%), due in part to the economic downturn across the country.
Barclays has also allocated a substantial fund of £1bn towards paying out compensation for ppi claims.
This all points in the right direction for consumers who have waited a long time for the recent judicial review to complete. We will now start to see movement across the board with lenders under strict instruction from the FSA (Financial Services Authority) to deal with their backlog of cases by 31st August 2011. Following this date we will see claims being processed on a case-by-case basis, but the overall wait time should significantly reduce.
If you think you have been missold ppi and you want to make a claim use our online ppi claim form or call us on the phone number at the top of the page. We offer a strict NO WIN NO FEE service with no hidden charges and no upfront fees. It wont cost you anything to find out if you have a ppi claim.Want to make a PPI Claim? Use our speedy online PPI Claim Form.