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PPI Updates

lse:lloy

#41

I have no doubt that many thought that the insurance was a sensible precaution against being unable to pay as a result of sickness or redundancy. I never did. But the fact remains that the vast majority of these contracts were sold inappropriately to the self-employed who would never be able to make a claim and also that the commissions taken by the banks were not transparent and totally excessive and therefore unfair. Additionally many were told that the loan was conditional on taking out PPI. I remember coming under considerable pressure to sign up.

There was so much wrong with the way PPI was sold that it was inevitable that there would have to be compensation when the facts became known.

Cheers,

Frog in a tree


#42

I have not seen an update here for some time, although there may be other threads covering the same data.

The August data have been issued and this shows a small decrease in the monthly payouts, although these data were for the period up to the claim deadline. The surge in claims made might result in an increase in the payouts, and we need to see the September data to see if this has happened and how big a jump there has been (if any). The trend from here will see if the additional LLOY PPI provisions were necessary, and if a small write-back could be due.