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Lloyd PPI Complaints Jump By 70%

Following previous revelations that they had been the most complained about UK bank to the Financial Ombudsman Service midway through last year, Lloyds will not be happy to learn that complaints against them regarding missold payment protection increased by almost 70% in the second half of 2010.

The bank, which is government backed, revealed on Wednesday that 148,300 customers had brought complaints regarding the controversial cover in the second part of the year, which was a big increase compared with the 87,688 in the first half.

It is likely that the spike in complaints was due to claim management companies such as Creditline Financial who are currently attempting to obtain refunds for those customers that have been missold payment protection.

The revelation will be a further setback for the banks, who are currently refusing to deal with any complaints whilst awaiting the result of a high court ruling as to whether the Financial Services Authority will be permitted to add new rules to older examples of mis-selling and consequently demand refunds for those customers.

Currently over one million customers have brought complaints to their respective banks regarding the protection which was sold to many people who were not even eligible for it. It is also considered likely that other customers were pressured into purchasing the cover as part of a mortgage or credit card.

With the High Court Review still in progress, it is likely that the controversy regarding PPI will continue.

For more information on how you could claim back up to £15,000 in missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 04 Mar 2011

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