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News

Lloyds TSB Setting Back More PPI Money For Customers

There are few financial institutions that suffered as much damage to their reputation as Lloyds TSB. Since coming top of a recent list of financial complaints regarding payment protection insurance, they have had to put back more and more funds to pay back money owed to consumers who were missold PPI over the course of several years.

One of the most common methods that Lloyds used to disguise the insurance was sell it as Loanguard Protection Insurance – not necessarily a bad thing. However, they also lied to millions of customers by stating that the insurance was a necessary purchase alongside any credit agreement – something that was categorically untrue.

The insurance was then further disguised by informing the customers that the amount they would be paid back would ‘fully covered’ repayments – meaning that they actually included the amount of the insurance. This essentially took away any knowledge of the extra charges from the customer.

Estimated figures show that over one million *PPI *policies were missold during the past ten years by Lloyds, meaning that the £3.2 billion set aside to refund the claims could even be not enough should everyone who is eligible for the repayments come forward.

At Creditline Financial, we have years of experience in reclaiming your missold payment protection, so get in touch now and let us help you.

Posted by Shaun Edwards on 07 Oct 2011

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