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News

PPI Payments Still Causing Damage

As a firm that has been championing the cause of consumers against the banks with regard to missold payment protection for over two years, we’re pleased to say that the refunding of missold payments to consumers is continuing to make a substantial difference to the profits of those who were responsible for the initial scandal.

The latest financial institution to acknowledge the impact of PPI is the Lloyds Banking Group, who have currently fallen to a £3.9 billion loss in 2011, with warnings stemming that they may be forced to delay their recovery targets until 2014. The majority of this loss would seem to be down to the £3.2 billion provision that the group had set aside for refunded payments to consumers.

The Chief Executive of the company, Antonio Horta-Osorio, has recently gone on sick leave (citing stress and fatigue), and even though he is expected to return by the end of the year, the financial market remains skeptical, especially with pre tax profits also falling from £855 million in three months from June to September.

Tim Tookey, the man who is currently standing in for Horta-Osorio commented that ‘economic circumstances are becoming more uncertain’ and that this could lead to the firm’s financial income targets being potentially delayed to ‘beyond 2014’.

Speaking on behalf of Cavendish Asset Management said that the results were ‘a bit of a relief’ and that ‘compensation for PPI claims was always going to eat heavily into profits, but this headline detracts from a slow and steady recovery story.

To find out if you’re eligible for repayment, visit the Creditline Financial PPI calculator here.

Posted by Shaun Edwards on 18 Nov 2011

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