LLoyds Banking Group has been slamming quite a lot of bogus payment protection insurance that is PPI claims which it has been facing, after this lender which is backed by the state had made a revelation that around a quarter of the cases which had been reported have actually proved to be false and not the genuine ones.
Putting an attack on the company which looks into claims management that Lloyds says were responsible for quite a lot of claims that turned out to be false, Antonio Horta-Osorio, the chief executive of the banks, had to say that this practice had to be put to an end as he put an accusation on some of the managers because of the behavior that does not seems to be true that is genuine. He further said that it is not less than a fraud and it is being discussed that it be brought to a halt.
He has claimed an attack when Lloyds was returning back profits in the initial quarter of the year 2012, despite of the fact that they were face to face as far as claims for PPI mis-selling is concerned. This is a lender which is being backed by the state, in the first three months of this year had made a profit which is worth 288 million pounds. This sum of money has come up in spite of the fact that they had set aside an amount of 375 million pounds in order to meet the claims in relation to PPI. This amount of profit has come up in the comparison of the loss of 3.47 billion pounds which they had faced in the last year during the same time of span at the time when the bank had set aside a sum of 3.2 billion pounds in relation to the PPI cover that had been mis-sold. Apply now with one month loan @ http://www.onemonthloan.org.uk/ and get quick funds in need.
The bank made a revelation that around 25 per cent of the PPI claims had proven out to be without any kind of a merit as well as that about a third of these cases were being considered by claims management companies they were not even actually been sold PPI against them even once. Till today Lloyds had given out an amount of 1.8 billion pounds in the form of compensation against the cases of PPI. The sum total of impairment of the charges that were taken by Lloyds fell up to 36 percent to an amount of 1.66 billion pounds.