Lloyds has Complaints for Fraud PPI Claim Letters

July 6, 2012 - PRLog -- Lloyds banking group has made huge profit with unfairly deals on loans, mortgage and credit card selling. This company has widely sold unfair payment protection insurance plan to consumers along with other financial products. Now after investigations Financial Service Authority has fined this banking group with millions. Chief executive Antonio Osorio has told that company has set aside over £3.8 millions for refunding of premiums but still company is receiving several claim letters from victims that worth millions of pounds.

Lloyds boss has also stated that most of the ppi claim(http://www.ppiclaims.uk.com/) letter received in February and March are not valid and these letters were sent from people who haven’t taken any financial product from Llyods Group. However, executive have conceded in an press interview that “What happened (with PPI) was unacceptable. Lloyds and HBOS sold this product for too long and with too much intensity. That is why I stopped it as soon as I became chief executive.

Banking officials and employees of financial institutions have agreed that there is sharp rise in number of letters received on payment protection insurance claims in early 2012. Banks are agreeing that it happens due to raised awareness among victims with the efforts of third party claim management companies.

According to press reports- PPI claims companies; accountant and professionals working to assist consumers in getting compensation could be set to get over £1 billion as service charges. This may create future foreseeable.

However, specialized Payment protection insurance(http://www.ppiclaims.uk.com/payment-protection-insurance/) companies have helped several PPI victims to receive their compensation amount. Financial advisor of ppi claim uk has told that it is disappointing for financial world that several people are making invalid PPI claims for compensation. It is important to review mis sold PPI claim(http://www.ppiclaims.uk.com/mis-sold-ppi/) letters before providing compensation.