Lloyds set to be slapped with record PPI fine

Lloyds-Banking-Group-001Lloyds are all set to be hit with a massive, record fine for their role in the PPI scandal. This particular penalty is for mis-handling complaints, and it is thought that this will be somewhere in advance of £100m.

They've already coughed-up billions to settle the mis-selling nonsense they got involved in and, worse still, this could all see a load of old cases being reopened.

The Financial Conduct Authority is preparing their fine, and they're responsible for the previous record fine handed to Clydesdale Bank in April. Lloyds have set aside over £21 billion for PPI-related costs.

How Do I Claim Back PPI?

If you've been mis-sold PPI, don't use a dodgy company to find out about it - you can do it all yourself. First thing you should do, is contact your lender. If you have the original contract or terms, that'll make it so much easier. However, if you don't, you can still get in touch as all they should need is your name and address.

Once you start speaking to your lender, you can ask them to send you paperwork, which will make all future correspondence much simpler. Be sure to ask them to ensure that the terms and conditions date back to the time of your agreement, so they don't try and pull a fast one.

Check your lender's website - some have a dedicated section for dealing with these claims.

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