Lloyds appear to have records going back to year 2000 as they are contacting all customers who had PPI going back to then and expect to receive another 550,000 claims. With unused provisions at £2,807 million this gives an average cost per claim of £5,104 Including admin costs. Has anyone got actual amounts for a typical PPI payout ? Need to get better transparency on these PPI figures as it's a major constraint on dividends.
Can see LLOY moving sideways for a couple of months. GLA!
Meerkat I don't think anyone has set a limit for PPI claims themselves. But I'd have thought the limit would have to be and could not go beyond when banks are obliged to keep financial transaction records. I think this is 6 years - although most banks tend to keep the stuff indefinitely from what I've seen so it confuses it a bit. I've done work on this in the past but you have to dig around to find the different rules for different types of data. Think its 6 though. Will keep checking to see.
One of the biggest problems the banks made for themselves was the judicial review which they lost. During the review they were stacking up PPI complaint but as soon as they lost it, they realised they didn't have enough time to review all the complaints they had been stacking up for months so they auto redressed them instead of trying assessing each case individualy. This was the reason for the huge provisions and cash burn at the start of the saga
Thanks I feel happier.It is just that I have friends in the bank and they said that not all the paper work was available and it was easier and quicker to pay all claims without checking. Hence my annoyance and note. I see someone else has commented re PPI payments to those who knew what they were signing. One should always read the small print before signing anything. What is the expression - Ignorance of the law is no defence. Why could it not apply here?? GLA - See we are recovering early losses.
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