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Self-employed urged to reclaim PPI premiums
Lloyds Banking Group sustained a £3.3 billion loss during the first six months of the year, following a flood of mis-selling claims.
The bank has had to pay out to thousands of customers, including many self-employed people, to whom it mis-sold payment protection insurance (PPI).
Lloyds has estimated it will cost £3.2 billion to settle its claims – more than the amount set aside by three next largest banks combined. The taxpayer owns a 41 per cent stake in Lloyds.
PPI is supposed to pay out in the event that the policyholder is unable to make repayments on their debt, for example if they lose their job.
But mis-selling of the insurance was rife, with many banks allegedly using it to make otherwise unprofitable transactions worthwhile.
Thousands of self-employed people are thought to be eligible for refunds.
04/08/11 - simplybusiness.co.uk