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PPI Claims News At we like to keep you informed of the latest industry news and views.... Here are some of the latest news headlines.

Lloyds makes extra £375m provision for PPI compensation Lloyds Banking Group has reported falling profits and set aside an extra £375m to pay for payment protection insurance (PPI) compensation.

Pre-tax profit in the first quarter of 2012 was £288m, compared with a £3.5bn loss in the same period last year.

Lloyds' boss said it "reflected the subdued UK economic environment".

Lloyds, which is 40%-owned by the government, said the extra PPI provisions were down to "the increase in the volume of complaints".

Last week Barclays also increased its provision for PPI compensation, setting aside an extra £300m.

PPI is supposed to cover borrowers' loan repayments if they fall ill, die, or lose their jobs. But it became highly controversial and there have been years of campaigning by consumer groups against the widespread mis-selling of the policies.

Lloyds has now set aside £3.6bn to cover compensation payments.

There was also an update on Lloyds' progress in repaying its government-backed loans, which were taken out to keep the bank going during the credit crunch.

It has £12.9bn of Treasury-guaranteed loans left to repay, which is down 45% from the end of the year and compares with a peak of £157.2bn of taxpayer-supported borrowing in December 2009.

The loans came from the Bank of England's Special Liquidity Facility, which was underwritten by the Treasury, and the Credit Guarantee Scheme, which was also guaranteed by the Treasury.

But the repaying of loans supported by the Treasury comes at a cost in terms of lending to businesses and individuals, according to BBC business editor Robert Peston.

"No analyst in the world believes that banks can end their addiction to state-supported loans without there being a negative effect on credit provision for households and businesses," he said.


Barclays PPI exposure rises by £300m Bank reports first-quarter results day before annual meeting at which one in four shareholders expected to register protest against pay policies

Barclays is taking an extra £300m hit for payment protection insurance as it prepares to face shareholders in a showdown over its pay policies at Friday's annual meeting.

The bank reported its first-quarter results the day before its annual meeting at which one in four shareholders are expected to register a protest against the bank's pay policies, particularly the £17m handed to the chief executive, Bob Diamond, and the £5.7m the bank paid to cover his tax when he relocated from the US to become chief executive.

Diamond refused to indicate the scale of the protest against the remuneration report or comment on the impact that the focus on the pay deals is having on the business after the Institute of Directors described Barclays' pay as "out of order".

The increase in the PPI provision, which came after the bank had warned in March that it might have to raise the £1bn provision, may indicate that other banks such as Royal Bank of Scotland and HSBC might also be facing higher bills to pay compensation for the insurance.

The additional PPI provision pushed the bank to a £475m statutory loss before tax once a reversal in the value of paying back its own debt is included.

Stripping out that additional £2.6bn cost of paying back its own debt and the PPI charge, profits were up 22% at £2.4m and were higher than had been expected.

Shares rose 1.7% by 8.45am to trade at 211p. Ian Gordon, banks analyst at Investec, pointed to a strong performance from the Barclays Capital investment banking arm, where revenues were up 91% on the previous quarter.

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Recent Settlements
We have successfully reclaimed money back for our clients. Here are some examples of recent claims:

Lloyds TSB - £4,778.03
RBS - £3,748.23 - £21,835.27
RBS - £5,837.69 - £10,864.31
Welcome Finance - £4,734.33
Argos Card - £1,882.53
FirstPlus Financial- £8,948.30

Halifax - £13,868.97
Barclaycard - £9,498.50
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