Lloyds customer receives massive 3p PPI payout
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Loading... - CRISTIAN CASTILLO
- 08 Jun 2020
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A man is wondering what to do with a huge windfall that he received from Lloyds Banking Group after he was successful with his payment protection insurance (PPI) claimant.
Bob Haywood, a reporter with the Sunday Mercury in Birmingham, received an incredible 3p.
Unsure as to what to do with the massive payout, he’s decided to frame the cheque as ‘a symbol of pointlessness’.
But, the new-found wealth does come with a catch. He owes the taxman some money.
He wrote in the Sunday Mercury: ‘To make a farcical situation even more comic, I was told that the 3p was taxable and that I owed Her Majesty’s Revenue and Customs the princely sum of 0.015p.’
Lloyds has insisted it is following industry guidelines in awarding the money after Mr Haywood was told he had PPI between 2005 and 2007.
In a statement, Lloyds Banking Group said: ‘We remain committed to resolving PPI complaints and treating our customers fairly to ensure that they haven’t lost out.
Mr Haywood added: ‘I never expected to make a fortune but I honestly thought I might be offered more.’
The low payout was explained to My Haywood as being due to a zero balance on his cards, meaning PPI premiums were not debited.
