Lloyds Banking Group Add More to Their PPI Compensation Pot

The last time Lloyds Banking group publicly announced they were adding more money to their PPI compensation fund, they said they fully expected it to be the last time they would do so. In other words, they were telling the British population that they knew the PPI compensation claims were coming to an end.

Last week, they added yet another injection of cash, around £400m to bring the total of their PPI compensation fund to £18 billion.

But Lloyds are not the only ones. Barclays is expected to post a slump in profit as it lost a gargantuan £1.2 billion of the sale of its African operations.

In the spring of 2017, the City watchdog, the Financial Conduct Authority, set a PPI deadline of August 2019. The date caught the banks by surprise as they realised that they would need to put more money aside as the potential for claims against them to continue rising was very real.

Do you have a claim against Lloyds or Barclays banks?

Both are large and popular banks in the UK. Lloyds banking group also underwrote many insurance policies and smaller financial companies too. So even though you are making a claim against a firm, it may actually be Lloyds who pay the compensation.

PPI was mis-sold on a massive scale, unlike anything the British financial industry has ever seen. It was mis-sold in all kinds of ways – for example, it was added to people’s accounts without their permission, it was snuck in under the radar or customers were told they had to buy it, giving the impression that the loan came as a package.

And of course, there are the terms and conditions. PPI offered very little cover for the price of the policy, which was expensive compared to others. For example, it didn’t cover redundancy, it didn’t cover existing medical conditions, it didn’t cover people over the age of 65, those that were unemployed or self-employed – but the bank or lender didn’t tell you this.

Claim your money back – start TODAY!

In some PPI compensation cases, the claim is clear. For others, it can take a little more time and pressure on the bank to pay compensation and to pay the right level of compensation.

As an expert claim management company, we know all the pitfalls and all the excuses that banks have offered to try and duck out of paying compensation to customers.

And we can help you! Start your claim TODAY by calling our expert team.

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