Lloyds PBA Compensation Fund Gets First Money

On Friday we learned that the Lloyds PPI provision was increased to £14.1bn, yet if you look a little closer there was something else that was also interesting to see.

Packaged Bank Account (PBA) claims are fast becoming another scandal akin to the PPI mis-selling sage.

Whilst most banks are trying to brush this under the carpet, they are quietly setting aside millions in compensation for the ever increasing number of complaints they are receiving.

Lloyds first addition

The Lloyds Banking Group put aside it’s first amount specifically for this relatively new scandal, a cool £175m.

This £175m covers Lloyds, Halifax and Bank of Scotland as these banks form part of the Lloyds Banking Group.

Whilst this may currently be nowhere near the scale of PPI currently it has all the hallmarks of following the same path.

This Lloyds PBA Compensation takes the overall amount set aside by banks to £713m, and we fully expect this to surpass £1bn before the end of the year.

About PBAs & Our Service

There are approximately 10 million PBA’s that remain active today, and with potentially millions more that have been closed.

Packaged Bank Accounts attract a regular monthly fee, generally between £5 – £30, in exchange for various products such as mobile, travel and breakdown insurance, to name a few.

Much like PPI, it appears banks have abused their position to mis-sale these accounts in order to generate obscene profits at the expense of their customers.

Not sure whether you qualify? Check here to see whether you may.

Start your Lloyds PBA claim…

Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your Packaged Bank Account claim.

Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.

Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Lloyds PBA compensation