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Scotland Wide PPI Specialists

Another £700 million- Lloyd Add Yet MORE to Their PPI Compensation Fund

31 July 2017

You may remember how last week it was reported that Lloyds banking Group added another £400 million to their PPI compensation fund. News hot off the press on Thursday morning, 27th July 2017 was that Lloyds Banking Group had added yet more, taking the total figure of the most recent addition to their compensation pot to over £1 billion.

But what does this mean? And why should you be interested?

Do you bank with Lloyds?

Lloyds Banking Group is one of the largest banks in the UK, with many smaller banks and household financial brand names under its umbrella. In some ways, it no surprise that they have the biggest PPI compensation fund or that they have added more as they are covering many PPI responsibilities across a wide range of groups and banks that they own.

What is uprising is that they have not only added more, but how much they added. All banks, when they beefed up their PPI compensation pots at the start of the year said they wouldn't need to add more.

Some experts now believe this was because they assumed the expected announcement of a PPI deadline would go their way.

The deadline was announced in March 2017 but the date was a shock. It wasn't a 2018 deadline as the banks had pushed for, but another year away - the end of August 2019.

Knowing that they had another 12 months of PPI claims coming their way, they are adding more to their PPI compensation fund.

If you bank with Lloyds or any of their subsidiaries, you need to seriously consider if you have a claim or not.

If you don't bank with Lloyds

It still sends a clear message and in many ways, supports the opinion of those who were against imposing a PPI deadline.

BBCs Paul Lewis had said at the time the PPI deadline was announced that he believed less than half of the people who had a claim for PPI had yet to do so. If everyone else chose to make a claim in the coming two years, the banking system would be on point of collapse.

By adding millions to their PPI compensation fund, Lloyds are more or less agreeing with these statements. By adding more money, they are telling everyone they know there are more PPI compensation claims coming their way.

Whether you are a Lloyds banking customer or not, whether you think you have a claim or not, NOW is the time to get to the bottom of your PPI compensation case - are you owed thousands of pounds in compensation?