MSE News: Lloyds Banking Group - We can be one of the best for service

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
32 replies 4.5K views
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  • HI,

    Have any of you seen the statement on the front of the website regarding Lloyds Banking group.

    It states ' How long is compensation taking?

    The government-backed giant admits those due money back for mis-sold cover on a Lloyds TSB loan may not get their cash for approximately 56 days after an offer – double the intended wait – due to the huge backlog of claims it is sifting through.

    However, as some of our forum users state, delays can be longer than 56 days.

    Lloyds Banking Group, the parent company of Lloyds TSB, insists PPI redress on its other products, which include those from Halifax and Bank of Scotland, should fall within 28 days, the period set by providers as part of a 'gentleman's agreement'.

    City watchdog, the Financial Services Authority, says payments must be "prompt" following an offer, but does not set a rigid time-frame.

    Additional compensation promised

    The Financial Ombudsman Service, which arbitrates in disputes between banks and their customers, says providers must pay any interest due on compensation up to the point of payment.

    Lloyds confirms it will make those interest payments and offer additional redress "on a case-by-case basis".

    So those whose payments take over 28 days after an offer should make an extra claim.'

    If this is the case why am I and many others still enduring waits of more that 60 + days on Halifax CC's. This is disgusting they are now trying positive publicity tactics, when we all know the facts!!!

    I am absolutely amazed at this bank's statements!
    Money Saving-Reclaiming-And Won!!!:j:j:j:j:j

    £33,000 refunded!!! :j:j:j:j:j
  • callum9999callum9999 Forumite
    4.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    beamerguy wrote: »
    ok so might favour Lloyds, the majority hate them, its the majority that counts. Worst bank in the UK

    It's one of the largest banks in the country. In what way do the majority hate them?

    And will people ever learn that their personal experience of a bank is quite frankly irrelevant in the grand scheme of things? Yes they may have treated you badly, but it doesn't mean they will for everyone else. If everyone listened to all the whiners then there would be zero bank accounts in British banks...
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