We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PBA with Lloyd’s from 2010!

To explain briefly, I was 19 at the time I wanted some quick cash so made an appointment with Lloyd’s to request a overdraft account.. I was basically told I needed a PBA in order to qualify which would also benefit me in relation to bettering my credit with regular payments etc and briefly touched on other benefits (which were all irrelevant to me and my social circumstances at the time), naively I accepted and took out the PBA.
Lloyd’s have accepted that the initial silver account was miss sold to me and agreed to refund me for the PBA 2010 - 2012, however will not refund the amount since the account change (that I never agreed to or requested!). Their rationale to this states;
‘I am not required to consider the merits of your complaint as you complaint about the above product falls outside of the timescales set by the FCA’.
Comments
-
‘I am not required to consider the merits of your complaint as you complaint about the above product falls outside of the timescales set by the FCA’.I’m completely puzzled how they will refund the payments taken from 2010 to 2012 however won’t consider payments 2012 - 2020.
Lloyds have been issuing annual benefit statements annually for many years now. They tell you what the benefits are, what it costs and let you know that if you dont want them you can go to a different account at no cost. These statements allow the 3 and 6 year timebar to be applied. Both rules have to be met to timebar. You have to complain within 6 years of the sale or 3 years from being reasonably aware of an issue. 2012 is more than 6 years ago and the annual benefit statements have been going out for over 3 years. So, both rules are met and the timebar can be made.
I can’t help but feel that they are trying to passify me with the refund for the initial account and worm their way out of the remainder of fees taken.That is an incorrect assumption. They cannot timebar the original one as the 3 year rule cannot be met.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards