Lloyds TSB PPI Claims
Did you buy PPI from Lloyds TSB?
Lloyds TSB has sold payment protection insurance to millions of its customers over the years on loans, credit cards and mortgages. The specialist insurance was meant to ensure that borrowers could be sure their repayments would be covered if they ever came out of work through accident, sickness or unemployment.
But policies were also mis-sold on a grand scale to people who didn’t want them, didn’t need them or couldn’t have made a claim because of exclusion clauses built into the policy.
Lloyds TSB has recently split into two banks – Lloyds and the Trustee Savings Bank. The two had merged in 1995 to create one of the big four UK banks. The split was ordered by the European Commission as part of the price for the government bail-out of the bank. The group is now 39% owned by the British taxpayer.
However, even though the two banks will now operate entirely separately, responsibility for the mis-selling of PPI policies will remains with Lloyds.
The two remain part of Lloyds Banking Group (LBG) which is the biggest banking operation in the UK and also includes Halifax, Bank Of Scotland and Black Horse. LBG Have set aside £7.3 billion to pay out successful claimants, part of the overall £18 billion+ set aside by the industry.
In February 2013 the group was fined £4.3 million by the Financial Conduct Authority (FCA) for delaying refunds to 140,000 successful clients with almost 9,000 having to wait for more than six months to receive their money.
The mis-selling of PPI has become the biggest financial scandal ever to hit the UK with millions of policies being mis-sold by all the major banks. The industry has already paid out over for successful PPI claims and there is a further £7 billion already ear-marked to pay out future successes. Some industry commentators say the final bill will rise as high as £25 billion.
LBG is also the subject of an investigation by the FCA for the way it has been handling PPI claims. It follows an undercover investigation by The Times newspaper which found staff at a London call centre were encouraged to delay and reject PPI claims in the hope that consumers would drop them and to ignore the possibility that some documents may have been forged by LBG sales staff.
The regulator is expected to report its findings later this year at around the same time that a report is expected on their investigation into the way the rest of the big high street banks have been handling PPI claims.
How do I know if I was mis-sold PPI?
There are a number of ways in which your Lloyds TSB PPI may have been mis-sold to you:
- Did the bank tell you that the policy was compulsory? PPI is always optional.
- Did you feel pressurised into taking the policy out?
- Were you asked about your employment status? If you were unemployed, self-employed, a student or retired you should never have been sold a policy.
- Did they fail to ask about your medical history? A pre-existing illness could mean you can’t make a claim on the policy if you need to.
- Were you asked if you had alternative insurance in place which could have covered your payments?
- Were you even aware that PPI had been added to your agreement?
Claiming back PPI
Claiming back your PPI through Gladstone Brookes couldn’t be simpler. Either complete the PPI claim form on this website or call us on 08000 149 014 and one of our friendly, knowledgeable staff will be happy to discuss the issues with you.
If you make a successful claim then Lloyds TSB must pay you back all the premiums you paid, plus interest plus a further 8%.
Gladstone Brookes has an 87%‡ success rate on the claims we make on behalf of our clients and we have already recovered more than £362m from claims against all the major banks.
Making a claim
Once a letter of claim is issued to Lloyds TSB, the bank must acknowledge it as soon as possible and then have 8-16 weeks from the date of that acknowledgement in which to give you a final decision.
If your Lloyds TSB PPI claim is a success the compensation will be paid direct to you and Gladstone Brookes will then invoice you for our fees which are 25% or any financial benefit received + VAT.
Of course, your claim might also be rejected, but if that happens Gladstone Brookes will assess the terms of the rejection and advise you whether or not an appeal to the Financial Ombudsman Service (FOS) to overturn the decision might succeed.
It’s all part of the same no win no fee† service. Our specialist team will carefully examine the rejection letter and, if they feel there is the chance they can get the decision overturned, they will write a bespoke appeal for submission to FOS. The annual success rate for appeals to FOS, according to the Financial Ombudsman Service website, is currently running at 75%.