Bank of Scotland Claims
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Bank Of Scotland merged with Halifax in June 2006 and became a subsidiary of Lloyds Banking Group (LBG) in 2009, but it continues to trade under its own name.
As part of LBG, the bank has set aside a massive £19.225 billion to pay compensation for successful, of which £17.4 billion has already been paid.
In their 2018 half year results LBG added £550 million to its PPI provision, on top of an additional £460 million set aside earlier in the year. The figures were based on the group’s estimate of receiving 13,000 new claims a week until the claims deadline on August 29th 2019.
However, it added: “A number of risks and uncertainties remain including with respect to future volumes. The cost could differ from the Group’s estimates and the assumptions underpinning them, and could result in a further provision being required.”
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Bank of Scotland, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time