Bank of Scotland Claims
Did you take out payment protection insurance with Bank of Scotland?
If you took out a loan, mortgage or credit card with Bank of Scotland between 1988 & 2011 you may also have taken out a PPI policy too – even though you may not have been aware of it.
Bank of Scotland merged with the Halifax in June 2006 and has been a subsidiary of Lloyds Banking Group since January 2009, but the name Bank of Scotland continues to be used. Read on to find out more about Bank of Scotland PPI Claims.
As part of Lloyds Banking Group (LBG) which is 39% owned by the British taxpayer, the bank has set aside the largest amount of money to pay out successful claims for mis-sold payment protection insurance – a staggering £18.5 billion.
LBG was fined £4.3 million by the UK’s financial regulator in February 2013 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 one of the biggest financial scandals ever to hit the UK with millions of policies being mis-sold by a wide variety of lenders. The industry as a whole has already paid more than £29.2bn back to consumers since 2011 and some financial commentators believe the final total bill could go even higher.
PPI, sold properly, is a good product, designed to ensure you can make the payments on your finance agreements if you ever come out of work because of an accident, sickness or unemployment.
But the cover was often mis-sold to people who didn’t want it, didn’t need it or couldn’t have used it because an exclusion clause built into the policy would have prevented them making a claim.
In some cases it was even added to loans or mortgages without the customer even being aware it had been added.
Was your policy mis-sold?
Many consumers aren’t sure whether or not their policy was mis-sold to them, but there are a number of questions which should help make the answer clearer:
- Did the advisor check if you had any cover already in place?
- Were you made aware that the policy was optional and that you didn’t have to have it?
- Were any exclusions mentioned to you – like pre-existing health problems?
- Was the PPI advice given to you by Bank of Scotland fair and accurate?
If the answer to any of these questions is no then you were possibly mis-sold your policy and could make a claim to get back any money that’s rightfully yours.
Claiming back PPI
Gladstone Brookes offer a Free PPI Check** to get you started. Should you decide to pursue a claim through us if PPI is found, we will treat your case with the utmost care. Getting started with Gladstone Brookes is simple. Just call us on PPI check form on our website.or fill in the
For any claims pursued, we aim to recover 100% of any premiums that you have paid, plus any interest paid on those premiums and where possible a further 8% in statutory interest.
Gladstone Brookes has a 91%‡ success rate on the claims we make on behalf of our clients and we have already recovered more than £1 Billion± for our clients against a wide range of lenders.
Making a claim
If you decide to pursue a PPI Claim through Gladstone Brookes, once we issue a letter of claim to Bank of Scotland, the bank should acknowledge it as soon as possible and then our average timeframe is 8-16 weeks from the date of that acknowledgement in which a final decision is made.
If your Bank of Scotland PPI claim is a success, the compensation will be paid directly to you and Gladstone Brookes will then invoice you for our fees which are 20% + VAT° of the total redress offered by your lender, including any reduction of any outstanding agreement, which is in place the PPI may be cancelled. If we are unsuccessful there will be no charges whatsoever†.
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 compile all the information required to appeal to FOS.
Did Bank of Scotland sell you PPI?
Gladstone Brookes offer a Free PPI Check** to get you started. Should you decide to pursue a claim through us if PPI is found, we will treat your case with the utmost care. Getting started with Gladstone Brookes is simple. Just call us on PPI check form on our website. Start My PPI Checkor fill in the