Bank of Scotland Claims

Lender Information

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

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