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
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