Lloyds TSB Claims
Millions of PPI policies sold
Millions of loans, credit cards and mortgages with attached PPI have been sold by Lloyds TSB.
The product is intended to protect borrowers’ repayments if they become unwell, are injured or otherwise affected by an inability to work.
However, PPI has been mis-sold to millions of people who didn’t want, need or meet eligibility criteria for it.
In 1995 the ordered merger by the European Commission of Lloyds and the Trustee Savings Bank created Lloyds TSB. The two have now parted again, and TSB has been sold to the Spanish bank Sabadell.
Following the split, responsibility for the mis-selling of PPI will remain with Lloyds, who have so far set aside a total of £18.1 billion to repay consumers who have been mis-sold PPI.
Both banks remain part of the Lloyds Banking Group (LBG), the UK’s largest banking operation which includes Halifax, Bank of Scotland and Black Horse.
In June 2015 the Financial Conduct Authority (FCA) fined LBG a record £117 million for unfairly rejecting 37% of 2.3 million customer complaints between 2012 and 2013.
The PPI debacle is one of the UK’s biggest ever financial scandals due to widespread mis-selling by a wide variety of lenders.
The FCA started an investigation into LBG for its handling of PPI claims following an undercover investigation by The Times newspaper. The exposé revealed staff at a London call centre were delaying or rejecting PPI claims so consumers would drop them, also ignoring the possibility of forgery carried out by LBG sales staff.
The outcome of the FCA’s investigation was expected to be reported upon the announcement of the PPI deadline, as well as further insight into the way high street banks have handled PPI claims. Although the deadline has been announced for the 29th August 2019, there has been no outcome as of yet regarding the FCA’s thematic review.
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?
Lenders were guilty of using underhand tactics to sell PPI policies.
- 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?
PPI would not have been needed if you had other cover in place.
- Were you even aware that PPI had been added to your agreement?
PPI should have not been added to your policy without your permission.
Claiming back PPI
Gladstone Brookes has a 91%‡ success rate and we’ve already recovered more than £1 Billion± million of claims from a wide range of lenders.
Getting your claim started with Gladstone Brookes is simple; either complete the form on this website or call us onto start your claim.
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.
Making a claim
Lloyds should acknowledge any claim submitted to them as soon as possible. Our average PPI timeframe is 8-16 weeks from their acknowledgement date to a final decision being made.
Should you decide to pursue a claim with us and it is successful, Gladstone Brookes will then invoice you our fees, which are 20% + VAT° of the total redress offered by your lender.
RejectionThere is a chance of rejection, in which case we will assess whether or not to appeal to the Financial Ombudsman Service (FOS) for the decision to be overturned.
This appeal falls under our no win no fee† service. Our specialist team will submit an appeal to the FOS if they feel there is a reasonable chance of overturning the rejection.
Did Lloyds sell you PPI?
To start a PPI check and find out if you were sold PPI, which you could reclaim, simply fill in our online form. Start My PPI Check