Lloyds TSB Claims
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Lloyds Banking Group (LBG) is the biggest retail banking group in the UK and at £17.4 billion has paid out the most in PPI compensation.
The group includes Lloyds Bank, Halifax, Bank Of Scotland, MBNA and Black Horse. The MBNA credit card business is the latest addition and Lloyds agreed to investigate PPI claims after the takeover.
Trustee Savings Bank (TSB) was taken over by Lloyds in 1995 in a merger ordered by the European Commission, but it has since been sold to the Spanish bank Sabadell. However, LBG has retained responsibility for the investigation of all claims.
As Britain’s biggest retail banking group, LBG estimates it has sold over 16 million PPI policies since 2000 and has contacted, settled or provided for approximately 53 per cent of them.
The group’s half year figures revealed it is still receiving 13,000 new claims a week and had topped up its PPI compensation provision by just over £1 billion in the past year, hoping it will be enough to pay all claims received before the claims deadline on August 219th 2019.
But they still can’t be sure. As the report commented: “However 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 Lloyds TSB, 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
Start Free PPI Check**
To get started either fill in your details on our website or call us on 0800 862 0331 and speak to one of our friendly, knowledgeable advisors who will guide you through the process.
**Free Check with our claims service. Check is lender specific.