Lloyds Bank has made a huge PPI payout of almost £¼ million to a Coventry man who had no idea how much money he was owed.
Mike Weaver is a 61-year-old family business owner who almost didn’t bother making his claim, but then decided on the spur the moment to see if he might be owed anything.
He remembered having been told he had to take out PPI so he could take out a series of business loans.
He made his claim back in March and was stunned when Lloyds eventually admitted he had been mis-sold and paid him £247,000!
Said Mike: “I nearly didn’t do it, but one day I had 30 minutes free. I thought we might get £30,000. I didn’t think we’d get anything like this.
Very little paperwork
“We’d had some big business loans, these were going back to the early 2000s and maybe 1990s, and we’d been told you don’t get the loans without the PPI.
I’ve got very little paperwork, but I filled in the claims form as best as I could – mainly just putting in our business account details.”
As far back as 1991 he had taken out a series of business loans to get his radio and communications equipment business off the ground.
He distinctly remembers being told he would have to take PPI if he wanted the cash, little knowing that it was one of the most common ways that unscrupulous advisors used to mis-sell the insurance which was always optional.
Multiple large loans
There were multiple large loans – in the region of £40,000 to £80,000 each – which were used to buy equipment and to fund a large commercial overdraft
Mike added: “I was going to borrow more money for some contracts, but I won’t need to now. We’re going to have a party and I’ve given all the staff a bonus too!”
The huge payout was made on a series of commercial PPI policies and his reclaim process included a number of interviews, probably because of the size of the payout.
Lloyds commented that payments on commercial policies tend to be higher than those to retail consumers, but Gladstone Brookes has had a number of clients who have received in excess of £100,000 in compensation and another lady who got back £94,570.65± with a single claim on a Halifax credit card.
Amazingly, she knew nothing about it!
She had made a number of smaller claims which resulted in a payout of £3,545.59± on three loans from Marks & Spencer.
But further checks revealed she also had two loans and a credit card with Halifax which had PPI attached which she had been completely unaware of.
She said: “I couldn’t believe it. I had no idea just how much was owed to me and if it hadn’t been for Gladstone Brookes I would never have even made a claim.
I had asked them to look into the Marks & Spencer’s loans and it was they who found the Halifax cases for me.”
Experts believe that there are still many consumers who may be owed compensation for PPI which was mis-sold to them with one legal expert claiming there could be as much as £12 billion still to be paid. But time is fast running out.
The PPI claims deadline is now just weeks away on August 29th so it is vital to get any potential claim in before midnight on that date or you will lose the right forever.
±Amount prior to fees and taxes