If you are one of the many people to have taken out a loan, mortgage or credit card with Bank of Scotland over the last decade, then you may have been sold PPI as well. It is possible that you may not have been made aware of it, due to the nature of the mis-selling scandal.
In June 2006 Bank of Scotland merged with the Halifax, and has been part of Lloyds Banking Group since the beginning of 2009.
The banking group was fined £4.3m by the UK’s financial regulator in February 2013 for making victims wait to receive the money they owed, with nearly 10,000 waiting for over six months.
Do You Have PPI?
If sold correctly, then PPI can be a very helpful product, ensuring that payments can be maintained in the event of sickness, injury or unemployment.
However, PPI was often mis-sold to people who didn’t want it, didn’t need it or couldn’t have used it because an exclusion clause built into the policy would have prevented them making a claim.
Grounds on Which PPI May Have Been Mis-Sold By Bank of Scotland
Lots of people took out PPI cover with their mortgage, loan or credit card believing that it boosted their likelihood of being accepted, or that the policy was a necessity.
There are a number of ways in which PPI may have been mis-sold:
- Did you know Bank of Scotland had included PPI with the mortgage, loan or credit card? If you have it and the sales staff never made you aware of this, it may have been mis-sold to you.
- If you were unemployed, retired or a student, and you were advised by Bank of Scotland to take out PPI, you may have been mis-sold the cover because it may not have been possible for you to ever claim on it.
- Did Bank of Scotland check if your employer provides full sick pay? If you have this cover with your employer there was no need for you to have PPI as you would not struggle to meet your card payments.
- Did you already have PPI insurance in place? If so, there was no need for you to have a new policy.
- Did you feel compelled to have PPI by Bank of Scotland to boost your chances of being accepted for the mortgage,loan or credit card? If so, you may have been mis-sold. PPI is an optional extra that should have no bearing on your chances of obtaining a credit card.
- Was everything involved with the PPI explained properly to you? If you did not receive a full cost breakdown, or Bank of Scotland failed to explain the exclusions to you, you may have been mis-sold.