YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR LLOYDS BANK CREDIT CARD ACCOUNT
People who use credit cards can find themselves in situations where they cannot repay what is owed, so end up in debt. For this reason customers would want something like payment protection insurance (PPI) to protect their repayments.
The PPI would be payable as a monthly fee on top of the charges the customers pays each
PPI can be a useful product if sold in the right way, however, lenders took advantage of
the situation and mis-sold the policy purely for boosting their profits.
Lloyds Bank PPI on Credit Card Accounts
If you were one of the approximately 10 million people who took out a credit card with PPI between 1988 and 2011, you need to check if you were mis-sold the PPI.
Customers who signed up to a credit card with Lloyds Bank also had PPI available to them but if the PPI was mis-sold, then compensation may be due.
However, there is a deadline from the Financial Conduct Authority of 29 August 2019. If you have a mis-selling claim with Lloyds Bank about how PPI was sold to you, it must be received by Lloyds Bank on or by 29 August 2019.
Lloyds Bank credit cards were sold as a convenient line of credit for customers who could not or did not want to pay in full in one transaction.
Generally, many retailers made a profit on shoppers who failed to pay off the balance on the card each month, when outstanding balances would attract interest charges.
Grounds on Which Credit Card PPI May Have Been Mis-Sold By Lloyds Bank
Lots of people took out PPI cover with their credit cards 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:
- Quite simply, did you know you Lloyds Bank had included PPI with the 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 Lloyds Bank to take out PPI, you may have been mis-sold the cover because it might not have been possible for you to ever claim on it.
- Did Lloyds Bank 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 meeting 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 feelcompelled to have PPI by Lloyds Bank to boost your chances of being accepted for the 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 Lloyds Bank failed to explain the exclusions to you, you may have been mis-sold.
What Do I Do To Start My PPI credit card claim with Lloyds Bank?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember:
- When or why you agreed to it?
- If you were informed that it would be added?
If you can’t remember please don’t worry as this can be done during the PPI check with Lloyds Bank.
How to start your PPI Claim with Lloyds?
Plevin Ruling – Making a High Commission PPI Claim with Lloyds Bank?
If you have raised a previous PPI complaint with Lloyds Bank which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy. Learn more about PPI High Commission PPI claims.