Lloyds TSB has sold millions of loans, mortgages and credit cards, and a lot of these came with 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.
In 1995, there was an ordered merger between European Commission of Lloyds and the Trustee Savings Bank which created Lloyds TSB. Since then, however the two have separated again, with TSB being sold to Spanish bank Sabadell.
After the split, the responsibility for paying back mis-sold PPI was placed on Lloyds.
How much has Lloyds banking group allocated for PPI Claims?
Lloyds Banking Group has to date alloacated more than £19.2 to settle PPI claims. In August 2018 it set aside another £460m towards this pot and expects around 13,000 PPI complaints per week up to August 2019.
How was PPI mis-sold to the public?
Many consumers aren’t sure whether or not their policy was mis-sold to them, but there are a number of questions which will make the answer clearer:
- Did the advisor check if you had any cover already in place?
- Were you made aware that the policy was optional and that you didn’t have to have it?
- Were any exclusions mentioned to you – like pre-existing health problems?
- Was the PPI advice given to you by Lloyds TSB fair and accurate?
If the answer to any of these questions is no then you were possibly mis-sold your policy and could make a claim to get back any money that’s rightfully yours.
Grounds On Which PPI May Have Been Mis-Sold By Lloyds TSB
You were not made aware by Lloyds TSB that you were being sold PPI on your store card account.
- You were told by Lloyds TSB that having the PPI policy was a compulsory requirement.
- Lloyds TSB did not check if you had any exclusions that would make it impossible to make a claim on the PPI policy?
- You were led to believe by Lloyds TSB that you needed to buy PPI from them to be accepted for the store card account.
- Lloyds TSB didn’t check to see if you already had this type of insurance cover through your employer or another policy.
- You believe Lloyds TSB sold you the wrong insurance product.
- Lloyds TSB did not check your employment status to ensure you were not self-employed, unemployed or retired as PPI does not cover these.
- Lloyds TSB didn’t check if you had any pre-existing medical conditions before selling you the PPI cover as these can fall under exclusion clauses.
- Lloyds TSB has already been fined and/or is facing mis-sold PPI queries.
- Lloyds TSB did not disclose if commission on PPI policy was being paid to an intermediary or how much it was.
What Information You Need To Start a PPI Claim With Lloyds TSB
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry, at PPIClaims.com we can find out if you bought PPI on any previous products or accounts.
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, we can check if you had PPI with Lloyds TSB for free.
How Do I Start My Lloyds TSB PPI Claim?
We’d like to discuss the details of your case with you, so your complaint can be lodged with Lloyds TSB on your behalf as quickly as possible.
- Start your Free PPI check process by using our online form. Completing the required information will help to establish if you have held a policy with Lloyds TSB; or
- Complete our online claim form to start your claim.
What If My PPI Claim Has Already Been Rejected By Lloyds TSB?
If you have raised a previous PPI complaint with Lloyds TSB 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, please complete our online PPI High Commission refund form.
Next of Kin Mis-sold PPI Claims
An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.
Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.
The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.
There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.
The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:
- Having a pre-existing medical condition or if someone was;
- Being self-employed or retired at the time of taking out the cover;
- Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
- Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
- Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn’t understand what the cover was for.
If you know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.
Here’s what you need to do:
- Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
- Try and work out if the PPI was mis-sold based on the situations described above.
- Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don’t have to.
If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.