YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR LLOYDS BANK MORTGAGE ACCOUNT
Lloyds Bank was established in 1765, and is one of the largest banks in the UK. It merged with the Trustee Savings Bank in 1995, trading under the name Lloyds TSB Bank. However, the bank was ordered to separate the two businesses by the European Commission, with Lloyds TSB being renamed Lloyds Bank in 2013.
Lloyds Bank offers current accounts, savings accounts, credit cards, insurance, loans and mortgages, among other financial products.
There are a range of first-time buyer and buy-to-let mortgage products available, in addition to numerous remortgaging options. The most common mortgage types are fixed rate, variable rate and tracker mortgages.
What is Mortgage PPI?
Many mortgage lenders sold PPI to their customers over the last 20 years or so. The policy was meant to act as a safety net to protect you from falling into arrears if you ever stopped working because of sickness, an accident or if you became unemployed, the policy would cover your mortgage repayments.
As a result mortgage PPI claims can be of high value because of the amount borrowed and the duration of the agreement. Bear in mind that mortgage PPI applies to remortgages as well as mortgages, so you may have been paying PPI on each mortgage and remortgage you may have taken out. Was the PPI mis-sold to you? Check all your paperwork from Lloyds Bank and other lenders carefully.
Grounds on Which Mortgage PPI May Have Been Mis-sold by Lloyds Bank
There are several ways in which Lloyds Bank PPI was mis-sold. Lots of people took out PPI cover with their mortgages believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:
- Were you aware that Lloyds Bank had added the PPI insurance to your mortgage? If you had no idea you had it, you may have been mis-sold.
- At the time Lloyds Bank sold you mortgage PPI, were you unemployed, retired or a student? If so, you may never have been able to claim on the policy, so it could have been mis-sold.
- If the policy costs weren’t listed separately by Lloyds Bank to the mortgage advance, you may have been mis-sold. Lloyds Bank was required to list the costs separately.
- Did Lloyds Bank provide you with information about alternative policies? If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.
- Were you informed by Lloyds Bank about any exclusions? For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.
- Did Lloyds Bank make it clear that mortgage PPI was optional and not compulsory? If Lloyds Bank told you it was required in order to get the mortgage, or you felt pressured in any way to taking out mortgage PPI, you might have been mis-sold.
- Were any checks done by Lloyds Bank to determine if you already had other policies in place? If not, you may already have been fully covered, so were mis-sold if they failed to check.
- Did Lloyds Bank check if your employer provides full sick pay? If no checks were done and you are entitled to full sick pay, your mortgage payments would have been covered rendering the mortgage PPI unnecessary.
Starting Your Lloyds Bank Mortgage PPI Claim?
Start by finding your Lloyds Bank 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 mortgage products or accounts.
If you notice that your Lloyds Bank 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? Were you informed by Lloyds Bank that it would be added?
If you can’t remember, don’t worry, we can check if you had PPI with Lloyds Bank for free.
How to Make a Mortgage PPI Complaint to Lloyds Bank?
The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, by which time all PPI complaints will need to have been submitted. After this date, customers will lose the right to have their complaint assessed by us, or the Financial Ombudsman Service.
If you have previously received a letter from Lloyds Bank outlining potential concerns about the way PPI may have been sold to you, then you may have less time, so it is important to act as soon as possible.
Please be assured that by checking or complaining about PPI to Lloyds Bank, neither your relationship with, nor your credit score will be adversely affected in any way.
If you have a concern about how your mortgage PPI policy was sold, it’s easy for you to contact us directly to discuss and start your mortgage PPI claim.
Here’s What You Need to Do
We’d like to discuss the details of your case with you so your complaint can be lodged as quickly as possible with Lloyds Bank to find out if you had any PPI charges on your mortgage.
Call us or complete our online forms
You can call our dedicated number for mortgage PPI claims on 0333 443 9158
You can also start your Free PPI check process by using our online form and completing the required information.
We understand consumers may require different levels of assistance and are committed to making your FREE PPI check** and claim process as simple as possible. Our processes are accessible for everyone wishing to make a complaint.
Has Your Mortgage PPI Claim Been Rejected by Lloyds Bank
If you have raised a previous mortgage PPI complaint with Lloyds Bank which was not upheld, and you wish to raise a further complaint relating only to the commission charged on your PPI policy, please complete our online PPI High Commission refund form.
Mortgage Lenders Facing PPI Queries
The following is a list of mortgage providers who are known to have sold PPI. Please note this is not an exhaustive list.