Lloyds TSB Mortgage Plevin PPI ClAIm
PPI has been the biggest financial mis-selling scandal in the world, in which a staggering £38 billion was given back to consumers for mis-sold PPI in compensation by banks & finance providers before the 2019 PPI deadline. However, even after this the PPI scandal is far from over!
The good news is that you can still make new PPI Claims under a new ruling but this time its for undisclosed high commission. This type of PPI claim is separate to the PPI redress scheme that ended in 2019 and is based on the amount of commission you were charged on your PPI policy.
IT'S NOT THE END OF PPI CLAIMS
Find out how you could still be owed money from Lloyds TSB
About Lloyds TSB
Originally named the “Trustee Savings Bank”, before becoming part of the Lloyds TSB group, TSB re-entered the stock exchange with a revamped version of its old identity in 2014. Since then, it’s been pushing its image as a trusted, family-friendly and approachable challenger bank, and is offering some competitive mid-range personal loans to back it up.
TSB Bank was formed in September 2013, from branches that had previously been part of Lloyds TSB, as well as some branches that had been part of Cheltenham and Gloucester.
There are more than 600 branches across the UK, run from their Edinburgh headquarters. At the time of its launch the bank had 4.6 million customers.
TSB offers personal loans, mortgages and credit cards to their customers, as well as providing current and savings accounts, and a range of insurance products.
Mortgage applications were typically made over the phone or in branch, and there were a variety of mortgage types offered, including: Fixed rate , Remortgages, Tracker, Offset and Buy-to-let.
PPI was often sold with mortgages and with the average commission charged at 67%, you may also have been charged a high level of commission on your PPI premium(s). If this wasn't disclosed you could be entitled to make a claim for compensation under a ruling known as the 'Plevin' ruling as this constitutes an unfair relationship. However before making any claim for commission, it is important to find out the level of commission you were charged on your PPI policy premium(s).
What is Plevin PPI?
Plevin refers to a Supreme Court case from November 2014 where Mrs Susan Plevin brought a case against Paragon Personal Finance Ltd regarding her PPI policy. The claim was centred around the commission charges on a PPI policy that Mrs Susan Plevin was sold to cover a secured loan from Paragon.
Mrs Plevin later discovered that in small print of the terms and conditions of the PPI policy that a whopping 71.8% of her premium was the amount of commission she was charged by the lender. She alleged that this was unfair and unclear and took Paragon to court and the case went up to the Supreme Court.
The Supreme Court agreed with Mrs Plevin and her lawyers, and determined that the sale of the PPI policy was unfair because of the following reasons:
- The commission payment was not disclosed;
- The high percentage of the PPI premium that was paid as commission.
This decision set precedent for a new category of PPI claims, and opened the floodgates against banks and other finance firms who had sold PPI to their customers.
How is Plevin different to mis-sold PPI?
Originally the PPI scandal was focused on the mis-selling of PPI and whether the policy was suitable or not at the point of sale. however a Plevin PPI claim's focus is on whether Lloyds TSB took a high-level commission from your mortgage PPI premium(s) without telling you about it. If the commission was hidden, or the commission was unfairly high, then this is deemed to be an unfair relationship between the lender and borrower and is eligible for compensation claim.
Plevin claims are based on a completely different area of law, namely the Consumer Credit Act 1974, so they are not subject to the FCA's PPI deadline, hence claims are still being processed today.
Claiming under the Plevin ruling
You could be eligible to make a claim if:
- Your PPI policy was sold before 6 April 2007 and open after 6 April 2008; or
Your PPI policy was sold after 6 April 2007 (whether or not it was still open after 6 April 2008);
- You have not previously complained about Mis-sold PPI to Lloyds TSB;
- Your PPI Claim was previously rejected by Lloyds TSB;
- Lloyds TSB only refunded you for the “Plevin only” part of your PPI (also known as a “tipping point offer”)
The Plevin ruling means that if more than 50% of your PPI’s cost went to hidden commission to the lender, or the lender and the broker combined, and it was not sufficiently explained to you, you are due compensation.
Did you have PPI with your Lloyds TSB Mortgage?
A recent ruling means simply being sold payment protection insurance (PPI) means you're potentially a victim of a mis-selling. Although the PPI deadline has now passed you could still claim PPI compensation from Lloyds TSB. Find out how below.
Lloyds TSB were one of the many firms involved with the mis-selling of PPI with their mortgage products. You may have been offered PPI when you took a mortgage with them. PPI insurance was designed to cover payments if you were unable to because of an accident, sickness, involuntary unemployment or your death.
With the Plevin ruling and subsequent landmark court cases that have come to light, thousands of people who initially thought they were not eligible to claim may now be eligible to make a claim. This is why many Lloyds TSB customers are checking their accounts to find out if they had PPI and whether they could be eligible to make to commission claim under the Plevin ruling.
With around 64 Million PPI Polices Sold Between 1990 and 2010 there is a significantly high chance that you are eligible for a refund.
Start Your Free
Plevin PPI Check
MoneyPlus Legal will call you to discuss your potential claim, confirm some details & explain the next steps to progress your claim.
Sign & Return Our Pre-Filled Forms
MoneyPlus Legal will send out a claim pack with letter of authority to sign & return back so they can start your Plevin PPI check.
Your Plevin Claim Eligibility Checked
MoneyPlus Legal will contact the lender(s) to ascertain how much commission was charged on your PPI policy & eligibility for a refund.