YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR TSB BANK MORTGAGE ACCOUNT
In 1995, the Trustee Savings Bank and Lloyds Bank merged together to form Lloyds TSB. After the recession however, the European Commission ordered that the businesses must be separated.
Therefore, in 2013, TSB bank was created as a stand-alone business, with Lloyds Bank TSB becoming known as Lloyds Bank again.
However, TSB bank kept many branches, and continues to offer many financial products. Loans, credit cards, mortgages, insurance and current accounts are among the products offered.
TSB mortgages can cater for first-time buyers, home movers, remortgagors and landlords, with a range of mortgage types available within these areas.
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 TSB Bank and other lenders carefully.
Grounds on Which Mortgage PPI May Have Been Mis-sold by TSB Bank
There are several ways in which TSB 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 TSB 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 TSB 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 TSB Bank to the mortgage advance, you may have been mis-sold. TSB Bank was required to list the costs separately.
- Did TSB 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 TSB 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 TSB Bank make it clear that mortgage PPI was optional and not compulsory? If TSB 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 TSB 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 TSB 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.
What Do I need to Start My PPI Claim with TSB?
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? Were you 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 TSB.
How to start your PPI claim with TSB?
Plevin Ruling – Making a High Commission PPI Claim with TSB?
If you have raised a previous PPI complaint with TSB which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the new Plevin ruling on your PPI policy. Learn more about High Commission PPI claims.
Mortgage providers facing PPI claims:
The following is a list of mortgage providers who are known to have sold PPI. Please note this is not an exhaustive list.