Are you eligible for mis-sold PPI compensation from Barclays?
There are many reasons why you may be eligible to claim mis-sold PPI from Lloyds. PPI was widely mis sold to customers either at the point of sale or at some point thereafter. All the benefits would have been explained but eligibility or appropriateness would often not have been determined. Here is a list of the most common situations when PPI could have been mis sold:
- You may have been told that the loan or credit card would only be approved if you took out PPI alongside the loan or credit card.
- You may have refused to take out PPI but it was added to the loan or credit card anyway.
- You may not have even been informed that PPI had been added to the loan.
- You were not informed that the salesperson would receive commission for selling the PPI.
- The terms and conditions, particularly exclusions, were not explained to you.
- You were not ineligible for the cover because you: was unemployed, in part time employment, a full time student, suffering from a pre-existing medical condition, or was of a retirement age.
- You were not offered the option of a monthly premium policy.
- You were told that PPI was compulsory.
- You were not asked about your medical history when sold PPI.
- You were not asked about any existing cover that you may have already had in place.
- You were a public sector worker who was entitled to full sick pay from your employer e.g. a police officer or a nurse etc.
- You had a joint account but the PPI only covered one of you.
- You were sent a credit card in the post and told to call up to “activate” the card and PPI was offered and sold to you when you called to activate the card.
About Lloyds Bank:
Lloyds Banking Group was formed in 2009 as a result of the global financial crisis and is the largest retail bank in the UK. Lloyds Banking Group claim to have more than 25 million customers. The following companies are either currently or have previously been part of the Lloyds Banking Group:
- Lloyds Bank
- Lloyds TSB
- Bank of Scotland
- Cheltenham and Gloucester
- Birmingham Midshire
- Scottish Widows
- Lex Auto Lease
Please note that Lloyds TSB split in to 2 separate companies on 9 September 2013. All branches were split and re-branded as either TSB or Lloyds Bank. This has been causing a lot of confusion to customers and we have been receiving a lot of enquires from clients to see if we can assist them in bringing mis-sold PPI complaints against Lloyds TSB, Lloyds and TSB as they are confused and not sure of where to send their PPI claims.
How to Make a Successful Lloyds PPI Claim?
The following information tells you what you need to do to register your claim.
- Contact us by either filling out our PPI enquiry form on this page or by telephone. (0330 808 0181)
We will need to discuss the details of your PPI enquiry with you briefly to establish if you may be eligible for a Lloyds PPI refund and answer any questions that you may have
- Once we have spoken with you if we feel you may be eligible for our service we can then post you out a Letter of Authority which enables us to run a Free PPI check or start a mis-sold PPI claim on your behalf.
- Before we can begin to run a Free PPI check or start a mis-sold PPI claim on your behalf we will need you to post back to us your signed Letter of Authority in the freepost envelope that we provide to all clients
- Once we receive your signed Letter of Authority we can then proceed to check with your chosen lenders to see if any PPI was sold on any of your finances and contact you with the results. The lenders have a maximum of 40 days (8 weeks) to reply to us but in general they normally respond much quicker and a wait of around 2 to 3 weeks is common. We would ask you to stay patient and await the results as the lender will be having a thorough check of their systems to locate any PPI before reporting back to us.
- We will conduct a full investigation and review of how PPI was sold to you using all the information available. It is at this stage that we will proceed with any mis-sold PPI claims where we think that you may be eligible to receive mis-sold PPI compensation.
On receipt of a mis-sold PPI claim, Lloyds will normally contact us within eight weeks with a reason why a decision has been delayed or to explain their final decision in detail and if appropriate, make an offer of compensation.
If you are due a refund it will be sent out to you within 28 days of the decision.
If Lloyds Bank decides that they are not upholding your complaint they will normally issue us with a final response decision letter outlining why they are not upholding your complaint.
We can ask the Financial Ombudsman Service (FOS) to review your claim and you/we will have six months to decide whether do this from the date on the final response from Lloyds. Rest assured that in the unfortunate event that your PPI claim is not upheld by Lloyds we will happily refer your claim to the Financial Ombudsman Service (FOS) and deal with them on your behalf.
Claims Management Companies (CMCs)
Many Claims Management Companies (CMCs) will typically charge an upfront fee or take a proportion of any compensation that may be due to you. In order to handle your complaint Claims Management Companies (CMCs) may charge you a fee, up to 39% + VAT.
Please note: we do not charge any upfront fees or costs whatsoever as our service is carried out on a No-win No-fee service and we charge a very reasonable 25% + VAT at the conclusion of your claim, only if your mis-sold PPI claim is successful.
Lloyds Bank PPI Faqs:
Lloyds Banking Group has been fined several times for the mis-selling of PPI to customers. They received a 117 million pound fine from The Financial Conduct Authority (FCA) for their mis-selling practices in 2015; this was not the first time that they have been fined regarding the mis-selling of PPI. The fines that Lloyds Banking Group have been receiving have been widely documented in the media and by the BBC on their website.
In the period between 01 July 2015 to 31 December 2015 Lloyds Bank received 152,149 complaints in relation to PPI and general insurance. Of these complaints, 74% were upheld by Lloyds Bank in favour of the consumer.