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Check for PPI on your Lloyds:

  • Lloyds Loan PPI CheckLoans
  • Lloyds Credit Card PPICredit Cards
  • Lloyds Mortgage PPIMortgages
  • Lloyds PPI Claims
Our Simple Process
  • PPI Claim Step 1
    STEP 1Complete Our Simple 2 Step Claim Form
  • PPI Claim Step 2
    STEP 2Receive Free Pre-filled Forms In The Post
  • PPI Claim Step 3
    STEP 3Sign The Letter Of Authority & Return To Us
  • PPI Claim Step 4
    STEP 4If you've paid PPI, we can process your claim & retrieve your refund*
*There is no pressure, if you decide to handle the claim yourself that's absolutely fine.
 

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      What happens now?

      We’ll post you a FREE pack with all of your forms pre-filled

      Sign & date the Letter of Authority and return the pack ASAP

      Once we receive your pack, we will process your claim to identify if you have a PPI refund due.

      Lloyds PPI Claims

      Over the last decade it’s been difficult to avoid extensive news and targeted advertisements designed to inform people in the ways that PPI has been mis-sold and how affected parties can go about claiming back what is initially owed to them.

      The mis-selling of Payment Protection Insurance is the biggest scandal to ever hit the UK banking sector and we’re here to assess the attributes that could lead to someone being mis-sold PPI and how they could go about claiming.

      PPI Lloyds Chart

      Source: FT Graphic

      5 biggest banks in the UK have set aside a further £32.6 billion to deal with the total compensation bill.
      What is Payment Protection Insurance?

      To fully understand the timeline, it’s essential to start with the basics. PPI is an optional policy that covers any financial re-payments on finances such as loans, mortgages, credit cards, and even store cards, should the policy holder be unable to meet the payments.

      This could be due to a number of reasons which could cause them to need a significant amount of time away from work, these include:

      Who are Lloyds?

      The origins of Lloyds Banking Group date back to 1765. It was initially founded by John Taylor, Sampson Lloyd and their two sons. The bank they established was one of the very first created in Birmingham and became the town bank with a predominately manufacturing and mercantile customer base and for nearly 100 years Taylors & Lloyds prospered from a single office space.

      The portion of Taylors was dropped from the name in 1852, and the firm’s name was changed to the more familiar name of Lloyds & Company.

      Just over 10 years later new legislation and a need for increased capital, led Lloyds to convert from private banking to a joint-stock company.

      The conversion to joint-stock status kick started an explosion of growth. Over 200 banks were taken over in the next half-century; and the beginning of the 20th century showed a significant period of change for the bank; beginning to expand overseas. As time progressed the work force began to reflect the times with the employment of women during World War I and the changes that were being made to reflect the newest technology.

      In 1918, Lloyds completed a takeover that was to be the biggest takeover until the merger with TSB, nearly 80 years later. This move typified Lloyds’ approach to banking and one that would define their business strategy for the next century.

      The Cheltenham & Gloucester Building Society joined Lloyds Bank in 1995, this was the first time a bank and a building society had ever been associated. Later that year Lloyds became the undisputed biggest force in UK domestic banking after the merger with TSB.

      Lloyds Banking Group is one of the biggest finance providers on the high street; consisting of:

      Due to its size it’s easy to see how Lloyds Banking group was responsible for over half the mis-sold PPI policies.

      How did the PPI Become a Scandal?

      The issue of PPI was raised in 1998, by Which? magazine – they questioned the product due to the expense and eligibility of certain people and their circumstances. Despite this concern being publicly aired in the late nineties, PPI policies were still being widely sold across the country. It took until 2005 for the Financial Services Authority to finally release a report on PPI and the poor practices that were being used to sell policies.

      By 2006, smaller companies providing finance were punished with large fines from the FSA (Financial Services Authority) for their part in the mis-selling. From 2007, major companies that believed they were untouchable were beginning to find themselves recipients of fines that soared well into the millions. This included a record £117m fine for Lloyds Banking Group in 2015 for mis-handling legitimate PPI claims.

      Research in 2008 suggested that over 2 million people in the UK had been paying for PPI policies that they had no chance of being able to claim on. A further 1.3 million people were believed to have been sold the insurance on the proviso that that was the only they could be approved for a line of credit – which is of course false.

      Time Left PPI What's Next?

      It’s quite easy to procrastinate and put things off until tomorrow but more often than not, tomorrow never comes.

      So, if you believe that you have been mis-sold PPI, it’s important to act now before it’s too late.

      Free PPI Check
      How Did Lloyds Become the Biggest Culprits of Mis-selling?

      In 2013 The Times released an investigative article about the way Lloyds operate refunds and how they initially sold policies to customers.

      In the investigation the reporter from The Times took part in the recruitment process to work as a PPI complaint handler.

      During the process of this training the reporter was told that some salesmen had fabricated PPI information during loan sales. Even to the extent where salesmen had ticked blank opt-in boxes on loan forms, in order to add on a PPI policy whether the customer wanted it or not.

      Prospective employees were told that the role could be ‘morally difficult’ and the complaints handlers must treat all PPI applications as if they were completed by the customer and the customer alone – despite information on the contrary.

      Lloyds has consistently been in hot water with the authorities over the issue of their conduct.

      How Could Someone Figure Out If They Were Mis-Sold PPI by Lloyds?

      Lloyds were one of many lenders that set aside millions to compensate customers who were mis-sold PPI.

      There are some examples of PPI mis-selling as far back as the 1970’s, and these policies were mis-sold in a variety of different ways. Once the banks cottoned on to how profitable these policies were, they then actively encouraged their salesmen with the promise of sizeable commission payments from the policies; even knowing that in some cases they were selling customers a completely useless product.

      Adding Without the Customers Knowledge: In many cases, PPI was added onto a customer’s policy and they were completely unaware they had it, and had been paying for the policy due to the hidden fees in their monthly charge all along.

      Scare Tactics: Salesmen would often use a heavy handed approach when it came to selling policies. An example of this would be when customers were given a rundown of the potential issues that could befoul them if they didn’t get the insurance, ‘what if you were to break your arm?’, ‘what if you were struck with an illness?’ These kinds of questions would hold anyone to ransom.

      Selling to Customers Who Were Ineligible: As mentioned, some sales staff, at the behest of the bank, would use underhand techniques in order to sell the PPI. The policies sold to people would not have covered the individual and therefore leave them unable to claim on the policy should something happen to them or their employment status.

      The terms and conditions of the policy were not fully outlined at the time of the sale, for example it was sold as a policy that would cover all instances of illness and absence from work, however did not cover things such as mental health and stress related illnesses despite being advertised as such.

      PPI Was Not Optional: The salesmen did not clarify to the customer that PPI was an option and they were free to opt out or to buy cover elsewhere if it came to it. Many Lloyds customers agreed to the policy because they were told that it was a non-optional part of them being able to take out a line of credit.

      So What’s the Problem?

      As mentioned Lloyds Banking Group were fined a record amount of £117 million for its significant failings and unacceptable behaviour when it came to handling claims.

      The FCA (Financial Conduct Authority) assessed the period between March 2012 and May 2013, when Lloyds, RBS, and Black Horse rejected more than 37% of the 2.3 million PPI complaints that it studied – many of these were wrongly rejected.

      As The Times article highlighted, Lloyds often told their staff to assume that all incoming PPI complaints were false and reject them; even if they had knowledge suggesting otherwise.

      PPI Map Statistics
      UK mis-sold PPI scandal statistics £10 Billion

      In payouts alone in the UK.

      By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 UK population

      Lloyds PPI Percentages
      How Did The PPI Scandal Change After It Became Public Knowledge?

      When the mis-selling of PPI became public knowledge, Lloyds customers were sent letters telling them that they may have been part of the mis-selling and therefore could be entitled to a refund.

      People could then contact Lloyds directly and send details of their circumstances at the time of the sale, and any paperwork that could support the belief that they were mis-sold.

      Lloyds provided customers with the necessary PPI forms to fill out to ensure that making a claim was as straightforward as possible for the customer, and so that the bank had all the relevant information needed to assess if the customer was eligible to make a claim rather than having to ask the customer for more information further on down the line.

      I Want to Make a Claim

      In order to claim back what is rightfully yours, you will need to provide Lloyds with as much information about your policy as you can. According to Lloyds the following information is needed to process your claim as quickly and as efficiently as possible:

      If you believe your Lloyds PPI claim was wrongly rejected, then don’t give up. You can contact the Financial Ombudsman who will independently assess your claim and decide if your case is worth continuing.

      If you don’t have all the information available, then don’t fret; there are other options available to you.

      Starting a Claim with PPI Refund

      Recent research suggests that 6 out of 10 claims made independently are rejected because of a lack of information and the permission to access certain account information.

      PPI Refund has been around for years and has garnered a wealth of experience that enables us to be successful with even the most difficult of claims. We’ve gained substantial knowledge over the years and this means that being able to draw similarities to other cases can sometimes be the key to getting back what is owed to you in good time.

      Now, all that’s necessary is your name and the address you were residing at when the policy was taken out. This information will be put forward by us and allow the banks to run searches across their databases and find any PPI that could have been sold to you.

      This type of agreement is relatively new and only available to select companies such as PPI Refund. Previously an account number must be provided in order to start the claim, otherwise the bank would dismiss it.

      Why is it Important to Get a Move On?

      The Financial Conduct Authority has put forward its intentions to introduce a PPI ‘claim by’ deadline for 2019.

      The financial regulator wants the ruling to be confirmed by the middle of 2017 along with a public awareness campaign.

      The big five banks have paid out £24bn in compensation so far and have set aside a further £32.6bn to deal with the estimated claims that will come forward during that time. So it’s essential that if you feel you were mis-sold PPI at any time then you begin a free check with us today before it’s too late!

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