Reclaim PPI Against Lloyds Banking Group
The frenzied mis-selling of PPI during the lending boom is now rightly seen as a somewhat shameful period for the UK’s financial sector, but at the time the industry saw this product as an absolute goldmine. It was easy to sell, it cost very little in the way of staff training and of course it brought in substantial profits. Lloyds and the various companies that come under its umbrella were as keen as the rest of the industry to hit sales targets month after month.
A major reason for the high sales figures was the intrinsic trust the UK’s consumers had in the banks and building societies during the 1980s, 1990s and into the 2000s. There was a general feeling that our financial institutions always had our interests at heart, and with this somewhat benevolent attitude they surely wouldn’t push us into buying PPI is it wasn’t; good for us, would they?
They would. And they did.
Personal Payment Protection was added on to mortgages, credit cards, loans, store cards and catalogue accounts from a vast cross-section of financial providers, including the ones we trusted the most. Familiar high street names did all they could to persuade us to sign on the dotted line, using extremely aggressive tactics to make sure their sales targets were met and their profits were maximised.
If you had any financial product from members of the Lloyds Banking Group during this period, there is a good chance that PPI would have been included. There have been many instances of PPI being included in products from the banking without the customer even being made aware, so don’t assume you didn’t have it just because you didn’t know about it.
Familiar names that we all once trusted
The group now includes a number of well-known companies, many of which sold PPI with great gusto during the lending boom. They include the Halifax, Lloyds Bank, Bank of Scotland, Black Horse and the former Lloyds TSB. As a whole, those that come under the Lloyds Banking Group umbrella made a fortune selling PPI policies to people without necessarily worrying about whether they wanted or needed it.
When the authorities first investigated the way PPI was sold, not to mention the suitability of the product in the first place, it seemed unbelievable that once-trusted organisations would do what they did to bring in extra profits. A great deal of the faith we once had in our high street banks and building societies disappeared as their unscrupulous tactics came to light.
One of the reasons for the success of PPI sales techniques was the fact that credit was so easy to obtain. If you applied for a loan from those nice people at the Lloyds Bank branch in the high street, the paperwork was drawn up quickly, you signed the agreement in no time and the money was often in your account the next day. All that was left for you to do was to buy the car, book the holiday or arrange the home improvements.
Out of all the big names involved in the PPI scandal, the Lloyds Banking Group is the one that has been forced to set aside the most money in order to pay compensation claims. Billions, literally billions, of pounds have been earmarked for this by Lloyds, but with the PPI deadline day fast approaching now is the time to start asking questions. Once that day passes, no new cases will be heard.
Some industry experts have predicted that around a third of the money that could be claimed by the UK’s consumers will remain unclaimed, but we don’t think that’s right at all. A great deal of profit was made in a short space of time by unpleasant sales techniques, and all for a product that wasn’t of much use anyway. Those that made so much money really shouldn’t be allowed to get away with it.
If you think you may have been a victim of the PPI scandal, our specialists would like to hear from you. The team at Beat the Banks includes a number of highly experienced men and women who worked for many years in the banking industry. We know the tactics that were used, and we also know how some of the major players have attempted to avoid paying for what they did.
Many claims management companies only look for the briefest of information when contacting credit providers, but we’re not like that. Beat the Banks seek to build a complete picture before anything else, and this enables us to mount a comprehensive claim that’s based on the whole truth.
To find out more, call our friendly team today on 0800 193 1234 and we can take things from there. We hope to hear from you soon.