Lloyds Banking Group Reclaim PPI
If you have had a loan, credit card or mortgage with one of the Lloyds Banking Group brands over the last 25 years, there is a significant chance that you have been mis-sold PPI. All members of the group which includes Lloyds Bank, Bank of Scotland, Halifax, Black Horse and formerly Lloyds TSB, aggressively sold PPI to their customers.
The group now have the biggest PPI set aside of any UK bank. The further set aside of £350 million to meet potential claims for “Plevin” cases, means that the total compensation bill for the group to date is now a massive £17billion. Lloyds Banking Group were also fined a record £117 million in June 2015 for failing to treat customers fairly when handling PPI complaints. Some would argue that this has been a calculated gamble to reduce their ultimate PPI compensation bill. The recent drop on their yearly mis-sold PPI compensation provision, from £4 billion to £1 billion, perhaps speaks volumes.
At Beat the Banks we ARE the experts on mis-sold PPI throughout the whole group. Our team is packed full of ex-banking staff and many of them previously worked for Lloyds Banking Group, some in senior management positions. We are entirely familiar with their sales techniques and the target driven culture they operated by.
So what kind of PPI did the group sell? For Bank of Scotland it was PPI on mortgages and credit cards, but substantially it was personal loans and Preference Accounts through their massive telephone operation.
Phone for a loan and the courier would deliver the paperwork the next day. You signed it, they returned it and bingo, the funds were in your account the next day. Cover was offered either as Bronze, Silver or Gold. Premiums were added to the loan borrowing right at the outset. Commissions on these premiums could have easily hit 60/70%. Sales staff were highly motivated to sell.
Customers applying for a personal loan via phone, were encouraged to also take a Preference Account. This was a hybrid of a personal loan and a credit card. PPI on these accounts was also sold very aggressively. Beat the Banks continue to have great success on claims against both Bank of Scotland loans and Preference Accounts.
For Halifax, it was again a case of sell, sell, sell. Personal loans and credit cards were massive PPI earners for HBOS and mortgages too through their “TMP,” or “Total Mortgage Protection,” offering. It’s claimed by a whistleblower that Andy Hornby the former CEO was told by staff that millions of PPI policies sold by their employees were completely useless. Mr Hornby also famously quoted that PPI sales “kept him awake at night.”
So what about Black Horse? Well, it wasn’t just vehicle finance and car finance that Black Horse sold. There was also secured loans and personal loans. These were predominantly sold by their local offices. From what we have seen, PPI was sold aggressively and widely on these types of borrowing. If that sounds all too familiar and you would like to find out more about how to reclaim your mis-sold PPI through Black Horse or indeed any of the Lloyds Banking Group brands, please give our team a call on 01382 200474 or for free on 0800 193 1234. Remember all our claims experts are ex-bank lending managers and that we do all the hard work, so you don’t have to.
It’s sad to say that despite the record FSA fine in June 2015, Lloyds Banking Group are up to their usual tricks. In fact we had them in the press as early as October the same year for their wholly unacceptable PPI complaint handling procedures. We continue to pass information to the FCA on an ongoing basis. Here is the link our article
If it sounds all too familiar, then we would like to hear from you. The FCA have strict guidelines on how to deal with vulnerable customers and it’s clear to see that, from a complaints handling point of view, LBG have no such procedures in place. We believe it’s part of a deliberate and planned exercise to dramatically reduce the group’s PPI set aside.
Lloyds Banking Group And PPI
That’s how much Lloyds Banking Group have set aside to compensate customers mis-sold PPI
Although £17 billion has been set aside, the government has set an end date. The final countdown to submit your claim is on. August 2019 is the deadline, make sure you don’t miss out.
From Our Clients
“Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”Shona, Dundee
“From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”Mr A McQuillian
“Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”T & A, Dundee
“I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”Mrs S, Falkirk
“Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”Mrs M, Elgin
“We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”Dave & Linda , Dundee
“Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”Mr S, Dingwall
“We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”Mr & Mrs M, Shetland
“From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”Mrs C, Glasgow