Reclaim PPI Against Lloyds Banking Group
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 a Loan
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.
Sell Sell Sell
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.