Reclaim PPI Against Lloyds TSB
If you have ever had a mortgage, credit card or a personal loan with TSB or Lloyds TSB then, there is a significant chance that you have been mis-sold Payment Protection Insurance.
During the 70’s and 80’s the local TSB banks up and down the country began amalgamating. Finally in 1986, TSB Group plc was floated on the stock market. Overnight they went from a friendly local bank to a sales machine with target driven selling. This only became worse, when in 1995 they merged with Lloyds Bank to form Lloyds TSB Bank plc. In Scotland they traded under Lloyds TSB Bank Scotland plc.
In 2009 at the peak of the UK financial crisis, came the forced takeover of HBOS to form Lloyds Banking Group and even more target driven selling. Then, to comply with EU rules on competition control part of the group was spun off and morphed back into the TSB brand which now also included Cheltenham & Gloucester or C&G. Finally this new bank was snapped up by the Spanish banking giant, Banco Sabadell.
TSB and Lloyds TSB in their various guises, aggressively sold PPI on all their lending products. Points quite simply meant prizes and branch “sellers,” had huge targets to meet as did the counter and admin staff in terms of the leads they were required to feed the “sellers” with on a daily basis. Staff not adopting the sales culture or not meeting targets, were simply negotiated our the door.
Like the Royal Bank, credit cards, overdrafts and personal loans were all pre-approved, by their customer profiling system. The competition between sales staff coupled with huge potential rewards, meant mis-selling was rife. Cross-selling too, was all the rage. If you visited the branch for a loan and didn’t leave with at least one other product sold to you, then the “sellers,” just weren’t doing their job properly.
All sales staff had to hit the phones too. Within months of taking a loan you were targeted for a new one. All of course, with chunky Payment Protection Insurance on top. The most expensive way to buy PPI. Profitability on these policies were simply through the roof, with massive up front commissions. Repay your borrowing early and your PPI rebate was minuscule.
Beat the Banks
At Beat the Banks we do things differently, we always make sure that we recover all lending paperwork and normally as far back as the mid to early 90’s. These lending applications, agreements, statements and contact notes mean we can be supremely accurate when submitting claims. Often this paperwork is many inches thick – we have even seen some files up to feet deep!
Several compensation awards on TSB and Lloyds TSB borrowing have seen customers recovering £tens of thousands.
All our claims experts are former bank lending managers, interpreting these files is just what they love. Using what we call “financial forensics,” they often identify from these records, mis-sold PPI from other lenders.
We are real TSB and Lloyds TSB experts when it comes to mis-sold PPI in all their lending products. If think you have been mis-sold Payment Protection Insurance by them and would like to know more, you can contact our team on 01382 200474 or for free on 0800 193 1234