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Reclaim PPI Against Tesco Bank

Reclaim PPI Against Tesco Bank

Tesco Bank issued a great many loans and mortgages during the lending boom, not to mention a huge number of credit cards. The economy was strong, consumers were spending heavily and the supermarket was keen to establish a foothold in more sectors than just grocery shopping. There were significant profits to be had, and Tesco understandably wanted a slice of the ever-expanding pie.

Tesco Personal Finance came into being in the late 1990s, just at the height of the lending boom. Originally it was a 50-50 partnership with RBS, but eventually it evolved into the stand-alone Tesco Bank. At that time, it was a major player in the UK’s financial sector, and of course it was able to speak directly to the consumer via its thousands of branches in just about every town and city in the UK.

One of the most powerful aspects of supermarket shopping in Britain is that it often inspires complete customer loyalty. Most people who shop at Tesco rarely shop anywhere else, so when the company started offering credit cards, loans and even mortgages it proved tempting to many. The fact that a PPI policy may be attached to the product was often neither here nor there.

A product that suited them, but not us

We know now of course that Payment Protection Insurance was in many instances of little or no use to the consumer whatsoever. It was regularly sold in a somewhat aggressive manner by sales teams that received sizable incentives to sell, sell and sell again, and in the process it increased the profits for the likes of Tesco Bank and the rest.

The PPI deadline for compensation claims is approaching fast, so it’s important to ask questions now in regard to previously-held PPI policies. Tesco Bank sold a vast number of them, and have since had to set aside a huge sum of money to pay claims. If you have a suspicion that you may have been one of those customers in the past, you should be speaking with our specialists as soon as possible.

Beat the Banks employ a number of men and women who have many years of experience in the banking sector, so we know how best to construct a robust claim for compensation. We always look to recover all the relevant records from the banks before submitting a claim based on the whole picture. If you’d like to find out more, call 0800 193 1234 and let our friendly team take it from there.

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