Lloyds Bank PPI Claim
PPI Claim Form
Have you ever had PPI with Lloyds Bank?
If you answer "No" to any of the below questions, there's a very good chance Lloyds Bank mis-sold you PPI:
Lloyds Bank should not have added PPI to your agreement without your permission.
Lloyds Bank should have given you the unpressurised option of having PPI.
PPI would not have been needed from Lloyds Bank if you had pre-existing PPI cover elsewhere.
Lloyds Bank should have explained the cost of PPI to you at the point of sale.
If over 50% of your PPI premiums were paid in commission to Lloyds Bank and this was not explained to you, the "Plevin" ruling means you were mis-sold.
Again, Lloyds Bank should have given you the option of having PPI or not.
Your right to cancel PPI within the cooling off period should have been explained to you by Lloyds Bank.
To start your Lloyds Bank PPI claim, follow our simple 4 step guide above.
My Claim Solved have had great success in reclaiming PPI for customers against Lloyds Bank and so far we have reclaimed over £42m* for our clients in PPI mis-selling.
If you were mis-sold PPI by Lloyds Bank, and the claim is successful, you would be entitled to a full refund of PPI premiums you paid to Lloyds Bank, a full refund of interest charged and compensation interest at 8% per annum on the above sums.
Don't Delay! If you would like to start your PPI Claim against Lloyds Bank, complete the form at the top of this page.
* PPI refunds obtained through our claims service, amount is prior to our fees plus VAT and any income tax.
Many consumers may have been mis-sold PPI (Payment Protection Insurance) by Lloyds Bank, PPI may have been added to a customer's policy by Lloyds Bank, in some cases without their knowledge. Lloyds Bank may have denied a credit application if PPI was refused by the customer.
Lloyds Bank PPI wasn't all bad, it was intended to protect borrowers' from being unable to make repayments if they were unable to work due to illness or injury. The problem was how PPI was mis-sold by Lloyds Bank.
There are many examples of Lloyds Bank mis-selling PPI, some customers were not even made aware by Lloyds Bank that PPI was attached to their policy, and if the customer was made aware that PPI had been added, they were not advised by Lloyds Bank that it was optional.
A new PPI mis-selling factor called "Plevin", which means if over 50% of the PPI premiums you paid were set out as commission to Lloyds Bank, and this was not explained to you at the point of sale, then you would be due compensation from Lloyds Bank.
What is the PPI scandal and why should you care?
PPI stands for Payment Protection Insurance, and it usually sold by lenders. The purpose of this insurance was to ensure that the loan can be recovered if the borrower lost their source of income.
There is currently a massive ongoing PPI scandal, which came about in the wake of the revelation that many financial institutions in the UK were forcing PPI onto unsuspecting members of the public.
You should care about the PPI scandal because you might be one of the millions of people that are entitled to PPI compensation.
Why lenders mis-sold PPI
They wanted to reduce their own risk at the expense of their customers. They, therefore, opted to bundle PPI with the loans, thus illegally obligating their customers to pay for the PPI.
Are you entitled to a PPI compensation?
Up to 2012, millions of PPIs were mis-sold by lenders. If you took out any kind of loan before 2013, there is a high chance that you were sold a PPI without fully understanding and consenting to it.
You may be entitled to a compensation if: You didn't know that a PPI was added to your loan agreement, you weren't informed that the PPI was optional, you weren't told that the PPI came with additional costs, you were told that your loan application would be denied if you didn't buy the PPI, the lender inquired about any other pre-existing PPI you may have had, your PPI payments were classified as commission, and if you were subjected to any other terms and conditions that may have seemed unusual or unconventional.
Which financial institutions mis-sold PPIs?
Hundreds of banks, creditors, mortgage financiers, and securities companies have been named in the PPI scandal. You can easily find out if your lender is one of them.
How much can you get from a PPI claim?
The average payout so far has been around £2,000 per claimant. However, some people have received PPI compensations as high as £80,000.
Is there a deadline for making a PPI claim?
The deadline for PPI claims has been set by the FCA in the period between June and August of 2019. Different banks may have different deadlines.Contact us for assistance if you think you may have a valid PPI claim.
Lloyds Bank dates back to 1765 when Sampson Lloyd II and John Taylor started their banking institution in Birmingham, with their first branch opening in 1864 in Oldbury, Birmingham. Lloyds Bank were one of the first banks created in Birmingham and initially, Lloyds Bank were a town bank and much of their custom came from the mercantile and manufacturing industries.
Lloyds Bank were fortunate in that they were situated in Birmingham during this period. Birmingham became known as the 'workshop of the world' as the industrial revolution boomed, and Lloyds Bank played a huge role in financing many of the industries.
In 1852 Lloyds Bank ended its association with the Taylor family and changed its name to Lloyds & Company. In 1865, Lloyds Bank became known as Lloyds Banking Company Ltd and converted from a private bank into a joint stock company.
The joint stock status fuelled an explosion in growth, over the next 50 years more than 200 banks were taken over. It didn't take long for Lloyds Bank to turn its attention to London as they were already a powerhouse in the Midlands. In 1884, they acquired Lombard Street bank of Barnetts, Hoares,& Co, this brought about the connection with the black horse.
In 1892, Lloyds Bank acquired Twining Bank which had come about from the world renown Twinings Tea Company. In 1893, they went on to take over Herries, Farquhar & Co, the inventor of the traveller's cheque.
Numerous and notable acquisitions continued, with the take-over of Capital & Counties Bank, which saw an increase in 473 branches. Lloyds Bank secured its position as one of the 'Big Five' high street banks.
In the early 1900s, Lloyds turned its attention to the last provincial bank in England and Wales to issue its own banknotes, Somerset bank of Fox, Fowler & Co, which they acquired in 1921. Cox's & King's followed as in 1923 they were taken over by Lloyds.
Approaching the end of the 20th century, the first ever merger of a building society and a bank materialised as Cheltenham & Gloucester Building Society joined Lloyds Bank in August 1995. Not long after, Lloyds merged with TSB to create the largest force in UK domestic banking, but in 2013 Lloyds TSB were separated as the European Commission ruled that the Group must divest part of its business.