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Check for PPI on your Lloyds:

  • Lloyds Loan PPI CheckLoans
  • Lloyds Credit Card PPICredit Cards
  • Lloyds Mortgage PPIMortgages
  • Lloyds PPI Claims
Our Simple Process
  • PPI Claim Step 1
    STEP 1Complete Our Simple 2 Step Claim Form
  • PPI Claim Step 2
    STEP 2Receive Free Pre-filled Forms In The Post
  • PPI Claim Step 3
    STEP 3Sign The Letter Of Authority & Return To Us
  • PPI Claim Step 4
    STEP 4If you've paid PPI, we can process your claim & retrieve your refund*
*There is no pressure, if you decide to handle the claim yourself that's absolutely fine.

Hurry! Claim Deadline Announced
29th August 2019

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      Once we receive your pack, we will process your claim to identify if you have a PPI refund due.

      Lloyds PPI Claims

      Over the last decade it’s been difficult to avoid extensive news and targeted advertisements designed to inform people in the ways that PPI has been mis-sold and how affected parties can go about claiming back what is initially owed to them.

      The mis-selling of Payment Protection Insurance is the biggest scandal to ever hit the UK banking sector and we’re here to assess the attributes that could lead to someone being mis-sold PPI and how they could go about claiming.

      PPI Lloyds Chart

      Source: FT Graphic

      5 biggest banks in the UK have set aside a further £32.6 billion to deal with the total compensation bill.
      What is Payment Protection Insurance?

      To fully understand the timeline, it’s essential to start with the basics. PPI is an optional policy that covers any financial re-payments on finances such as loans, mortgages, credit cards, and even store cards, should the policy holder be unable to meet the payments.

      This could be due to a number of reasons which could cause them to need a significant amount of time away from work, these include:

      Who are Lloyds?

      The origins of Lloyds Banking Group date back to 1765. It was initially founded by John Taylor, Sampson Lloyd and their two sons. The bank they established was one of the very first created in Birmingham and became the town bank with a predominately manufacturing and mercantile customer base and for nearly 100 years Taylors & Lloyds prospered from a single office space.

      The portion of Taylors was dropped from the name in 1852, and the firm’s name was changed to the more familiar name of Lloyds & Company.

      Just over 10 years later new legislation and a need for increased capital, led Lloyds to convert from private banking to a joint-stock company.

      The conversion to joint-stock status kick started an explosion of growth. Over 200 banks were taken over in the next half-century; and the beginning of the 20th century showed a significant period of change for the bank; beginning to expand overseas. As time progressed the work force began to reflect the times with the employment of women during World War I and the changes that were being made to reflect the newest technology.

      In 1918, Lloyds completed a takeover that was to be the biggest takeover until the merger with TSB, nearly 80 years later. This move typified Lloyds’ approach to banking and one that would define their business strategy for the next century.

      The Cheltenham & Gloucester Building Society joined Lloyds Bank in 1995, this was the first time a bank and a building society had ever been associated. Later that year Lloyds became the undisputed biggest force in UK domestic banking after the merger with TSB.

      Lloyds Banking Group is one of the biggest finance providers on the high street; consisting of:

      Due to its size it’s easy to see how Lloyds Banking group was responsible for over half the mis-sold PPI policies.

      How did the PPI Become a Scandal?

      The issue of PPI was raised in 1998, by Which? magazine – they questioned the product due to the expense and eligibility of certain people and their circumstances. Despite this concern being publicly aired in the late nineties, PPI policies were still being widely sold across the country. It took until 2005 for the Financial Services Authority to finally release a report on PPI and the poor practices that were being used to sell policies.

      By 2006, smaller companies providing finance were punished with large fines from the FSA (Financial Services Authority) for their part in the mis-selling. From 2007, major companies that believed they were untouchable were beginning to find themselves recipients of fines that soared well into the millions. This included a record £117m fine for Lloyds Banking Group in 2015 for mis-handling legitimate PPI claims.

      Research in 2008 suggested that over 2 million people in the UK had been paying for PPI policies that they had no chance of being able to claim on. A further 1.3 million people were believed to have been sold the insurance on the proviso that that was the only they could be approved for a line of credit – which is of course false.

      Time Left PPI What's Next?

      It’s quite easy to procrastinate and put things off until tomorrow but more often than not, tomorrow never comes.

      So, if you believe that you have been mis-sold PPI, it’s important to act now before it’s too late.

      Free PPI Check
      How Did Lloyds Become the Biggest Culprits of Mis-selling?

      In 2013 The Times released an investigative article about the way Lloyds operate refunds and how they initially sold policies to customers.

      In the investigation the reporter from The Times took part in the recruitment process to work as a PPI complaint handler.

      During the process of this training the reporter was told that some salesmen had fabricated PPI information during loan sales. Even to the extent where salesmen had ticked blank opt-in boxes on loan forms, in order to add on a PPI policy whether the customer wanted it or not.

      Prospective employees were told that the role could be ‘morally difficult’ and the complaints handlers must treat all PPI applications as if they were completed by the customer and the customer alone – despite information on the contrary.

      Lloyds has consistently been in hot water with the authorities over the issue of their conduct.

      How Could Someone Figure Out If They Were Mis-Sold PPI by Lloyds?

      Lloyds were one of many lenders that set aside millions to compensate customers who were mis-sold PPI.

      There are some examples of PPI mis-selling as far back as the 1970’s, and these policies were mis-sold in a variety of different ways. Once the banks cottoned on to how profitable these policies were, they then actively encouraged their salesmen with the promise of sizeable commission payments from the policies; even knowing that in some cases they were selling customers a completely useless product.

      Adding Without the Customers Knowledge: In many cases, PPI was added onto a customer’s policy and they were completely unaware they had it, and had been paying for the policy due to the hidden fees in their monthly charge all along.

      Scare Tactics: Salesmen would often use a heavy handed approach when it came to selling policies. An example of this would be when customers were given a rundown of the potential issues that could befoul them if they didn’t get the insurance, ‘what if you were to break your arm?’, ‘what if you were struck with an illness?’ These kinds of questions would hold anyone to ransom.

      Selling to Customers Who Were Ineligible: As mentioned, some sales staff, at the behest of the bank, would use underhand techniques in order to sell the PPI. The policies sold to people would not have covered the individual and therefore leave them unable to claim on the policy should something happen to them or their employment status.

      The terms and conditions of the policy were not fully outlined at the time of the sale, for example it was sold as a policy that would cover all instances of illness and absence from work, however did not cover things such as mental health and stress related illnesses despite being advertised as such.

      PPI Was Not Optional: The salesmen did not clarify to the customer that PPI was an option and they were free to opt out or to buy cover elsewhere if it came to it. Many Lloyds customers agreed to the policy because they were told that it was a non-optional part of them being able to take out a line of credit.

      So What’s the Problem?

      As mentioned Lloyds Banking Group were fined a record amount of £117 million for its significant failings and unacceptable behaviour when it came to handling claims.

      The FCA (Financial Conduct Authority) assessed the period between March 2012 and May 2013, when Lloyds, RBS, and Black Horse rejected more than 37% of the 2.3 million PPI complaints that it studied – many of these were wrongly rejected.

      As The Times article highlighted, Lloyds often told their staff to assume that all incoming PPI complaints were false and reject them; even if they had knowledge suggesting otherwise.

      PPI Map Statistics
      UK mis-sold PPI scandal statistics £10 Billion

      In payouts alone in the UK.

      By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 UK population

      Lloyds PPI Percentages
      How Did The PPI Scandal Change After It Became Public Knowledge?

      When the mis-selling of PPI became public knowledge, Lloyds customers were sent letters telling them that they may have been part of the mis-selling and therefore could be entitled to a refund.

      People could then contact Lloyds directly and send details of their circumstances at the time of the sale, and any paperwork that could support the belief that they were mis-sold.

      Lloyds provided customers with the necessary PPI forms to fill out to ensure that making a claim was as straightforward as possible for the customer, and so that the bank had all the relevant information needed to assess if the customer was eligible to make a claim rather than having to ask the customer for more information further on down the line.

      I Want to Make a Claim

      In order to claim back what is rightfully yours, you will need to provide Lloyds with as much information about your policy as you can. According to Lloyds the following information is needed to process your claim as quickly and as efficiently as possible:

      If you believe your Lloyds PPI claim was wrongly rejected, then don’t give up. You can contact the Financial Ombudsman who will independently assess your claim and decide if your case is worth continuing.

      If you don’t have all the information available, then don’t fret; there are other options available to you.

      Starting a Claim with PPI Refund

      Recent research suggests that 6 out of 10 claims made independently are rejected because of a lack of information and the permission to access certain account information.

      PPI Refund has been around for years and has garnered a wealth of experience that enables us to be successful with even the most difficult of claims. We’ve gained substantial knowledge over the years and this means that being able to draw similarities to other cases can sometimes be the key to getting back what is owed to you in good time.

      Now, all that’s necessary is your name and the address you were residing at when the policy was taken out. This information will be put forward by us and allow the banks to run searches across their databases and find any PPI that could have been sold to you.

      This type of agreement is relatively new and only available to select companies such as PPI Refund. Previously an account number must be provided in order to start the claim, otherwise the bank would dismiss it.

      Why is it Important to Get a Move On?

      The Financial Conduct Authority has put forward its intentions to introduce a PPI ‘claim by’ deadline for 2019.

      The financial regulator wants the ruling to be confirmed by the middle of 2017 along with a public awareness campaign.

      The big five banks have paid out £24bn in compensation so far and have set aside a further £32.6bn to deal with the estimated claims that will come forward during that time. So it’s essential that if you feel you were mis-sold PPI at any time then you begin a free check with us today before it’s too late!

      Read below for insight on PPI mis-selling by Lloyds Bank and for more information on how you can go about making a claim for PPI refund.

      Claiming for PPI Compensation

      Claiming compensation for mis-sold PPI (Payment Protection Insurance) should be straight forward and simple but there are a few issues that can come up and cause problems.

      Make sure that you Have PPI

      The first thing to do is to ensure that you have all the facts related to your PPI policy. This involves knowing that you definitely have a PPI policy. Make sure that you are finding the policy number, evidence of premium or monthly payments on statements and original documentation as pieces of information that will be helpful in making a claim.

      Making Claims on ALL PPI Policies

      Did you know that it is more likely you can have more than one PPI policy? This is because the product was debt-specific and was therefore applied to any loan, credit card, car finance etc.

      Look through all documentation relating to all loans from your bank.

      Contents

      Money lenders or banks can tell you if you have a PPI Policy with Them

      Initially, there was some confusion regarding the compensation process that placed pressure on the consumer and the consumer alone for proving that they had PPI in the first place.

      However, there has been a significant shift in attitude from the banks. They are now more willing to provide their consumers with the information and are reverting back to consumers if they have a PPI policy attached to any loan or card provided by the bank.

      Banks Must Respond Within 8 Weeks

      The bank who sold you the PPI policy has a stringent set of deadlines and they must respond to your claim for compensation before the deadline.

      With banks and money lenders under enormous pressure, they are sometimes falling foul of these deadlines with some banks receiving penalties for doing so. This is the reason why they are taking on extra staffs who are dedicated solely to dealing with PPI claim from customers.

      If they don’t respond to your complaint, contact them again and also refer your case to the Financial Ombudsman.

      The Majority of PPI Claims Are Successful

      The harsh truth is that most people who have a PPI policy were mis-sold. It was an expensive policy, had a limited range of cover and exclusions which customers were not made fully aware of.

      In simple words, you could be paying for a policy that did not offer you any cover at all.

      As a claims management company, we have helped people to make claims against banks who have mis-sold PPI to their consumers. This means that you will benefit from our many years of working with customers to claim PPI compensation, sometimes in complex cases. And we can help you too. Get in touch with us and provide us as much information  as possible. From there, we would assist you in making a successful claim and getting the refund that rightfully belongs to you.

      Does Claiming PPI Compensation require a Lot of Effort?

      There are many things that make people hesitant from claiming a compensation for mis-sold payment protection insurance. One of the major reasons is the perceived ‘hassle’ of making a claim.

      People read stories in the newspaper that talk of customers filling in many forms, talking to bank representatives and even taking their case to the Financial Ombudsman Service only to find that when compensation is awarded, it was a lot less than they expected it to be.

      There are multiple factors that contribute to the total amount you receive back but irrespective of whether it is a few pounds or thousands of pounds you are due in compensation, making a claim is essential.

      It Is Your Money!

      Let’s consider the case of someone robbing your cash. You were in a café and left your wallet on a table before going to the washroom. While returning you found that someone took your wallet and removed the cash out of it. How would you feel?

      Would it feel just as bad if they took £10 or £1,000? Now consider, if the person doing so was known to you. And they knew that you didn’t have a lot of money or that you struggle from month to month at the moment. How would it feel then?

      This is how banks and lenders acted toward their customers. On the one hand, your bank professed to know you and have your best interests at heart and yet, they sold you a policy that they know you wouldn’t be able to make a claim on.

      Now, how you do you feel? Does it matter if it is £50 or £50,000?

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      A Form of Mass Protest

      Not all of us are political activists but by joining in the PPI compensation ‘movement’, you along with thousands and thousands of other customers are taking a stand against the bankers and lenders.

      For too long, the banks got away with behaviour that was unsavoury and broke fair competition and selling rules. They carried on selling PPI not for a few months to a few people but over years and years to millions of people in the UK.

      So far, banks in the UK have paid out £24.2 billion in PPI compensation and the figure is likely to rise. It doesn’t matter how much you are due back in PPI compensation but the fact of making a claim is more important.

      How Did Lloyds Sell PPI?

       

      It is pretty common these days for people to apply for loans online. If you purchased your PPI policy online, it can prove to be very difficult to successfully claim for PPI compensation. Online PPI applications will usually have all the terms of the policy specified on it and the responsibility of understanding those terms before accepting them falls on the consumer themselves.

      However, there is another scenario in which you might be able to successfully claim for PPI compensation even if you purchased the PPI policy online. If the application that you purchased contained pre ticked boxes in which the option for a PPI policy was already checked and you had to manually opt out of it, it is possible that you bought the policy without realising about it. In this particular scenario you might be able claim for PPI compensation from your provider.

      Have you bought the policy, face to face or over the phone?

      If you bought your policy over the phone or face to face, it is the salespersons responsibility to make sure that you were able to comprehend the terms of the policy and decide whether they were eligible to claim from the policy or if they needed it in the first place. This is also true if you bought your policy online. PPI sales people were highly incentivised to sell PPI polices which contributed to the mass mis-selling of this policy.

      How Can You Claim For A PPI Refund From Lloyds?

      Before you dream of large or even average PPI compensations, first take out your policy and confirm if you have paid for monthly PPI premiums. Also, find all relevant documents and remove copies of them. Any document that proves you have bought and paid for a PPI policy should be considered relevant evidence. Even if you are not sure whether a particular document is going to be relevant or not for PPI compensation claim, it is better to make copies to be on the safer side.

      Once you have located all your important documents, the next step involves contacting the financial institution that sold you the PPI policy and verify with them if you had taken out PPI before. You can do this via phone or by filling in an application. Most big lenders will have a PPI application form on their website. If you bought your PPI policy from Lloyds, you need to log on to their website and fill in their online application firm. If you find the whole situation overwhelming or time consuming you can contact a claims management company like us to take your claim further on your behalf.

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      Has Lloyds made you an Offer?

      Once you have submitted your PPI application, all you need to do is put your feet up and wait for Lloyds to revert back to you. Usually they will come back to you with an offer if they have determined that you were indeed mis-sold PPI by their bank personnel. First thing you should do when presented with an offer from Lloyds is check whether or not your final total was subject to comparative redress. If you feel that you have been underpaid, it’s very likely that your final total was affected due to comparative redress, which is why you should be on the lookout for it.

      The compensation amount you receive can be split into three parts:

      Premium

      – You will obtain a complete refund on the amount you paid to buy your PPI policy.

      Interest

      – You will also obtain a complete refund on the monthly interest you were charged for the PPI policy.

      Extra 8%-

      Additionally you will receive interest on both your premiums as well as monthly interest at a compensation rate of 8% per year.

      Also, ensure that you follow the following steps when checking out the offer letter presented by Lloyds as part of its PPI compensation package:

      Be on the lookout for any factor that can affect your overall compensation amount.Read through your offer letter carefully. Ensure that all information and details provided in it are true. If you find any discrepancies in the information provided, inform your bank immediately.If you had taken out multiple loans, verify if the details of it were provided on your offer letter. Again contact your bank immediately if you find any discrepancies.If you had a previous PPI claim dismissed, but have now proven that claim successfully check to see if that refund is also included in your offer letter.Check if your total compensation amount has been reduced because of comparative redress. Ensure that the assumption on which the comparative redress has been done is true.Always contact your bank first if you find mistakes or discrepancies in the offer letter. Give them the opportunity to rectify their mistake, if the discrepancy was caused because of human error and then send you a recalculated offer.If you are still unhappy with how your bank is responding and are tired with entire process, its time to escalate the matter by contacting the Ombudsman. However, it is important to remember that due to case backlog this can prove to be very time consuming.

      Has Your Claim For PPI Been Rejected?

      If your PPI claim has already been rejected, now would be a good time to take it up further with the Financial Ombudsman. The reality is that the Ombudsman has till date ruled more than 60% of PPI claims in favour of the customers.

      If your bank has rejected a valid claim for PPI within the last six months, you can directly approach the Financial Ombudsman to take your claim further. If your claim has been rejected more than six months back, it could be very difficult to take it up with Ombudsman. Exceptions include:

      If the customer delayed taking up the claim with the Ombudsman because of severe illness, then the six month rule does not apply.If the claim was rejected because of a lack of clear evidences, and if the customer has found an original document that substantiates their claim for PPI, then the Ombudsman can adjudicate on the claim irrespective of the six month deadline.

      Write to the Financial Ombudsman

      If you’re unhappy with the way the negotiations were handled with Lloyds, you could make a formal complaint to the FOS (Financial Ombudsman Service). The FOS is an independent service authorised to settling financial disputes between customers and financial institutions. Once your formal complaint is received the ombudsman will decide whether you were mis-sold PPI or not. Your case will only be taken up if the formal complaint is made after 8 weeks from the date you issued the first complaint letter. If you are filing a complaint with the FOS make sure that you provide all related details to your PPI policy.

      What’s a Goodwill Payment?

      A goodwill payment is an offer for compensation made by the bank to the claimant, without accepting responsibility for any mis-selling PPI done by them. Such a strategy is adopted by some banks to prevent the claimant from proceeding further with the complaint by offering a first time payment. If you are not satisfied by the amount offered as part of your Goodwill payment, you can always negotiate for more. If you are unhappy with how the negotiations are proceeding, you can file a complaint with the FOS.

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      Have You Been Asked To Return Your PPI Payment By The Bank?

      PPI scandal is considered to be one of the biggest financial mis-selling scandals of all time and when dealing with millions of complaints, there is always the very high possibility of human error occurring.

      Legally banks and other financial institutions can reclaim money from customers if they have indeed refunded a greater amount than the actual PPI amount of the customer. According to the FOS, banks are allowed to ask their customers to return money if any of the following occurs:

      The bank can prove their claim with sufficient evidenceThe repayment plan should be feasible to the customer considering that there is a h3 likelihood that the PPI compensation has already been spent

      If such a scenario has occurred, the customer will be required to pay back the difference between received compensation and estimated PPI refund plus the compensation amount.

      The PPI saga has been going for many years with its first case being reported in 2011. Over the years there have been many cases of under compensating or time wasting tactics used by banks and other financial providers to dissuade claimants from proceeding with their case. By putting your case in the hands of a specialist PPI firm, you can relieve yourself from this time consuming and often-complicated procedure of claiming back PPI compensation. Some of the biggest PPI compensations handed out so far have been through the assistance of claim management companies who fought on behalf of their clients.

      Is Claiming For Compensation Worth The Hassle?

      Are you considering claiming compensation for mis-sold payment protection insurance (PPI) but not sure if it is worth the hassle? Do you assume from reading online and press articles that claiming your money back will take months, along with many phone calls and letters? Do you think it not worth giving time for a payout? If you have any of such doubts, you really do need to think again!

      Below are the steps that you should take for a hassle free PPI claim making process:-

      Step 1: Kicking off your PPI compensation claim

      The first thing you need to do is find the paperwork. If possible find the papers that clearly show you have PPI on one of your account or multiple accounts.

      For most people, this is the step that takes the maximum time and here’s why:

      Locating paperwork that is long forgotten and possibly misplaced-

      From spending time in the loft, to dragging out paperwork from your ‘safe place’, it can be a nightmare for you in locating bits of paper that you didn’t think you would need again.

      More than one account

      – PPI was debt specific and linked with one account; in essence, this means you are searching for paperwork relating to credit cards, loans, mortgages, car finance and so on.

      Can’t find the paperwork? You have two options:

      Call your Lloyds bank to ask if PPI is part of your account(s)Enrol with credit reference agencies as they may hold some of the original details relating to your credit accounts.

      Step 2: Understanding if you were mis-sold PPI or not

      Once you have found your paperwork and you identify PPI lurking in the small print, you will need to start to think as to why PPI was mis-sold to you.

      There are all kinds of reasons which may include:

      You didn’t agree to it and then PPI was added to your account without your consent.You may have been given the impression that it was mandatory to buy it.You may have been under the impression that by buying PPI, you had a better chance of being accepted for the loanYou may have said that you would shop around for a policy but the sales persons from the bank said you had to buy theirs.You may also have been advised to buy PPI but are unsure why this was the right policy for you.

      There are many more reasons why you may have been mis-sold PPI and we can help you with this.

      Step 3: Lodge your complaint

      You will need to tell the Lloyds bank or lender you have a mis-sold PPI and the account(s) on which you have it.

      You will then need to tell them why you believe it was mis-sold to you, and you will need to do this for every account that you have with them.

      Alternatively, you can ask iSmart to make PPI compensation claims on your behalf.

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      How Do I Check If I Have PPI With Lloyds?

      Claiming compensation for mis-sold PPI (Payment Protection Insurance) is something that many people have already done. But, if you are unsure how to check if you have a claim, take a look at the below pointers:

      Getting the facts straight

      Before you make a mad dash and ring the bank demanding your money back, you need to be doubly sure you have a claim. You need to examine all the documents and statements for account that are classed as credit such as;

      Car finance loans and so onCatalogue accountsCredit card accountsLoans, including personal, unsecured or secured loansMortgages (although PPI was not always attached to mortgages, there are some cases where the insurance sold was not appropriate)Any other account where you borrowed money

      Were You Told That The Insurance Was Compulsory?

      Have you been told that you had to buy insurance from Lloyds that provided you with the loan? If yes, then it counts as mis-selling. Any bank that subscribes to the lending code should not insist that you buy an insurance product from them. If any of the following scenarios have occurred to you then it should be viewed as mis-selling:

      If the salesperson from Lloyds didn’t specify that taking out a PPI policy was optional.If the salesperson from Lloyds implied/stated that not taking insurance could turn out to be more expensive.If the salesperson from Lloyds implied/insisted that taking out a PPI insurance enhances your chance of being approved for the loan.If the Lloyds salesperson was very insistent and left you in a situation where it became impossible to say no.

      Knowing what you are looking for

      PPI is a generic name for an insurance policy that guarantees to cover repayments in a situation where you are unable to do so in the event of loss of income, through an accident, illness, and unemployment.

      Some companies did call it PPI, but others gave the insurance policy its own name. Look out for ‘card care’ or ‘unemployment cover’ and so forth. If you find something similar but are not sure it is PPI, then speak to us and we will help you determine if you have a PPI policy.

      III. Remembering when and why you bought it

      This can be difficult for some people as they did not actually make a conscious or informed decision to buy. Some customers were told the policy was added to their account; others were given the impression that it was compulsory and certainly not an optional purchase.  Some were even effectively told that their application would be viewed more favourably if they went ahead with their purchase of PPI.

      Ask for your money back

      If you do discover PPI on an account (don’t forget, you could have more than one claim too), then it is worth making a claim. In most cases, the bank already knows who they mis-sold PPI to and thus, they should work on claims without too much hassle.

      But, there are times when the bank or lender will disagree with your claim, telling you that they are rejecting it. In this case, they do need to tell you in detail on what grounds they are refuting your claim.

      You still have a further course for redress if your bank rejects your claim, and you can do so by seeking help from a trusted claim management company like us.

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      Your PPI Compensation Questions Answered

      With so much information and misinformation circulating about Payment Protection Insurance (PPI) and claiming your money back, it is always worth seeking advice or guidance specific to your case and getting assistance from experts. Here we answer some common questions frequently asked regarding making a PPI claim with us.

      Q: If I have no paperwork, is it difficult to make a claim?

      There is a lot written about paperwork and evidence and therefore it can be a little confusing. At the start of the PPI compensation process, banks were not too keen on giving customers information that could lead them to make a successful claim for compensation. The reason is obvious; it would mean the bank would have to pay them money.

      This attitude has softened significantly, with most banks and lenders wanting their customers to claim their money back as they realise just how difficult this process has been and the negative effect it has had on the banking and financial industry in the UK.

      Thus, if you are unsure whether you had PPI, all you need to do is ask your bank for the detail and they should provide you with it.

      Q: I bought the policy over the phone and agreed with everything the sales representative said. Even though I agreed, can I still make a claim?

      Yes, because you may still have been mis-sold the policy.

      For instance, were you told how long the policy lasted? In most of the cases, the PPI policy ran out before the end of the loan. Were you told which illnesses were excluded under the policy? Were you aware of how expensive the policy would be?

      There are a number of reasons why PPI policies were mis-sold to thousands of people. It would be more appropriate to say that there are just a few cases in which the policy was sold correctly and was of use to the policyholder.

      Q: “I’ve had a letter about claiming PPI, is it genuine?”

      The mis-selling of Payment Protection Insurance (PPI) is a scandal that has affected the financial industry in the UK to its core. Mis-sold to 2 million customers or more, the amount of compensation being paid to customers is now in billions, a sight many people didn’t think they would see.

      At the start of the process, the banks involved in miss-selling of PPI policy were not so keen on paying the money back, but their attitude has softened, mainly because they realise how damaging the debacle has been to the banking industry. This realisation has resulted in people now rightfully receiving compensation.

      In 2013, banks in the UK were told to write to their customers informing that they knew they had been mis-sold PPI and invite them to make a claim. On the one hand, this was a great idea as many people did not think that they had a claim as they didn’t know that they had ‘bought’ PPI.

      But on the other, it led to some people being confused, especially as there is also a whole heap of advertising and marketing material out there from claim handlers.

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      Q: What should the letter contain?

      Unlike other literature you may receive from companies with texts such as ‘£X amount of cash with your name on’, the letter from the bank will have certain features;

      The letter will be from your bank, lender or another financial company that you had a loan or other accounts with.

      But, some of the original companies have been ‘bought out’ by larger financial companies and they too have been told to write to customers who they think have a claim for PPI compensation. In this sense, you may not realise you had an account with the company mentioned, but look into it further as you may find it was the credit card you had last year etc.

      The letter should be written in an easy to understand manner but must not be full of jargon or appear like a marketing letter.

      But, due to data protection and security reasons, the letters may not have all the account details on it. So, don’t be too hasty to dismiss it as a scam letter.

      The letter should also inform you that once in receipt of the letter, there is a three-year deadline from the letter date in which to make a claim for PPI compensation.The letter may also include a form for you to complete and send back to them. Think carefully before throwing it away – you could be throwing money in the bin.

      Here at iSmart, we have been helping customers claim PPI compensation for many years now, going ‘into battle’ on their behalf with a variety of banks across the UK.

      Due to our experience and insider PPI knowledge, we know what a roller coaster ride claiming PPI can be, what pitfalls are there and how to avoid it.

      Q: How Much Could I Claim?

      This depends on several factors, all of which we can talk through in more detail with you when you contact us here at iSmart.

      The factors that can affect the amount you are entitled to in terms of PPI compensation are:

      The number of accounts you have

      – Many people who have claimed thousands in PPI compensation have more than one account that has PPI added to it. This means that you are making more than one PPI premium payment per month and these add up to the total amount that you may be entitled to receive.

      Credit card accounts

      – These are infamous for having very expensive PPI policies added to them and the monthly premiums were often calculated as a percentage of the outstanding balance. If the balance of your credit card was always close to the limit, you may find that the amount of PPI compensation on its way to you could be a sizeable amount.

      Time

      – Another factor that has a major impact on the amount of PPI compensation you could be entitled to claim is the length of time you have had the account or accounts. Clearly, the longer you have been paying PPI premiums the more you could be receiving back.

      You can claim PPI compensation back from your bank telling them you think you were mis-sold PPI and give them the reason why. The bank should respond to you within 8 to 12 weeks.

      Or, if you want help, then iSmart can help! We are an experienced and knowledgeable claim Management Company who can ensure that you get your money that you rightfully deserve.

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      Does reclaiming PPI Take Ages?

      Claiming back Payment Protection Insurance premiums is not difficult. In many cases, in fact, it is relatively straightforward. There are still ways to address the PPI compensation issue if cases are complex or are rejected initially by your bank.

      Time is important when it comes to making a PPI claim. Many people believe that they are beyond time limits but, the whole process can take far longer than they think. When you use a company like us it can be done in the shortest period of time, as we know what needs to be done and when a response needs to be received.

      Straightforward cases should take between 8 and 12 weeks to resolve. However, some banks are more inundated with PPI claims than others but they still need to respond to you within an 8-week time frame.

      The response from the bank could be something along the lines of “we have received your case and are looking into it. You will hear from us again.”The banking regulator has told banks that they must stick to all deadlines and if they cannot, they must inform the customer giving them a clear idea of when they can expect their PPI compensation claim to be resolved.

      Straightforward claims are relatively easy to resolve and take very little fuss than other cases. However, what many people are basing this claim on is that in the early days of PPI compensation claims were complicated and any compensation claimed was a time-consuming process.

      Banks were restrained about paying back PPI premiums in the early days as they knew that once the PPI ball was rolling, it would be very difficult to stop! However, with judicial reviews and pressure from consumer organisations and the likes of it, the PPI compensation process is now very swift.

      Conclusion

      Many customers think that the windfalls they have been reading about are all about someone else’s good fortune. The biggest PPI payout believed to have made thus far is approximately £86,000. The accumulation of credit cards and overdrafts over time has led to this large payout. We hope that this guide gave you an in-depth insight on how you can go about finding if you have been mis-sold a PPI policy by Lloyds bank. If you believe you may have a mis-sold PPI, you can make a successful claim for compensation with our assistance. All you need to do is contact us and provide as much as information you can provide regarding the PPI policy that was wrongfully sold to you along with your loan, credit card or mortgage from Lloyds Bank.

      It may be that your PPI compensation is a more modest figure; the average is currently thought to be around £2,750 but for many people, this is a good way to cash back into their bank account.

      Many customers, of course, receive much more than this and some people receive less. Either way, it is your money that you have been made to pay as an error by your bank. No matter how large or small the sum is, on principle, you should claim your money back because at the end of the day, it is money that rightfully belongs to you.

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