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Lloyds TSB PPI

The number of people making a PPI Claim has continued to rise over the last five years as consumer awareness of the issue of Payment Protection mis-selling grows. Lloyds TSB is part of The Lloyds Banking Group which is estimated to have sold 3.5-4 million payment protection policies.

Lloyds TSB PPI was sold alongside credit cards, loans and mortgages. In most cases the cover was sold correctly, but in some cases it was sold to customers who were either unsuitable for the cover or who did not want or need it and, in some cases, these may be regarded as mis-selling. If you have been mis-sold a policy the positive news is that you have a right to make a payment protection claim.

There are a number of circumstances that can be regarded as ‘mis-selling’ some examples are highlighted below.

When you purchased your Lloyds TSB PPI policy did the salesperson fail to fully explain the terms and condition of your cover? If you were not made fully aware of the terms and conditions of your cover along with any exemptions you may be entitled to make a claim.

When you purchased your cover were you led to believe it would improve your chance of being given credit? Taking out payment protection cover would not affect the chances of you being approved for a loan. Loan approval is based on your financial status and credit rating.

When you purchased your Lloyds TSB PPI policy were you retired, in full time education or unemployed? As Payment protection cover is designed to cover for loss of employment it is of little or no value to a customer who is not in employment.

Were you sold a single-premium policy, but not told it may not cover the whole of your loan? Single-premium payment protection policies are controversial and have recently be banned. In many cases the cover last a maximum of five years, but was often sold alongside loans of a much longer length. In some cases were not made aware of the PPI cover would not cover the whole length of their loan.

Were you suffering from a pre-existing medical condition? Most PPI policies do not cover pre-existing medical conditions. This means if you have already been diagnosed with a health problem before taking out the PPI cover and it worsens you are unlikely to be covered. If you suffer from a serious health complaint it is likely this would make you ineligible for Payment protection cover.

Did you have cover in place elsewhere? Before selling you the payment protection cover your lender should have checked whether you required the insurance. This should have included finding out whether you already had cover in place elsewhere.

Were you placed under undue pressure to take out the insurance? The salesperson should have allowed you time to think over your decision. If you felt pressured or hurried into making your decision your policy may be considered mis-sold.

For more information regarding the mis-selling of payment protection insurance call our team on 0207 471 2000.

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