Claim Lloyds Bank Plevin PPI compensation

What is Lloyds payment protection insurance?

If you had a loan, mortgage, or credit card with Lloyds between the years 1985 and 2010 you could be eligible for both a refund and compensation for mis-sold PPI.

PPI or payment protection insurance was a product sold in addition to financial agreements. For example, when entering a credit card, mortgage, or car finance agreement, customers had the option to add PPI to their policies for added financial protection. Those who chose to purchase this extra may have been entirely unaware that they were in fact making regular PPI payments within their agreements.

Founded in Birmingham all the way back in 1765, Lloyds Banking Group is one of the UK’s oldest and best-known brands with an impressive portfolio of financial products and services. Lloyds Bank is the largest retail bank in Britain and one of the prominent ‘Big Four’ UK banks.

There are a few circumstances in which a Lloyds Bank customer could still be eligible for PPI compensation, despite the official deadline in 2019. As one of the largest banking providers, Lloyds or Black Horse to some, has played a significant role in issuing refunds and compensation to former PPI clients.

What is a Lloyds Bank Plevin PPI claim?

The deadline for PPI claims was 29 August 2019, however, customers who were mis-sold PPI with any undisclosed commissions may still be eligible for compensation.

Unbeknownst to customers, hidden commission fees were often earnt by the introducer or broker when selling the product. If a client’s agent received a cut from selling the policy to you, you may be eligible for a refund and or compensation as a result of the Plevin case and new subsequent criteria.

Over 8 years ago in a landmark case, Mrs. Susan Plevin objected to not being able to claim against her PPI mis-selling and was granted a ruling in her favour at the Supreme Court. This critical decision influenced a new era of PPI compensation. From then on it was regarded as unfair to keep hidden commissions from customers, some of which totaled up to 65% of the policy value.

In light of the new criteria, further ‘Plevin’ cases began to be claimed and are an additional option for PPI customers who believe they are owed compensation. The case allows customers to claim not for the mis-selling of the actual product and service but for the secrecy of the undisclosed fees their broker was making by selling such policies. For a successful claim, a Plevin claim must be able to highlight that substantial amounts of hidden commissions were taken as a result of the agreement.

How to claim Plevin PPI from Lloyds

Before starting the claim process, it can be helpful to consider the following criteria and whether or not your agreement was sold in such circumstances.

If you have never opted to pursue a claim, it is always worth enquiring as to whether your policy was actually mis-sold. You may also be eligible for money back if any of the following apply:

• You have already filed a claim and it has been rejected (you may have a new one in light of the Plevin case)
• If you bought your PPI before the 6th of April 2007 and it is still ‘open’ after the 6th of April 2008 you should explore the possibility of both a refund and compensation.
• If you bought your PPI after the 6th of April 2007 this could also be an option.

More than a million people from across the UK are expected to fall under the Plevin compensation ruling and be eligible for financial remuneration. If you are currently still debating whether to pursue a claim, it is worth noting that some claims are worth thousands of pounds for customers.

Lloyds partially refunded PPI compensation

For years, banks have been issuing payment protection insurance refunds and compensation. Under FCA guidance, firms were obligated to repay only the difference over 50%.

With this in mind, a large number of claims have seen banks refund an average of just 17% of a customer’s premiums and any additional fees.

If you happen to have received only a partial refund when initially submitting your PPI claim, the Plevin ruling could mean you now have grounds for a further case.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?