So What Is ‘PPI’ All About?
Over the last 30 years, during the real boom in credit, banks like Lloyds have been mindful of the fact that there may come a time when a customer may not be able to keep up with the payments on the loan, whether that be a mortgage, credit credit or personal loan.
To ‘help’ the customer, the bank charged extra money in the form of Lloyds payment protection insurance (Lloyds PPI), ensuring that should you not be able to make payments for reasons such as unemployment, unexpected medical bills etc, they would cover this payment for you. While this seems like a good idea and has helps thousands of people, it merely serves as extra income for Lloyds, which believe it or not, is one of the best forms of ‘pain free income’ for the banks.
What Should You Do?
Quite simply, if you have been paying Lloyds PPI on a credit card, Lloyds mortgage or PPI on a Lloyds bank loan you should begin the procedure of making a Lloyds PPI claim.
When Should You Do It?
There is currently talk about putting a time limit on PPI claims so best get it done now. We can and will help you!
So What’s So Wrong With Lloyds PPI?
Well back in early 2011, a land mark case was won in court and set the tone for the phenomenon that is ‘ppi reclaims’. The banks were investigated and Lloyds amongst many others were found to have ‘mis-sold’ millions of Lloyds PPI policies, opening the door for countless Lloyds PPI claims.
What Does Mis Sold Mean?
Some people, for years were never even aware that they had this policy in place and were therefore paying a premium for a service they might not have wanted.
Some people had been paying a Lloyds PPI premium, even though they were NEVER eligible to claim for PPI.
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It was a straight forward process and they took care of all the paperwork and kept us informed by letter or phone at every stage.
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