Bank of Scotland PPI claims – Let’s begin
The Payment Protection Insurance (PPI) scandal is far from finished; there are 7 million of the banks’ greed that are yet to be compensated. These insurance policies were intended to cover loan repayments should a customers fall ill or lose their job. However, all too often, they were sold to people who would be ineligible to claim. If you have used the financial services of the Bank of Scotland in the last twenty years, this article will be of particular interest to you.
Who are the Bank of Scotland?
Firstly, the Bank of Scotland should not be confused with the Royal Bank of Scotland; these are two very separate banks (although both are guilty of mis-selling PPI).
The Bank of Scotland, headquartered in Edinburgh, was formed in 1696. During the practice of PPI mis-selling in the 1990s and 2000s, the Bank of Scotland held different identities.
In 2001, the Bank of Scotland merged with the Halifax Bank to form Halifax Bank of Scotland (HBOS). Later, in 2008, HBOS was then bought by the Lloyds Banking Group who are now the parent company to HBOS.
Bank of Scotland (HBOS) – flooded with complaints in 2014
According to the Daily Mail, there were 202,617 PPI complaints made against HBOS in the first half of 2014. This is a huge number when you consider that it is several years after the bank’s scandalous behaviour was first revealed.
Bank of Scotland (HBOS) – compounding their malpractice
Sky News reported that of the many hundreds of thousands of disputes heard by the Financial Ombudsman Service, 80% of those that involved the Bank of Scotland (HBOS) were found in the customer’s favour.
That means 80% of decisions by the Bank of Scotland (HBOS) to reject customers’ grievances are wrong and doesn’t include the many cases where they have already admitted guilt. With this in mind, do not take “no” for an answer.
The Lloyds Banking Group, the parent company of the Bank of Scotland (HBOS), was actually fined £4.3m in 2013 for delaying payments of compensation to the 140,000 of their customers (including Bank of Scotland customers) who were mis-sold PPI. Do not expect the Bank of Scotland to make a PPI claim easy for you. Luckily, that is exactly what we can offer!
Make your claim
Do you think you may have been sold PPI by the Bank of Scotland (HBOS)?
Our fast track system allows us to gather all the information relating to your bank accounts and determine whether or not you may have a Bank of Scotland PPI claim.
You do not need to provide any paperwork in order to make a PPI claim; we have made the process easy for you!
So start your Bank of Scotland PPI claim today by completing our easy online claim form or by downloading a pack. Our experts advisers can be contacted by phone, email or live chat to answer any queries you may have.