If you're looking to make a PPI claim against Bank of Scotland the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your Bank of Scotland PPI claim. Of course, we'd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?
Bank of Scotland is a centuries old name in the banking sector. In 2001, it merged with Halifax to create Halifax Bank of Scotland (HBOS), and the Bank of Scotland name was used for HBOS branches in Scotland, and for certain business banking activities in England and Wales. In 2009, HBOS was acquired by Lloyds TSB and became part of the Lloyds Banking Group, although the Bank of Scotland name still survives on Scottish high streets. It is a separate institution from the Royal Bank of Scotland.
Bank of Scotland sold PPI on mortgages, personal loans and credit cards.
Lloyds Banking Group has set aside a massive £5.3 billion to pay PPI compensation. This figure is for all institutions of the very large Lloyds group, however Bank of Scotland will undoubtedly account for a large share of this amount.
Bank of Scotland continued selling PPI until 2010, later than for many of its competitors, so may be faced with a larger compensation bill.
Did you have a loan or mortgage with Bank of Scotland? Like so many banks and other institutions, anecdotal evidence suggests much of Bank of Scotland's PPI was sold to customers who were unaware they were buying it, so you may need to read your statements carefully, or contact the bank, to establish whether you have the insurance.
Did Bank of Scotland check that the PPI was suitable for you? Did you understand all the exclusions that applied, and were you aware from the outset that the insurance was being sold? Bank of Scotland and other institutions have had many complaints upheld for failing to carry out requirements such as these.
Complaints about PPI sold by Bank of Scotland can be made:
The Bank of Scotland website, www.bankofscotland.co.uk, suggests all complainants will receive a decision on their complaint within eight weeks.
If the complaint is rejected, or you are dissatisfied with the amount offered, you can refer the matter to the Financial Ombudsman Service (FOS) - www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.
The FOS does not produce separate data for complaints relating to PPI with Bank of Scotland, however it ruled in favour of the customer in 90% of the HBOS PPI cases it closed in the six months to June 30 2012 ñ well above the industry average of 71%. Given HBOS does not uphold many complaints, please be patient, and take the matter to the FOS if the bank rejects your claim. The FOS also received over 4,000 new PPI cases from Halifax or Bank of Scotland customers in this six month period.
One thing to bear in mind before making your claim either through us or direct with Bank of Scotland is whether you were sold PPI by Bank of Scotland or an intermediary. If it's the latter, then you'll need to make the claim against them, rather than Bank of Scotland.
Now you know all about Bank of Scotland PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and we'll crack on and get your claim processed straight away.
All information presented in this article is accurate as of January 2013
"I would never have had the knowledge or confidence to claim for PPI from start to finish....They helped me a lot which, in my case, led to a settlement payment of over £80,000. I would urge anyone else in the same situation to get in touch and get the ball rolling.."
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