Factors to Consider when Claiming The Lloyds PPI

The claims procedure of the famous Lloyds PPI (Payment Protection Insurance) has always received a lot of criticism from unsatisfied customers. To meet the various needs of their claimants, the British bank embarked on a sensitization scheme to keep their clients informed on how they can efficiently claim their PPI. The article pgives some of the factors to remember.

Make the Claim Personally

In many occasions, clients rush to Claims Management Companies (CMC) in order to have them make claims on their behalf. Even though this bares fruits in some cases, it exposes the clients to other risks. The first problem with this is that the CMC will make a claim using second hand information and in this case, one is not sure with the type of information they will opt to use while making the Lloyds PPI claim. Additionally, the CMC will take some percentage of the claimed amount. This in some cases may be demanded upfront whether the claim goes through or is declined. In this last case, one will have made greater losses than when they would have approached the bank directly for a free claim.

Filling the Claim Form

According to the FAQs on Lloyds PPI, before making a claim to the bank, one must first download the Standard PPI Questionnaire. This document is found in the Financial Ombudsman Service website. One should then print it out. At this point it is important to note that the bank will successfully process the claim if the customer contributes to the initial success of the process. Customers should also note that writing a personal letter to the bank is inefficient as the information provided may be inadequate. Furthermore, the questionnaire has several questions that may be irrelevant to other customers. Consequently, one is advised to concentrate on those that are relevant to them.

Reasons for the PPI Claim

The next step in seeking the claim is defining the reason for your claim. For most people, it is normally based on the fact that someone else got a refund and therefore they want to try their luck. This reason is not sufficient enough to earn them a refund. To guide one in structuring their reasons, Lloyds bank offers a number of questions. These questions are available on their website and if any of them applies to the claimant, he or she may have had their PPI missold. After successfully filling the PPI questionnaire, it should be properly sealed in an envelope and sent to: Lloyds TSB, PPI Customer Services, BX1 1LT. Within a few weeks, Lloyds TSB sends a reply providing another date when one should expect feedback regarding the claim.


The process of claiming a PPI policy is quite demanding across all banks. It is however notable that clients claiming Lloyds PPI have always faced a number of challenges with this process. The bank has however taken an initiative at educating their clients on the claiming procedure. The bank also emphasizes on the need to give substantial reasons to support your claim in order to receive appropriate feedback.