We’ve all heard of the Great British Bake Off, but there’s been a Great British Mug-Off happening right under our noses! Banks have been mis-selling PPI for years. If being mis-sold PPI in the first place wasn’t bad enough, it now seems some people have fallen victim to the banks for a second time. A recent report by the BBC has highlighted how more than 2.5 million PPI victims have been short-changed with their PPI refunds and piece of PPI refund pie.
One victim received a payout of £5,800 for his PPI policies, which might seem quite a decent sum on the face of it. But a closer look into this particular case reveals that fees and charges which were accrued over the term of the policy weren’t taken into account when calculating his final refund amount.
How much was the difference between the two figures? A cool £7,000 is the difference, which means this gentleman should have received in the region of £13,000 as opposed to the £5,800 that he did receive.
What’s concerning about this story is that it’s far from being a one-off. The banks have been having their cake and eating it for too long!
Fool Me Twice, Shame On Me
If this was an isolated case, you could probably forgive the bank for making such a gross error. But when it appears there are another 2.5 million similar cases, it begins to raise concerns
So how can you avoid falling victim to your bank for a second time?
The best thing for you to do in order to avoid such a gross error with your PPI refund is to know how much your bank likely owes you before you submit your claims. When you have that figure to hand, you can compare it to the offer you receive from your bank after they have processed your claim.
If their figure and your figure are close, you can rest easy in the knowledge that they are playing fair with you. If, on the other hand, there’s a gross discrepancy such as the one highlighted here, then you know something’s gone wrong in the course of processing your claim.
Armed with that knowledge, you can then challenge your bank for the correct refund amount. If they still won’t play fair with your refund, you can take your case to the Financial Ombudsman Service (FOS) to have them review it, where you have a very good chance they’ll find in your favour.
How To Get Your PPI Calculation
While it is possible to calculate your own refund figure, there are quite a lot of factors involved and it can be easy to come up with an inaccurate figure. The best way to get a reliable figure that you can trust is to use the online PPI calculator and answer that; have i got ppi? question!
There you will be able to provide your loan details and get expert help in the calculation process, which will give you peace of mind when you submit your claim to your bank and await their refund offer.