Millions of PPI claims have already been settled, but apparently not all of them fairly.
Not content with duping their customers just once by mis-selling payment protection insurance in the first place, some banks have now been found to be short changing their victims when it comes to refunding their money.
The BBC recently reported that as many as 2.5 million PPI claims are to be looked at again because the claimants may have been underpaid with their refund or, far worse, had perfectly legitimate claims outright rejected.
Compensation Shortfalls As Much As £1 Billion
One expert commissioned by the BBC estimates that the total compensation shortfalls could be as much as £1 Billion.
The short changing has occurred due to the way in which banks are processing claims, which seems not to be in accordance with the guidelines set down by regulators. When processing PPI claims, banks are supposed to take into account any fees and charges you may have accrued during the term of your loan and factor that into their refund offer.
The refund offer should be enough to put you back to where you would have been had you not been mis-sold PPI and instead had your money in a bank account accruing interest.
The systems that some banks have been using to calculate refunds haven’t been fully capturing the cumulative effect of fees and charges as is required, thus leaving its victims with a compensation shortfall.
Unsurprisingly, all banks concerned in this latest financial scandal declined to be interviewed on how their compensation calculations work and why they are not fully including the effect of fees and charges.
Start Your Claim With An Unfair Advantage
No one knows if the banks have entirely cleaned up their acts with regard to how they process PPI claims, so it would be prudent to assume not. With that being the case, the wisest thing you can do if you haven’t started your claim yet is to get a PPI calculation that will give you a reliable refund figure you should expect to win back.
The most reliable way to get your PPI calculation is to use a trusted service online. Once you provide your relevant loan details, they will provide you with an accurate refund figure that you can then compare against the offer you receive from your bank.
If your bank comes back with an offer similar to the calculation you have, then you know they’ve processed your claim fairly. If their offer is considerably less, however, you can then argue the case to get what you are truly owed, which could potentially be the difference of several hundred pounds or in some cases, thousands of pounds.