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Archive for tag: PPI Rremiums Refunded

It’s Not Just About PPI Premiums Being Refunded…

… it's about PPI charges too.

It seems that there is another gaping hole in the PPI compensation being paid to customers and, the banks and lenders could find that it comes back to haunt them.

What is all the fuss about…?

Payment protection insurance (PPI) was mis-sold to thousands upon thousands of customers, just like you. People were told/advised/given the impression that it was compulsory or that their application would stand a better chance if they showed they were responsible in their borrowing habits - and protecting the repayments on their loan was the perfect way to show the lender they were the right people to lend to.

But, in a nutshell, the problem was that PPI was not all that it was cut out to be. It was narrow in its terms and conditions which meant the vast majority of people it was sold to, were NOT covered. It was also expensive and, along with many other reasons, mis-selling of the product violated consumer laws.

The compensation began…

… which meant that a huge proportion of customers started to claim their money back but, it seems that despite all the reviews and all the pledges that they have learnt their lesson, banks and lenders, just as they have been gaining back the trust they had lost and rebuilding their credibility, made another error.

They were failing to give people all their money back or, more accurately, some of their customers were still missing out.

PPI charges

Unfortunately, some people were borrowed money found themselves in a situation in which the addition of PPI as a premium of their accounts were pushed over the credit limit. This, as we all know, seems to incur all kinds of charges…

On investigation, noticed by a claim management company likes us, it seems that the banks and lenders are choosing not to reimburse these costs.

Unfair

The Principal Ombudsman, Caroline Wyman, is clear that this practice must stop, stating that for a bank or lender to not reimburse these fees and costs would be a "mistake".

And it seems on adding up all these missed opportunities to completely reimburse customers, that people have collectively missed out on £1 billion worth of PPI compensation.

Don't let this happen to you!

By working with a professional claim management company such as PPI Scotland, we can ensure that all the compensation that you are eligible for will be in the final figure… because we will fight for every single penny that you ARE entitled to.