Underpaid PPI claims
Your PPI claims which have been successful in the past may have been significantly underpaid.
BBC researchers have found (2016) that the incorrect calculation of PPI compensation is a common practice among banks and credit providers
The researchers for the BBC radio program “You and Yours” found that banks and.credit providers are frequently neglecting to include overdraft charges that were triggered by a PPI premium taking customers beyond their borrowing limits. The researchers allege that the incorrect calculation of PPI compensation is deliberate and is saving banks millions of pounds at their customer ́s expense.
Examples of PPI miscalculations
The researchers supported their allegations with evidence of miscalculated PPI refunds paid to customers of Lloyds, Barclays, MBNA and Capital One. All four of the credit providers investigated were guilty of the incorrect calculation of PPI compensation.
The radio program also included an example of a miscalculation in which an MBNA customer had received a PPI refund of £5,800, but when his charges and compound interest were also included, should have received a refund in excess of £13,000. Leading financial claims expert, Cliff D ́Arcy, claimed recently that the practice of miscalculating PPI compensation appears to be widespread.
You can claim your underpaid PPI with us
Caroline Wayman – the Principle Financial Services Ombudsman – also commented on the findings of the BBC ́s researchers and said that, under the rules for calculating PPI compensation, “If a fee is the result of the mis-sold PPI, it should be given back, and if it’s not included in the amount [of the compensation], that would be a mistake.” She added “Any widespread failure to carry out proper calculations would most definitely be disappointing”.
Lloyds Banking Group submitted a statement which was read out on the program. It said “When a customer lets us know that they may have incurred other costs because of their PPI policy, we will investigate and make an appropriate refund.”
If you think that your PPI might be miscalculated –
please get in touch.
Our PPI expert will check it for you for free.
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