Could your PPI case be one of the 2.5 million cases being re-considered?
It seems there is yet another twist in the tale of mis-sold PPI; are you one of those customers that it affects?
Payment protection insurance (PPI) is a product that is now infamous. However, it is not so much the product itself but the way in which it was sold. Thousands of customers were told that PPI was either compulsory (or it was implied that it was), they had a better chance of securing the loan etc. if they took the policy out or, as in some cases, they were not even made aware they had purchased it.
When all this was uncovered, no one really realised how deep rooted and long running a compensation process it would be… until now. And, just when you think that nothing more could happen, it seems that the PPI saga has another twist…
Some people have already been compensated… but may be entitled to more!
It seems that the banks, in desperation to hold on to some of the gargantuan profits, have been short changing their customers, AGAIN.
Along with the Financial Conduct Authority (FCA), the Financial Ombudsman Service (FOS) has predicted that there are 2.5 million ‘resolved’ PPI compensation claimed cases that are entitled to be looked at again. And it is telling banks to do so… and set the record straight once and for all.
The re-opening of cases: on what grounds?
There are two grounds on which these resolved cases are being looked at again, and YOURS could be one of them!
- Unfairly rejected
- Compensated too little
FOS is now saying that even though the number of new cases being referred to them is now on average 4,000 cases a week (down a third on its peak in 2012), the cases it is dealing with are now far more complex but, it has also noticed these two trends in recent months too – and wants them to stop.
It seems that banks are still rejecting claims from customers who have a legitimate claim to PPI compensation but, the effort needed to resolve them and deal with them is now far more involved and complex. But, FOS say, this is not reason to reject them.
There have also been some well publicised cases recently in which people were not compensated the full amount; banks have been forgetting the fees and costs that PPI added to accounts and which the customer had been paying.
The basis of any compensation process, including PPI, is to the place the customer back in to the financial position they would have been in had they not ‘bought’ or had the product sold to them in the first place.
It seems that some banks have not been following this and your case could be one of the 2.5 million that needs to be looked at again. And Payment Protection Scotland can help!