Insurance

Published on October 9th, 2014 | by Falcon

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Make Sure You Calculate Your PPI Refund!

The mis-selling of PPI was ongoing for so many years before the story broke into public awareness that it may well be easier to ask, Who hasn’t been affected by it? And just when you could be forgiven for thinking that things must be winding down now, the opposite appears to be the case.

The Financial Conduct Authority (FCA) has recently reported that 2.5 million cases are to be reopened because it has been found that many customers have been short-changed by their banks with their PPI refunds or, worse yet, have had legitimate claims outright rejected, leaving them out of pocket for a second time around.

While it’s impossible to say if any of these people had any idea how much money they should have been due in their PPI refund, the evidence suggests that many, if not all, simply trusted their bank to refund the correct amount. That shows how trusting people can be, even with the very organisation that mis-sold them a product in the first place.

Hindsight is always 20/20 and it’s easy to say now that these people should have used a PPI calculator to get an idea of what their true refund amount should have been. Having a good idea of how much you can expect to be refunded is an essential piece of information to have when claiming back money from mis-sold PPI.

When you know how much you should be refunded, you know if your bank has made a mistake if what they offer you differs from what you know you should be receiving.

If you have PPI that you think may have been mis-sold, you can use a PPI calculator online that will give you an idea of how much you are likely owed by your bank.

While the FCA and Financial Ombudsman Service (FOS) are doing all they can to make sure all victims of mis-sold PPI are being treated fairly with their claims, the reality is that they are quite literally swamped with cases that have been referred to them. This makes it easier than it should ever be for banks and lenders to continue short changing its victims.

If you were mis-sold PPI, you’ve already been duped once, so it’s important that you do everything you can to ensure you’re not duped a second time. Having an idea of how much you should be owed will put you in a position of power over your bank when it comes time to receive your refund.


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