Just when you may have been thinking the PPI scandal is starting to slow down, the opposite seems to be true. Millions of people were affected by the initial scandal and many of them have already completed their PPI claims. Or so they thought.
One of the latest stories to be added to the growing pile of PPI horror stories is that 2.5 million completed cases have now been called into question and are to be looked at again due to concerns that the claimants were treated unfairly the first time around.
When will the banks ever learn, and when will they ever be able to be trusted again?
We can’t answers those two questions, but we can offer you some guidance to help you avoid being duped by your bank a second time.
This article assumes you already know whether you have PPI or not; if you’re unsure, you’ll need to run a credit check on yourself. A credit check will show you every loan or credit agreement you’ve ever had, which will allow you to go through each one and look for any signs of PPI.
So with documents in hand, you know which policies have – or had – PPI, but how do you know if they were mis-sold? The first question you should ask yourself is ‘Do I recall PPI being mentioned at the point of sale?’ If you don’t recall it being mentioned, there’s a good chance you were mis-sold and are eligible to claim.
One common way of duping people into taking out payment protection insurance was simply to tag it onto the loan without your knowledge.
Once you feel confident your payment protection insurance was mis-sold, it’s time to put in your claim. But before you do that, it would be wise to get a good idea of how much your bank likely owes you.
Having a good idea of what your refund figure should be means you’ll know if the refund offer you receive from your bank is fair and accurate.
With 2.5 million completed claims already being called into question – while the whole scandal is still ongoing – it’s obvious that the banks still aren’t playing fair with people’s money.
The best way to find out what you should be refunded is to use a PPI Calculator, which will take all of your relevant details and give the refund figure you can expect to receive.
If your bank comes back with something considerably less than that, you know you should pursue them further because of the discrepancy between your figure and the one they are offering you.
Whatever you do, be sure to get your claims started so you can get back what is rightfully yours.