Received PPI compensation? You could have been underpaid.
Did you go through all the procedures necessary to find out whether or not you were mis-sold PPI? And did you end up with compensation from your bank? Well it seems that some leading banks are STILL underpaying compensation to certain customers.
BBC News has reported that customers who have been potentially affected had PPI on credit cards issued by Lloyds Banking Group, Barclays, MBNA and Capital One.
The news site reports: ‘The shortfall in compensation arises because, although these banks all refunded the premiums on their mis-sold PPI policies plus interest as regulators require, they have been failing correctly to refund additional charges which were triggered by the premiums of the mis-sold PPI policies. Some of those premiums put people over their borrowing limits, meaning they were then charged an additional fee. This failure to include fees and charges in compensation calculations has resulted in dramatic reductions to the amounts some customers have received.”
If you have received PPI compensation in the last five years then you may be one of thousands who has under received. It is now being argued that if there are penalty fees or charges that arise from the mis-sale of the original PPI then they should be refunded.
It is difficult to establish how much compensation the banks concerned have so far avoided paying their customers, since only they have access to the detailed records required for an accurate assessment, however the BBC revealed that the Financial Ombudsman Service has recently instructed Capital One to recalculate two of its cases which doesn’t sound too promising.
If you have received a PPI reclaim but want to ensure that you have received the full amount, make sure you head over to my PPI comparison page and fill in your details, we will do the rest for you.
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CLICK HERE to read about the new deadline set for PPI claims.