The Payment Protection Insurance (PPI) scandal seems like it’ll never end. The statistics on this scandal are staggering, with well over 16 million policies being considered to be mis-sold since 2005. Major banks and lenders have tried to keep up with the repayments, but there’s room for error. Indeed, the BBC is now reporting that banks may still owe their customers due to one big error: monthly charges, fees, and interest rate increases due to over the limit fees caused by PPI charges. There are other assorted fees that could have been triggered by PPI, which means that the banks are in for another round of trouble.
Could this bring you surprise cash? Maybe. The Financial Ombudsman Service is being conservative on the topic, saying that customers should bring concerns directly to the FOS rather than just speculating. The office will respond as quickly as possible, but the rise in complaints mean that it may take a while before you get any straight answer on the matter.
Some claims go back decades, with customers reporting that they were mis-sold policies that they held onto for several years. If you add in products like mortgage protection, then the PPI costs may be even higher than expected.
Barclays, Lloyds Banking Group, MBNA, and Capital One have many customers concerned, but the big banks are being very cautious of what they disclose to the public. Indeed, at this time no one bank has disclosed fully how they are calculating the PPI repayments, including these monthly charge claims.
This is why concerned and interested customers should consider going with a PPI claims solicitor that can help them get the money they deserve. Sure, you can do it on your own, but do you really want to play the waiting game? In our opinion, the banks will give people the run around for as long as they can, because it means that they aren’t going to have to pay out. But if you get a solicitor on the case, they know that you mean business. Try to find all of your original documentation, which can help speed up your case. If you decide to go to the FOS, you will need to supply as much information as you possibly can, including how much PPI cash that you have already received.
This new information could bring you a lot more money, or it might not apply to you. But if you don’t look into it, you’ll never know.