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Despite the ongoing scandal of PPI recently, a more serious issue came into light when it was found that victims have been under-compensated for the PPI policies that were mis-sold to them.

Studies have shown that PPI victims have been under compensated by approximately £1 billion. Initially, customers were offered PPI policies along with credit cards, insurance policies, etc. To be fair some financial institutions have compensated their customers fairly but others have not followed suit.

This issue came to light only when customers started realising that they were given a much smaller amount as part of their PPI settlement. Also, they were not kept in the loop while the final    calculations were being made. Thus, they had to bear the burden of additional charges and fees which they are not supposed to pay. This reduced the net amount that an individual victim would have received otherwise.

This would have continued to be overlooked if an experienced PPI service provider had not devoted their financial expertise. It is imperative for you to gain sufficient knowledge about the calculations that are carried out as part of your final compensation amount. Make sure that you are aware about the overall calculation procedure so that you acquire the actual amount that you are entitled to receive.

Many consumers were paid back compensation in the hundreds of pounds when the reality was that they were owed in the thousands.

Basically, keep in mind that the final amount included penalty charges on credit cards, total number of credit cards, net amount of paid charges and interest that they were bound to pay.

Another incident that opened the eyes of many victims was when the bank gave a victim PPI compensation worth £5,800 but this amount did not include additional charges and fees worth £600.  If these amounts were correctly included in the compensation amount, the claimant would possibly receive a final compensation totalling £13,000. Not factoring in these additional calculations when determining the final compensation amount has long been considered one of the biggest flaws in the entire reclaim process.

If you believe that you have been offered a lower amount, you should ask your bank to share their calculation details with you, so that you know how they arrived on the final figure. If the wrong amounts were used to make the calculations, then let your bank know about it so that they can put forward a revised offer letter.

Industry insider’s state that PPI claims refund has so far reached £ 22.4 billion, which easily makes PPI the United Kingdom’s largest mis-selling scam.

Therefore, while purchasing any policy from a financial institution make it a point to go through all the details and check whether it is one of the firms who heavily indulged in PPI mis-selling.

There are several CMC’s out there to provide you with accurate guidance so that you can reclaim the compensation you so rightfully deserve. These companies offer the right procedure so that you receive the amount that you are entitled to and with the correct approach.

As a complainant, you should have strong evidence with you that can prove all the payments you made were timely. If you have all the relevant documents, as a CMC we are ideally positioned to take your claim further and not just get you the compensation you deserve, but make sure that you receive the right amount of compensation that is owed to you.