You found out that you were charged payment protection insurance, or PPI, on some of your loans so you submitted a claim. Don’t be surprised to find out that the bank may be guilty of underpaying you the amount that you are due.
The BBC discovered that some of the major banks and credit card companies have repaid only a portion of the claims ignoring any fees or extra charges that may have been added because of this insurance. The banks that have been found to underpay the PPI claims include Barclays, Capital One, Lloyds Banking Group, and MBNA.
While the banks stand by their claims that they did everything by the book it is believed that the group together still owes their customers around £1bn in uncollected charges and fees. Some customers have been advised by companies that specialize in submitting claims on their behalf that they should have received twice the amount than what they received. This could add up to a substantial amount, especially when some of these loans were being paid over a long period of time.
An example of fees that may have been incurred include putting a customer over the limit on their credit card because of the cost of the PPI. If an over-the-limit charge was added to the credit card because of this action it should also be returned to the customer.
The bad part of this scenario is that the banks are fully aware of the compensation that is due. Just as they drag their feet regarding addressing the claims in the first place, underpaying them just adds even more incompetence to the situation. They have been accused of worrying more about their bottom line than doing the right thing by their customers.
With all that is entailed in discovering if you have PPI on your accounts and then determining if you were mis-sold this coverage, it just wastes your time to not receive all the compensation that is due to you. One way that you can avoid this situation is to hire our firm. At iSmart we will make sure that you get every cent that you have coming to you.
Handling PPI claims is our business. We know exactly how to handle these claims as well as how to deal with the banks and financial institutions to ensure that you are not underpaid for your claim.