Many customers who were mis-sold PPI weren’t even aware that they bought it. Can we really trust our banks after all this?
It’s a fact that, since 2010, there hasn’t been any Payment Protection Insurance (PPI) policies mis-sold. The banks and finance companies had to clean up their act in 2011 after losing the case about the mis-selling of PPI. This meant coughing up billions of pounds in the UK’s biggest financial mis-selling scandal. To-date, the banks have paid back nearly £29 billion to consumers.
With a year-and-a-half left before the PPI deadline, it’s likely that the figure will reach well over £30 billion. We hope that after this huge scandal, the banks will have learnt their lesson. But, even now, we’ve seen banks giving out the wrong information to those making PPI claims. So, is your bank telling you the truth?
How Was PPI Mis-Sold to Customers?
It’s our experience as a reputable PPI claims company that most people are not even aware that they had a PPI policy. This is because some banks and lenders told customers that it was mandatory with their product such as a credit card or loan. In the worst cases, the insurance was added to products without the customer’s knowledge.
In addition to this, not many people hold paperwork for more than a few years. With some policies being sold as far back as the early 1990s, the onus is on the banks to provide the information about whether their customer had been sold PPI in the past.
Can We Trust The Banks?
In most instances, this information is provided once a Subject Access Request (SAR) is sent to the bank. But, there are instances where we have found that the information provided by the bank is not necessarily correct.
For example, the bank may have said that there was no PPI sold, but then the client has produced proof to the contrary. Or, the bank has calculated a refund of premiums based on their records which turned out to be incorrect, often falling short of what should be paid back.
We’re aren’t the first claims management company to notice that some providers may not be 100% honest. A BBC investigation discovered that the amount of money that some consumers received was wildly different from others, calling it “a bit of a lottery”.
With no independent body overseeing and verifying the PPI information provided by the banks, there is no telling the scale of the problem. Claims management companies would be able to supply such statistics as they deal with numerous claims and can gather the data. Whether this would ever result in a review of data supplied is yet to be seen, but it seems unlikely as the 29th August 2019 deadline for PPI claims looms.
Use our PPI Calculator to Estimate How Much you Could be Owed
No matter what the banks say, we want to make sure that you get as much money back from the banks that you deserve and are rightly owed.
If you’re keen to know just how much you could be owed from starting a PPI claim today, you can find out using our PPI calculator. Although it won’t be able to calculate the exact amount you’re due from the bank, it can offer a rough estimation.
The only way to find out how exactly much money will be in your pocket is to start your PPI claim today, before it’s too late.
Don’t put off making your PPI claim any longer. Canary Claims offers one of the lowest fees of only 15% + VAT (18% total) and a no win, no fee policy. Contact us today to discover if you were mis-sold PPI.