PPI – Are you sure you’ve reclaimed ALL of it?

Are you sure you’ve reclaimed ALL your PPI?

Experts believe consumers could be missing out on millions of pounds in PPI compensation even though they may have already submitted a successful claim.

Research by consumer champions Which? has revealed that some banks are still only investigating specific accounts named in claims and ignoring anything else.

⚠️ With the PPI Deadline less than a year away, now would be the perfect time to check!

Challenging

This is despite the Financial Conduct Authority (FCA) challenging the banks to make the reclaim process easier by checking ALL agreements with customers who complain about mis-selling to make sure PPI was not attached to an agreement the consumer may not know about or has forgotten.

Gladstone Brookes makes sure the lender is asked to investigate all agreements, but that has not been the case with millions of other claims made via other channels over the years.

Full policy history

Chiara Cavaglieri of Which? said some banks have improved the way they investigate claims, but others ‘don’t check a claimant’s full policy history, unless specifically asked to do so’.

He quoted an example of a 63-year-old lady from County Durham who had made a successful claim for mis-sold PPI on four policies.

But when she asked her bank to make a final check on all of her accounts they admitted PPI had been attached to 13 rollover loans and paid her an additional £12,784 compensation.

Mis-sold

PPI has been mis-sold on an epic scale over the past three decades and in many cases the consumer was aware the insurance was being attached to their agreement, but that wasn’t always the case.

It was often added without the customer’s knowledge by unscrupulous staff after the deal had been done.

Another mis-selling method was to add it to the first loan taken out, but then to add it to any subsequent top-up or rollover loans without asking the customer’s permission.

Unfairly denied

Said Chiara: “We are urging claimants to check they haven’t been unfairly denied compensation and to submit another claim for mis-sold PPI against all products if they’ve previously made a single-product claim – even if that claim was successful.”

Which? consumer rights editor, Eleanor Snow, added: “It’s disappointing that some banks are continuing to put the burden on customers.

Banks should be more proactive about compensating customers who contact them about PPI to ensure they receive the full payout they are entitled to.

“With the deadline to make a PPI claim fast approaching, we would encourage anyone who thinks they might have additional policies to make a general PPI claim, even if they’ve had a payout on one policy already, so they can be sure they’ve received all the compensation they are owed.”

Praised

Which? praised banks like Lloyds, Natwest and RBS for changing the way they investigate claims submitted to them, but their research found other lenders unwilling to change their processes.

Capital One, HSBC, First Direct, Marks & Spencer Bank and Santander all confirmed their assessment of mis-selling is limited to the products specified.

FCA admit £10 billion still to be paid on PPI

With just 10 weeks to go to the PPI claims deadline and as the total of compensation passes £35 billion, an FCA spokeswoman has admitted there is still £10 billion waiting to be paid out.

FCA admit £10 billion still to be paid on PPI

With just 10 weeks to go to the PPI claims deadline and as the total of compensation passes £35 billion, an FCA spokeswoman has admitted there is still £10 billion waiting to be paid out.

MPs brand GRG report a ‘whitewash’

A group of influential MPs has branded a report into the controversial GRG division of the Royal Bank Of Scotland (RBS) ‘another complete whitewash’.

MPs brand GRG report a ‘whitewash’

A group of influential MPs has branded a report into the controversial GRG division of the Royal Bank Of Scotland (RBS) ‘another complete whitewash’.

PPI News – Where will all the unclaimed money go?

The PPI claims deadline is now just weeks away with thousands of people still making new claims to beat the cut-off point of August 29th.

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