How To Avoid Costly Mistakes With Your PPI Refund

The process of claiming back your money from mis-sold PPI is simple enough, but there are certain things it pays to be aware of.

Just a few weeks ago, the BBC reported that a staggering 2.5 million cases that have already been processed and signed off as completed are to be looked at again because of alleged short changing of people’s refunds.

In some cases, the victims were even worse off because, it is alleged, they had perfectly legitimate claims outright rejected.

It would be nice to think the main banks will play fair when it comes to refunding your money, assuming your payment protection insurance was mis-sold, but it appears that level of trust would be unwise right now.

Stay One Step Ahead

So what can you do to ensure your PPI claims are treated fairly and that you get back every penny you are owed? If you are asking have i got ppi?, there are companies that can answer that question for you.

Perhaps the simplest and easiest thing you can do is to get a reliable calculation of how much your bank likely owes you from mis-sold PPI before you submit your claims. There are a few options available to you for getting your refund figure, one of which is to use an online PPI calculator.

By having your data properly assessed, which will take into account your original loan amount along with the PPI amount, the term of the loan and the interest rate at the time of taking out the loan, you can get a decent idea of what you should expect to get back.

Comparing Your Offer With Your Calculation

When it comes time for your bank to make you a refund offer, you’ll then be able to compare your calculation with their refund offer and see how close they are to each other.

If your bank’s figure is close to the one you have, you can rest easy in the knowledge that you have a fair offer. If, on the other hand, the offer you receive from your bank is considerably lower than the calculation figure you have, you can challenge them on it and push for what you are actually owed.

Should your bank still refuse to refund what you really are owed, you can then take your case, along with your PPI calculation, to the Financial Ombudsman Service (FOS) for an independent appraisal, where you are quite likely to win your case and get back every penny you are owed.

The difference between what you are offered and what you should get back could be considerable, so getting a PPI calculation beforehand is a prudent move.

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