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£1Bn 'shortfall' In Ppi Compensation - New Boost To Gdp?

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http://www.bbc.co.uk/news/business-27679311

Some leading banks may have underpaid compensation certain customers are due for mis-sold Payment Protection Insurance, the BBC has learned.

One expert, commissioned by the BBC, estimates it could amount to "somewhere in the region of £1bn".

The customers potentially affected had PPI on credit cards issued by Lloyds Banking Group, Barclays, MBNA and Capital One.

All claim to make every effort to pay a correct amount of compensation.

The extent of the shortfall is difficult to assess.

The shortfall in compensation arises because, although these banks all refunded the premiums on their mis-sold PPI policies plus interest as regulators require, they have been failing correctly to refund additional charges which were triggered by the premiums of the mis-sold PPI policies.

PPI the gift that keeps on giving?

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I don't think I have taken PPI - but should I have a look? Maybe I can get some "compensation"!

Has anyone on HPC gone through the process?

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30 minutes ago, eek said:

I suspect that may not actually be PPI compensation claims but mis-sold packaged accounts. 

http://www.dailymail.co.uk/news/article-3857752/Banks-wrong-reject-thousands-complaints-customers-mis-sold-expensive-accounts.html

I spent from 2010 when I came here until early 2014 getting calls from Lloyds about 'private' (i.e. with fees) banking. My 'salary profile' triggered a prompt every month. It suddenly stopped, and not because I told them that it was a pain in the ar$e!

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34 minutes ago, 200p said:

I don't think I have taken PPI - but should I have a look? Maybe I can get some "compensation"!

Has anyone on HPC gone through the process?

For years I had a Lloyds account with a potentionally missold packaged account. The actual amount they "owe" me is possibly quite large - well into the £000s as £10-15 a month + interest rapidly adds up...

Edited by eek

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Genuine question.  What made you decide to go with a package account for a fixed amount every month?

 

asking because my bank, the nationwide keep trying to sell it to me and I look at the terms and just feel it is a waste of money 

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3 minutes ago, One-percent said:

Genuine question.  What made you decide to go with a package account for a fixed amount every month?

 

asking because my bank, the nationwide keep trying to sell it to me and I look at the terms and just feel it is a waste of money 

Because I was told it was required for the offset mortgage I was getting.

Turned out recently that it wasn't a requirement...

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Just now, eek said:

Because I was told it was required for the offset mortgage I was getting.

Turned out recently that it wasn't a requirement...

What someone in the financial sector told you porky pies?  I don't believe it. :lol:

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What - no one on HPC has EVER taken out PPI?

 

C'mon, when the broker recommends you have PPI, surely SOME of you have said yes, so you don't hurt their feelings?

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If you are too embarrassed, I can understand if you create a new HPC profile so you can tell us how the PPI claim went, and how much dosh you got back, Maybe you got like £5000? That would be Christmas 2016 well and truly sorted.

Edited by 200p

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