12 June 2017
With the mis selling of Payment Protection Insurance (PPI) on loans, credit cards, mortgages and other financial products, it is pleasant to read heart-warming stories of customers claiming back every penny of compensation owed to them.
Could this Story be a Mirror to Your PPI Compensation Claim?
In July 2012, Helen (*not her real name) claimed back £65,000 from a well-known credit card company.
She had two credit cards with the company. One card dated back to 1996 and the second she took out in 2001.
Helen is a self-employed company director. This meant she would not have been able to make a legitimate claim on the PPI policy, as loss of earnings when self-employed is not covered (Does this apply to you? Call our team NOW!).
Why Was Helen Able to Claim Back So Much?
There were 3 main reasons why Helen claimed back so much cash, and there are valuable lessons for us all when making a PPI claim;
When all the calculations were done, Helen received a hefty PPI compensation settlement. Other success stories are of a customer claiming back £82,000 from two Barclaycard credit card accounts and another customer claiming just short of £50,000 from other credit card firms.
These may seem like unimaginable figures to us but they can and do happen. PPI was added to some people's accounts without them knowing. In Helen's case, PPI was automatically added to the second credit card account, without her consent.
By making PPI compensation claims, we understand that there are some pitfalls that customers can fall into. For example, most banks and lenders claim they don't keep financial records going back more than 6 years, but with persistence and help from her solicitor, Helen's credit card account records magically appeared.
It is worth looking into whether you have a PPI compensation claim - the average compensation pay-out is between £2,500 and £4,000. But, if like Helen, you had credit cards, loans or mortgages accounts for some years you may find that you are entitled to a considerable amount.
The record PPI pay out in the UK is £142,000. So check your documentation and statements carefully - you could be entitled to claim!