Archive for tag: HUGE PPI Compensation Claims!
The customer in question, a self-employed businesswoman, claimed back £65,000 in compensation, a windfall of cash even she was not expecting! Realising she would never have a claim under the PPI policy as she was self-employed, she made a claim to get her money back. But why was the amount so large?
The customer had two credit cards, one which she had taken out many years ago and another 'younger' account. In fact, her credit cards records on one card showed PPI payments dating back to 1996.
PPI on some credit cards were calculated on a monthly basis as a % of the total amount outstanding. Looking at the customer's accounts, at times her credit cards were at their credit limit (occasionally, over the limit too) and so the PPI premium that was added at these times were large. Some PPI premiums per month on her accounts added anything from £60 to £90. Add this up over many years and what you get is a substantial amount to be returned.
And finally, the other factor that bumped the amount of PPI compensation this customer was entitled to, was the addition of compound interest, a method of calculating and applying interest to the amount outstanding. This added a significant amount, with interest charged as much as 29% at times.
And so what is the moral of this story?
You simply MUST check ALL your accounts for this insurance product that was mis-sold to hundreds and thousands of customers, with many thousands of customers here in Scotland entitled to make a claim to get THEIR money back.
Payment Protection Scotland can help! With a high success rate and one fixed fee, if you need professional help to claim back your money, we are the company to call; with the 'average' pay-out being £2,750 you have everything to gain and nothing to lose!