I've been Refunded on PPI even after claiming but they deducted the amount claimed.

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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pkbirdspkbirds Forumite
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
I took a loan out with my bank and they contacted me recently to say that I could be entitled to claim my PPI back.
I did not know that I had it until I upgraded my policy with the bank and the rep pointed it out to me.
I had made a claim on it as I was unable to work for a time.
I sent all of these details to the bank and they have just got back to me to say that I am entitled to make a claim as it was miss-sold despite the fact that I had made a claim.
However, the amount that they are offering to refund me is minus the amount of the previous successful claim that I made.
Surely if they are admitting that they miss-sold the PPI then they would have to refund the full amount despite paying out on a claim?
If anyone can shed any light on this for me I would be very grateful :T

Replies

  • [Deleted User][Deleted User] Forumite
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    pkbirds wrote: »
    Surely if they are admitting that they miss-sold the PPI then they would have to refund the full amount despite paying out on a claim?
    Since you've basically already received a refund (of sorts) by claiming on the (mis-sold) insurance, it's perfectly legitimate to subtract this amount from the redress awarded.
    You are not entitled to receive the money twice.
  • dunstonhdunstonh Forumite
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    Surely if they are admitting that they miss-sold the PPI then they would have to refund the full amount despite paying out on a claim?

    No. That would just be greedy & silly. Thankfully, the regulator caters for such thoughts and allows any claim paid out to be deducted from the redress payment.

    A number of people do get payouts where there has been a claim paid if the amount of the redress is low and falls under their auto payout floor limit.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • -taff-taff Forumite
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    No because if it was missold, as you say, it wouldn't have been bought. The you wouldn't have been able to use it to claim when you did.
  • roonaldoroonaldo Forumite
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    You benefited from it, but it was still found to be mis-sold so what they are doing is correct.

    If you want a full refund you should offer to repay the money you claimed off it.
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