PPI review - more money owed

funkyg

Hi guys,
Over the years I have had several credit cards and personal loan, all of which had PPI on them. In 2013 I reclaimed the PPI and considered the matter closed.


Last month Bank of Scotland wrote to me saying that they have reviewed my PPI claim and decided that they owed me more PPI on the BOS and Halifax credit cards that I'd had. A few weeks later I received a cheque. Happy days!


Last week I got a letter from Citi Financial, saying something very similar regarding the Associates card I had.


Has something happened in the banking world to make them all review their cases or have I just been lucky? Should I go to my other credit providers that paid me PPI and query the amount that was paid out?

dunstonh

Has something happened in the banking world to make them all review their cases or have I just been lucky?

A number of banks/providers were told to go back over old cases where the amounts may have been incorrect (such as comparative redress used incorrectly) or where the case may have been rejected incorrectly.

Should I go to my other credit providers that paid me PPI and query the amount that was paid out?

Not unless you think they were wrong.

robin-hood1

Redress methodology has recently been under scrutiny and many firms have been directed to recalc their offers. This has nothing to do with CR which would be a loan single premium issue. With cards where recirds are incomplete, over limit fees have been incurred or balances repaid in full, nearly all banks have been getting it wrong and not playing fair.
So if even you have previously had redress (especially if it was prior to mid 2014 which is when the problems mainly occurred), definitely contact you bank and ask for a full redress calculation to show for EACH month - Statement Balance, PPI paid, interest applied on the PPI and running total if PPI and interest. This formula is called PS 10/12 and is what the old FSA directed the banks to follow.
If you do not think the full calc reflects your ppi history then go to FOS.
However, by virtue of the fact that you ask for this detail, it is highly likely that the bank will offer any shortfall rather than flag up to FOS that they had short changed you!