Barclays PPI unexpected refund

skegster

Hi all

I received a text from Barclays last week saying I would receive a PPI refund within 10 days. I passed this off as some sort of spam after I spoke to Barclays and the telephone banking assistant said the number wasn't a barclays number and to ignore it.

Well today I received a cheque for £1731.82. Which obviously i'm thrilled about.

The reason they have sent this is because they only paid me £512.31 in 2013 when I made a PPI claim but they have now realised that they calculated it incorrectly and it should have been £2244.13, so hence the cheque I just received.

Do I have any grounds for compensation in addition to this refund?

Thanks for reading.

Nasqueron

skegster wrote: »

Hi all

I received a text from Barclays last week saying I would receive a PPI refund within 10 days. I passed this off as some sort of spam after I spoke to Barclays and the telephone banking assistant said the number wasn't a barclays number and to ignore it.

Well today I received a cheque for £1731.82. Which obviously i'm thrilled about.

The reason they have sent this is because they only paid me £512.31 in 2013 when I made a PPI claim but they have now realised that they calculated it incorrectly and it should have been £2244.13, so hence the cheque I just received.

Do I have any grounds for compensation in addition to this refund?

Thanks for reading.

No

The 8% interest on the refund is your compensation, that's how the refund process was intended. Someone made an error on your original calculation, now they fixed it. You've got £1700 odd more than you were expecting, don't look a gift horse in the mouth

skegster

Nasqueron wrote: »

No

The 8% interest on the refund is your compensation, that's how the refund process was intended. Someone made an error on your original calculation, now they fixed it. You've got £1700 odd more than you were expecting, don't look a gift horse in the mouth

I fully understand that and I am more than grateful for what I just received. The reason I asked is because I had companies calling me telling me I was due some PPI back and I told them i'd received a text telling me I was due to get a refund and two different companies told me to ask for more than I would get as the banks usually give you less than you are due.

But I appreciate your reply and thank you

Nasqueron

skegster wrote: »

I fully understand that and I am more than grateful for what I just received. The reason I asked is because I had companies calling me telling me I was due some PPI back and I told them i'd received a text telling me I was due to get a refund and two different companies told me to ask for more than I would get as the banks usually give you less than you are due.

But I appreciate your reply and thank you

And now you see why claims companies are leeches, they are telling you outright lies to try and hook you in. The refund process is defined, banks have to pay back the PPI premiums, any associated interest and the 8% interest on top, they never hold money back, though they may find an error in a calculation which results in an extra payment (I believe sometimes they overpay initially as well but don't normally come after you)

skegster

Nasqueron wrote: »

And now you see why claims companies are leeches, they are telling you outright lies to try and hook you in. The refund process is defined, banks have to pay back the PPI premiums, any associated interest and the 8% interest on top, they never hold money back, though they may find an error in a calculation which results in an extra payment (I believe sometimes they overpay initially as well but don't normally come after you)

Thank you! It's all new to me. All the best