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PPI: Got £3.5K+ Back But.....
Chased the credit card issuer for PPI and we got £3.5K+ back but...
basically we have to take it on trust that that is all there is.
Not complaining but just making the point.
There is no independent method of verifying how much is or was owed us, is there?
Any and all help appreciated.
Best wishes,
Jennifur
Comments
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The independent method is the FCA fining banks if they intentionally do it wrong. Given the amount they have paid out already trying to shave a few pounds off here and there simply isn't plausible
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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No, you don't have to take it on trust.jennifurroberts wrote: »basically we have to take it on trust that that is all there is.
You can check the PPI you paid by looking at the statements in your own archive.
If you don't have these anymore you can send the Bank a Subject Access Request (SAR) which will provide you with all details the Bank have on file for you. The Bank must comply with such a request.
You can also check the interest calculation independently by making yourself aware that the rate is 8% simple.
If you have definite reason to believe that the Bank are withholding monies due to you then you can refer your complaint to the Financial Ombudsman Service (FOS).
As already noted in the earlier reply, the Banks have every incentive to pay out PPI refunds correctly and there have been instances where those who have not have been fined heavily by the regulator.0 -
Can I ask... I have been offered from Natwest an amount but with no compensation - only the amount taken £198 back in 2001 and interest for a few years after when the card was closed. I am aware that there is also a claim of £998 for a loan at the same time. My husband has had compensation from Lloyds with his.
I can send to the ombudsman. I thought there was a formula that they all worked to.
Cgeers
Karyn0 -
Can I ask... I have been offered from Natwest an amount but with no compensation - only the amount taken £198 back in 2001 and interest for a few years after when the card was closed. I am aware that there is also a claim of £998 for a loan at the same time. My husband has had compensation from Lloyds with his.
I can send to the ombudsman. I thought there was a formula that they all worked to.
Cgeers
Karyn
The 8% interest is your compensationSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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