Is this the smallest ever PPI payout?

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Former_MSE_Callum
Former_MSE_Callum Posts: 696 Forumite
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edited 11 March 2019 at 5:14PM in Reclaim PPI & other insurance
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  • dunstonh
    dunstonh Posts: 116,373 Forumite
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    34p is not the lowest. Nil is.

    We have seen multiple posts on the board from people that have said they had their complaints upheld but were getting zero payout as they never paid any premiums.

    I was once aware of an endowment complaint that had 27 pence paid out. The company didnt think it was missold but upheld it anyway as it was cheaper for them to do that as it would avoid a FOS fee if the person went to the FOS.
    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.
  • Bermonia
    Bermonia Posts: 977 Forumite
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    As Dunst correctly points out many complaints have been upheld with no redress offered either due to no payments made towards policy or claims exceeding premiums paid.

    That said there are a number of store cards that were in essence used for one off purchase to get the introductory discounts - these often pay out around 4p or so.
  • passatrider
    passatrider Posts: 838 Forumite
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    My PPI payout was a cheque for 3.90 in December 2018 ��
  • Gettingtherequickly
    Gettingtherequickly Posts: 4,680 Forumite
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    A friend of mine wasn't sure if she had any, got a letter to say there was 11p, needless to say, she didn't bother with it so was amused to find it had been credited to her bank!
    A smile costs little but creates much :)
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    passatrider wrote: »
    My PPI payout was a cheque for 3.90 in December 2018
    Did you have it framed and mounted? I would have. :D
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