The payment protection insurance was initially a very useful product that would ensure loan repayments in case the borrower would become unemployed or unable to carry on paying the bank. However, banks took advantage and sold PPI policies to pretty much anyone, without even making them aware of it.
As if this wasn’t bad enough to start with, banks failed to repay the entire amounts they owed to customers. People who applied for PPI refunds eventually got less because of the so-called alternative redress. This unfair scheme was uncovered by the UK media.
What is the alternative redress?
This has represented a measure taken by banks to save millions of what they were supposed to give out to customers. RBS, Barclays and Lloyds all did the same. It is about an assumption that, in certain circumstances, clients opted for a PPI with regular premiums instead of a single premium one. This would be because the cost of a single premium policy is higher. Therefore, banks refunded only the amount that would make for the regular premium PPI, keeping to themselves what remained.
How to claim a full PPI policy in spite of the alternative redress
There is no way around it but to contact the responsible bank once again. The PPI victim needs to find out if there was anything retained from the amount of money they were supposed to receive. A new revision of the involved documentation would be in order.
It is always recommended to have at least a rough calculation made. Each customer should be aware of what they are entitled to get back. Pages like freeppicalculator.co.uk/ppi-claim-form offer a free calculator for PPI policy costs. By entering the required data, you describe your particular case to the system and, in turn, it tells you how much money your bank should repay. Thus, you can easily figure out whether you got the whole amount or you were the victim of a second trick, the alternative redress.
Banks had absolutely no right to retain part of the sum they owed. If you already discovered a PPI misgiving case, then you know for sure that you are entitled to receiving money back. Nothing should stop you from going all the way and obtain everything to the last coin. Remember that the Ombudsman is there to offer its efficient helping hand when you feel like you’re not reaching a resolution.
Milton Ferrara is a professional blogger and writer with an experience of half a decade. Known for his amazing take on conventional matters and his boldness for writing new fresh content, he has a strong presence on the web.
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