What is a reasonable amount of compensation for mis-sold PPI insurance?
February 1, 2014 2:00 PM Subscribe
I've been made on offer by my bank before my PPI claim has been fully processed by the FSO. Is £350 reasonable?
posted by Musashi Daryl to Work & Money (5 answers total) 1 user marked this as a favorite
I've been led to believe by most of the PPI claim company adverts that it's possible to get £3000 in compensation for mis-sold PPI. I was missold PPI by HSBC in 2006. I made a claim to the bank who wrote back to advise that I was not eligible for compensation.
I then reported the matter to the Financial Services Ombudsman, who told me that I had indeed been mis-sold PPI and that I was eligible for compensation. A few weeks ago I got a letter from HSBC offering me approx. £350 which is apparently the amount of the premiums I paid plus interest.
I hope this doesn't seem greedy but as the loan eventually turned bad due to unforseeable circumstances, which didn't prevent the back claiming all of the money back from me, I would actually like the maximum amount of compensation. (I got slightly behind with payments; when the matter was turned over to a credit recovery company, I never missed a single repayment.) I've called the FSO to ask if the amount of compensation offered is reasonable, but they said it's not really in their remit to say.
Could someone with experience of PPI claims advise if I would be able to get more compensation (ideally, I'd like £3000 not £350) if I turned down the bank's offer?
Thanks for any advice.