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News

Businesswoman Awarded £65,000 in PPI Compensation

A credit card company has been forced to pay out almost £65,000 in compensation to a businesswoman in Hertfordshire, after mis-selling her payment protection insurance (PPI)

She had been paying for PPI on one of her credit cards since 1996 and another since 2001. However, she would not have been able to make a legitimate claim on either policy, as she is self-employed.

PPI policies are designed to cover credit re-payments in the unforeseen event of illness or redundancy; they specifically do not cover any self-employed persons.

The company director first realised she may be entitled to make a claim for mis-sold PPI after reading several news articles about it. She complained to the credit card company directly, but had to resort to escalating the matter to the Financial Ombudsman Service (FOS) as the credit company refused to progress her complaint. The company finally relented in June and sent her a cheque.

It pays to persevere

Marc Gander, of the Consumer Action Group, says banks will often claim they have no customer records further than 6 years back, when faced with PPI claims. However, he says this latest case proves this isn’t always true and that people shouldn’t take ‘no’ for an answer.

Why so much?

There are three factors that have made up this particularly large compensation pay-out. Firstly, the compensation covers her payments from 1996 when the first PP policy was sold. Secondly, at times she had used her card to its limit and the PPI premiums were a percentage of the outstanding balance, Thirdly, she has been awarded interest at the high compound rate she would have been charged for borrowing on the card itself – at times this reached 29%

Other big payouts

In March a man from Essex was awarded £82,300 for mis-sold PPI policies on two Barclaycards. However, the record pay-out to date was to a woman from Yorkshire who received a massive £142,000 for two mis-sold policies she had been paying since the early 1990’s.

It’s estimated that there is still more than £5million-worth of compensation that remains to be claimed by those affected.

Posted by Joanne Price on 13 Jul 2012

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