Why “up to” £7,000 PPI compensation is nonsense.

£7,000 nonsense

Perhaps we’ve watched a bit too much daytime telly on our week off, but that ad – you know the one – with the feller asking why you haven’t got it “sorted it out” yet.  Then he says that you could be owed up to £7,000. It’s nonsense and it’s annoying that this sort of misleading guff is still going on.

First of all, we should all know by now to watch out for those two little words  – up to.  They’re the ones in one inch high letters in front of the six foot tall sign saying “50% SALE!”.

Actually here, that’s the truthful bit of this advert.  Your PPI compensation could be “up to” £7,000  – that is, it might be nothing or anything in between as well.

But the misleading part is that the £7,000 figure is meaningsless.  Your compensation could be higher – much higher.  It seems to be a random number plucked out of thin air – it’s certainly not correct.  Compensation could be in the tens of thousands.  That’s not us trying to big it up – it’s just a fact.

What you could get back depends on what you paid in PPI in the first place as well as how long ago it was.  If a mis-selling complaint is successful, you get back all of what you paid plus an charges you had to pay because of it and any interest you paid on it at the time or interest as though you’d had it in a very good savings account ever since.

PPI claims companies have a horrible history of trying to confuse and tempt consumers.  If you’d prefer to deal with a company who will tell you the facts and handle your claims in a straightforward manner with good service, give us a try.  We’re still cheaper than that lot as well!