In what could be said as one of the most humorous perspectives on mis sold PPI, a Lloyds consumer received a cheque for just three pennies. He is also told he owes the HMRC £0.015 pence tax for his payout.
Birmingham Mail journalist Bob Haywood writes that he did not expect to make a fortune but honestly thought he might receive at least £100 or £20. He said he did not intend to reclaim mis sold PPI in the first place.
Haywood writes that his zero balance credit card only debited PPI repayments if it had gone through negative, meaning it had turned into a ‘real’ credit card.
His ordeal showed that people may just want to ‘jump on the bandwagon’ to reclaim high payouts they possibly didn’t know about. He pointed out in his post that £28,000 was the biggest payout he had seen.
Banks, like claims management companies, call on consumers to make a claim for their insurance payout as mandated by the UK Supreme Court. However, in many instances, some who were mis sold PPI face a similar predicament where they are paid only a meagre amount due to circumstances beyond their control.
Meanwhile £26 billion is the total amount of PPI recompense banks owe their consumers.