Banks Demanding PPI Money Back

Would you believe it…years after giving customers PPI payouts, some banks are now demanding they give the cash back.

You’ve no doubt heard about the big PPI scandal that went on for years, where all of the high street banks basically stole money from innocent people but were then ordered to pay it back. How much exactly? So far it has been around £25 billion many experts say, although it could be more.

Well, it now seems that some of these banks want to get their money back from customers, because wait for it…they calculated the compensation wrongly and gave them too much money.

So let’s get this right. Firstly, the banks stole money from innocent people, and then secondly, they got the calculation wrong.

As far as I’m concerned this is all their own fault and people should not have to pay back a penny, because at the end of the day if the banks never took PPI money unlawfully in the first place, then none of this would ever happened.

This isn’t small change the banks are demanding either. In some cases it is believed customers are getting letters demanding up to £15,000, even though it has been two, three, and even four years since the compensation was handed out.

It doesn’t matter who you are…when you get compensation for money that was stole from you, then it gets spent, and you never contemplate the fact they might start demanding some of it back years later.

Most people spend that PPI money on a holiday, new car or to use it to start a new business. It doesn’t get put in a savings account with the intention of leaving it there for 10 years “just in case.”

I really don’t think the banks have any kind of legal ground on this one, and although they might be trying to get some of the money back, if the customer doesn’t want to give it back then I don’t see what can be done.

It’s kind of like someone stealing £5 from your pocket on the street, and then get caught by the Police and are ordered to give you the money back. Instead of giving you £5 they get it wrong and give you £10, then 4 years later remember it was actually only £5 they stole from you and now they want £5 back.

This is essentially what many of the banks are doing right now. You couldn’t make it up.

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