Is this the smallest ever PPI payout?
Here at MSE we've been banging on about PPI reclaiming for years – and with good reason. After a massive number of policies were mis-sold, an estimated £34 BILLION has been paid out so far. But while some MoneySavers have reclaimed £1,000s or even £10,000s, it's not all about the big money...
A couple of weeks ago one MoneySaver got in touch with a success story with a twist. Sarah told us she'd received notification that she was owed money back after taking out a PPI policy with her mortgage in 2001 – and the payout was for the princely sum of 34p.
The PPI complaints team at Nationwide that dealt with Sarah's complaint told her it didn't agree the policy had been mis-sold, but she was awarded the payout due to the non-disclosure of commission (see more on this so-called 'Plevin' rule in our Reclaim PPI guide).
Here's part of the letter Sarah received about her claim:
Sarah thinks the payout was so small because she ended up cancelling her PPI policy after three months – but reckons her award might just qualify as the smallest PPI payout ever. (It's certainly the smallest we can remember, though a Google search throws up a 2015 article in which a journalist writes about being paid just 3p.)
Sarah said: "I claimed back on my mortgage and got the grand sum of 34p. Not a joke.
"I must admit I didn't actually pay for insurance for more than three months before I cancelled it as I was aware I didn't really need it."
While Sarah's PPI success is some way off the largest we've seen (in 2017 we heard from a couple in Devon who got a whopping £153,000 back), as MoneySavers always tell us, every penny counts. See how to check if you're owed in our PPI Reclaim guide, then let us know if you've had a low payout that can beat Sarah's in the comments below or by emailing news@moneysavingexpert.com.
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