Do banks get prizes for giving away PPI compensation?
Now I've never had PPI on loans or credit cards - I've always known it was a complete scam and always rejected it. And I'm not into loans or paying interest much anyway - certainly not since I grew up. But clearing out some old boxes of papers - research for a biography of the last Emir of Bokhara that I'll never write, some A-grade Master's degree essays and the like - I came across the faded handwritten carbons of a loan agreement with my bank from 1988, for not a very large sum. And guess what? It included PPI. Certainly the last and only time I'd ever had it. Well, Limitation Act and all that - simple contracts only actionable for six years etc. - I almost chucked them on the shredding pile, but some mischievous perversity tempted me to put a claim in.
That was ten days ago. I've just had a letter upholding my claim and paying out £2,800 - most of it simple interest at 8% a year from 1988. And what's more, the tone of the thing is proud and happy, as though they're delighted to be able to give the bank's money away so easily.