Interest Rate Refunds – Banks Under Pressure Again
Ever since the PPI mis-selling scandal banks have been under pressure to compensate customers who have found themselves out of pocket due to error or malpractice. PPI has become a costly business for the banks, with billions being repaid to customers who had been sold an unsuitable product.
Now the banks are under pressure again for breaching the rules, this time for wrongfully charging interest on personal loans due to vital information not being included when issuing arrears notices or loan statements.
