09:31 29 April 2013
Many people are familiar with the recent Payment Protection Insurance (PPI) news, and the fact that many people were inadvertently charged for insurance they didn’t qualify to receive in the first place, or didn’t request.
There has been much discussion regarding the issues and many have filled out forms in an effort to receive a payment of the PPI they paid without being eligible to receive benefits.
In a similar story, banking entity Santander has admitted that it made a mistake in 2008 when it sent out letters regarding the interest rate they could charge, customers were unaware they could have changed companies without penalties within a certain amount of time.
Santander has already started the process of rectifying the issue, like the PPI solution, it has decided to contact applicable customers to inform them of the situation.
What can Santander customers expect from this situation?
Will there be required forms similar to the PPI situation?
Will you know how much, if anything, you might get back?
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