PPI Claims

[HEADPHONES]

Saw a report on these PPI claim companies.

Bunch of scamming pirates

 

Poor sod got them to claim on his behalf in the knowledge they get a 25% cut on his claim.

He'd been making monthly payments for a few years so was owed almost £3k.

The company arranged to cancel his policy and payments.

Claimed back his £3k then sent him an additional bill for about £6k

 

They figured their intervention saved him making payments for a further 20 years into the future saving him about £40 over the next 20yrs.

25% of that was about £10k

Minus the £3k they claimed back left poor sod owing over £9k

 

When the TV reporter complained on his behalf the PPI claim company kindly "wrote off" any money he owed them saying they'd just keep all his £3k payout and call it quits!

[Ricey]

Do it yourself mate......the banks are falling over themselves to sort this out. Money is already accounted for to complete the PPI redress and they're all desperately trying to placate the FSA so they don't make them drop their shorts and have their 'salad tossed'.

 

For once the bank should not try to diddle you.

[Terence Bower]

Done this myself through the template on Moneysavingexpert. It is so easy makes the "Specialist" solicitor companys look like crooks for charging around 20% for doing the same as you can. It will go through the Ombudsman,but they are on YOUR side. DO IT!

[Tarmac@TarmacSportz]

Yeah I've done it, we will see. I didn't have policy numbers but had account numbers. Nothing ventured nothing gained.

 

[Ekona]

So do you have any PPI cover? Was it independent or via a bank?

Both. I've had some via bank, some via independent. All times I read the small print and knew exactly what I was covered for and what I wasn't. Sometimes I took it, sometimes I didn't. I'm really not trying to sound all holier than thou or anything, I promise, but I cannot have any sympathy with people who sign things without reading it first.

 

Sorry

[spursmaddave]

I don't do it very often but I agree completely with Ekona on this one, I never took PPI on any loan I had as it added massively to the loan and I never stretched myself that much that if something happened I would have been screwed.

 

I don't look on it as I have missed out because anything paid back to you is only what you have overpaid in the first place, I am just glad I had the money then and not now as you could get a lot more then for your money than you ever will now

[Ricey]

So do you have any PPI cover? Was it independent or via a bank?

Both. I've had some via bank, some via independent. All times I read the small print and knew exactly what I was covered for and what I wasn't. Sometimes I took it, sometimes I didn't. I'm really not trying to sound all holier than thou or anything, I promise, but I cannot have any sympathy with people who sign things without reading it first.

 

Sorry

 

Never look a gift horse in the mouth but I totally agree....I have no sympathy with anyone who did take it.

[BulletMagnet]

Just my little input on this.

Spoke to my account manager about this and she told me it wouldn't hurt to make a claim as another client of hers made a claim for his PPI and a no point did he claim that it was mis sold to him, his main reason that he stated was that it seems that the bank in question was putting funds aside for this and he was going in on a "If you don't ask, you don't get" basis.

 

He was awarded £15K

[ioneabee]

I asked for the insurance - so didn't count it as "mis-sold", however, during the period I became partially self employed - this obviously meant I wouldn't get anything - I telephoned my bank - all done over the phone, no form filling - I got £4.5K back

I don't view it as a bonus - it was my money !!

[Ricey]

Bearing in mind the banks are also employing contractors at a day rate of about £200 to assess these claims........most are one IQ point away from being classified as 'mentally impaired' so the actual 'investigation' of your claim ends up being spurious at best and always falling on the side of the customer rather than caution.

 

Basically if you had PPI........your pretty much getting some money back.

[Sarnie]

I asked for the insurance - so didn't count it as "mis-sold", however, during the period I became partially self employed - this obviously meant I wouldn't get anything - I telephoned my bank - all done over the phone, no form filling - I got £4.5K back

I don't view it as a bonus - it was my money !!

 

This doesn't make sense to me.......

[ioneabee]

I rang them, gave them all info I could think of - they sent me a cheque 30 days later

 

I thought the self employment part was the bit that did it.....maybe not ?

[Sarnie]

I rang them, gave them all info I could think of - they sent me a cheque 30 days later

 

I thought the self employment part was the bit that did it.....maybe not ?

 

But why did they send you the cheque?

 

If you took the PPI out on the basis that you were employed and then you changed to Self employed, why would they refund your £4.5k?

[Ricey]

I rang them, gave them all info I could think of - they sent me a cheque 30 days later

 

I thought the self employment part was the bit that did it.....maybe not ?

 

But why did they send you the cheque?

 

If you took the PPI out on the basis that you were employed and then you changed to Self employed, why would they refund your £4.5k?

 

To be fair mate this is what I'm on about.........sold in good faith, probably didnt inform them of change in circumstances but ultimately its cheaper to write a cheque and kill the issue than it is to argue back and forth or risk FSA bumming for not completing the redress properly.

 

In a redress situation the FSA will obviously never punish you for over egging your redress......they will however stamp all over your knackers really, really hard if your seen to be misling the customer.

 

I reckon if the FSA had been around in the endowment mis-selling heyday the bill for banks would have been monsterous.

[Sarnie]

I rang them, gave them all info I could think of - they sent me a cheque 30 days later

 

I thought the self employment part was the bit that did it.....maybe not ?

 

But why did they send you the cheque?

 

If you took the PPI out on the basis that you were employed and then you changed to Self employed, why would they refund your £4.5k?

 

To be fair mate this is what I'm on about.........sold in good faith, probably didnt inform them of change in circumstances but ultimately its cheaper to write a cheque and kill the issue than it is to argue back and forth or risk FSA bumming for not completing the redress properly.

 

This is my point exactly.

 

I'm all for people getting their money back when they were mis-sold, but in this case he hasn't been. From the information given it seems that he changed to SE and kept paying the PPI. Then sent a letter stating that he had changed to SE and that the PPI he had paid for wouldn't have paid out because it was for an employed person......doesn't sound like the banks fault to me.

[ioneabee]

nope - I have to agree - probably wasn't their fault

but I was hardly going to look a gift horse in the mouth.

but saying that - if I'd had to claim - they wouldn't have paid out - its possible as well that the refund only covered the self-employed bit, because I certainly didn't get back the full amount paid in

[Sarnie]

nope - I have to agree - probably wasn't their fault

but I was hardly going to look a gift horse in the mouth.

but saying that - if I'd had to claim - they wouldn't have paid out - its possible as well that the refund only covered the self-employed bit, because I certainly didn't get back the full amount paid in

 

Of course they wouldn't pay out if your circumstances have changed and you've not informed them, why would they?

 

But then you think it's ok the claim back £4.5k of premiums that you paid even though you admit that you wasn't mis-sold and it wasn't their fault.

 

No wonder the country is on it's arse.

[ioneabee]

great comments !!

thanks for that - really appreciate the mud slinging - remind me to never criticise bankers or any other part of the financial institution.............because it wasn't their faults for the "mess" we're in of course

It was the general public, so stupid of me

[Ricey]

nope - I have to agree - probably wasn't their fault

but I was hardly going to look a gift horse in the mouth.

but saying that - if I'd had to claim - they wouldn't have paid out - its possible as well that the refund only covered the self-employed bit, because I certainly didn't get back the full amount paid in

 

Of course they wouldn't pay out if your circumstances have changed and you've not informed them, why would they?

 

But then you think it's ok the claim back £4.5k of premiums that you paid even though you admit that you wasn't mis-sold and it wasn't their fault.

 

No wonder the country is on it's arse.

 

In theory I kind of agree but when put into practice are you going to be the one person to take a stand.........its a bit like claiming for whiplash and getting a couple of grand when ultimately you had a teeny bit of a sore neck - you wouldn't turn round the insurer and say 'actually I reckon it was only a couple of hundred quid of pain I suffered'.

 

Again I work for a bank and as much as I disagree with 'its all the banks fault' bollocks Ive got to say they don't make anything better by slatting cash all over the place to remediate people for pain they haven't actually suffered! Who's going to turn free cash down!

[Sarnie]

nope - I have to agree - probably wasn't their fault

but I was hardly going to look a gift horse in the mouth.

but saying that - if I'd had to claim - they wouldn't have paid out - its possible as well that the refund only covered the self-employed bit, because I certainly didn't get back the full amount paid in

 

Of course they wouldn't pay out if your circumstances have changed and you've not informed them, why would they?

 

But then you think it's ok the claim back £4.5k of premiums that you paid even though you admit that you wasn't mis-sold and it wasn't their fault.

 

No wonder the country is on it's arse.

 

In theory I kind of agree but when put into practice are you going to be the one person to take a stand.........its a bit like claiming for whiplash and getting a couple of grand when ultimately you had a teeny bit of a sore neck - you wouldn't turn round the insurer and say 'actually I reckon it was only a couple of hundred quid of pain I suffered'.

 

Again I work for a bank and as much as I disagree with 'its all the banks fault' bollocks Ive got to say they don't make anything better by slatting cash all over the place to remediate people for pain they haven't actually suffered! Who's going to turn free cash down!

 

I did. When someone drove in to my Lambo from behind I was asked if I wanted to make a PI claim for whiplash on at least 20 occasions. I declined everytime as I didn't actually have whiplash and therefore did not want to abuse the system based on a fraudulent claim.

[Sarnie]

great comments !!

thanks for that - really appreciate the mud slinging - remind me to never criticise bankers or any other part of the financial institution.............because it wasn't their faults for the "mess" we're in of course

It was the general public, so stupid of me

 

You, as the general public, have freely admitted that you claimed back money that you wasn't due. Extend this across a whole country of people claiming money they also aren't due then there is your problem. A system that allows the general public to abuse it.

 

So yes, the general public are also culpable for the mess we are in.

[BulletMagnet]

Yes and the flipside is when bankers pay themselves big fat bonuses from profits made from money of customers.