Epic win against bank

mp3duck · 25 Apr 2012 at 13:57

Just got of the phone to my bank, and found they have settled my claim for mis-sold PPI.

Got a cheque for £5,500 coming in the next few days!

Won't go into specifics, but my claim for was a genuine one, and not just me trying to cash in. (I tried to claim a few years ago, and was turned down)

Now to decide if I should treat myself to something, or save it all!

(in b4, cool story bro, best "I just got £5,500 to spend" thread ever etc etc)

George Hincapie · 25 Apr 2012 at 13:58

mp3duck said:
Won't go into specifics, but my claim for was a genuine one, and not just be trying to cash in. (I tried to claim a few years ago, and was turned down)

Uh-huh

d_brennen · 25 Apr 2012 at 14:00

Geeve it eeere, I'll invest it in some AAA grade investment vehicles, 12.25% PCM return with almost no risk*

*not 100% true

whitecrook · 25 Apr 2012 at 14:02

So what, it's your money anyway. You haven't gained anything.

mp3duck · 25 Apr 2012 at 14:02

d_brennen said:
Geeve it eeere, I'll invest it in some AAA grade investment vehicles, 12.25% PCM return with almost no risk*

Sounds like a great* investment opportunity!

*Might not be serious

mp3duck · 25 Apr 2012 at 14:03

whitecrook said:
So what, it's your money anyway. You haven't gained anything.

Well, technically I have, as I get 8% interest per year, (for about 8 years)
You don't get that rate in a bank

rhysduck · 25 Apr 2012 at 14:03

Give it to the wife.

zipp0r · 25 Apr 2012 at 14:07

how is it mis-sold? i have PPI since 2003, it costs about £2.50 a month. i dont really understand how i or other people can make a claim ???

mp3duck · 25 Apr 2012 at 14:07

rhysduck said:
Give it to the wife.

Don't have one of those (or a GF for that matter!)

the shadow · 25 Apr 2012 at 14:08

mp3duck said:
Don't have one of those (or a GF for that matter!)

You will when the Money comes thu

mp3duck · 25 Apr 2012 at 14:09

zipp0r said:
how is it mis-sold? i have PPI since 2003, it costs about £2.50 a month. i dont really understand how i or other people can make a claim ???

If you must know, I had a medical condition that was pre-existing, so I would not be able to claim if I had to take time off work for that reason in the future.
It was also made clear that it would help my application if I took the PPI (this is against FSA rules).

My PPI cost a lot more than £2.50 per month.

dowie · 25 Apr 2012 at 14:11

zipp0r said:
how is it mis-sold? i have PPI since 2003, it costs about £2.50 a month. i dont really understand how i or other people can make a claim ???

Banks were really pushing it not so long ago, at rather inflated rates and fairly restricted policies. Buying insurance from a provider at a reasonable price is one thing, paying an excessive amount for it because a salesperson at the bank has pressured you into it is a bit different. They were making quite big margins from it, sales people were getting decent commissions from selling it and the policies were generally quite restrictive.

muon · 25 Apr 2012 at 14:11

zipp0r said:
how is it mis-sold? i have PPI since 2003, it costs about £2.50 a month. i dont really understand how i or other people can make a claim ???

Some people aren't even eligible to claim and yet they were sold the product.

spudbynight · 25 Apr 2012 at 14:12

My wife was missold PPI by HSBC on a loan and a credit card. She was a freelancer and wasn't covered. She was also told that she had to take out PPI.

Lots of incidents like this.

LordSplodge · 25 Apr 2012 at 14:14

That's a lot of PPI you paid in the past.

Cosimo · 25 Apr 2012 at 14:15

the shadow said:
You will when the Money comes thu

Funny how they can sniff out money from just looking at you.

Delvis · 25 Apr 2012 at 14:15

whitecrook said:
So what, it's your money anyway. You haven't gained anything.

No different than a tax rebate mate...Either way, its welcomed money to some people

cHk4 · 25 Apr 2012 at 14:16

How are people mis sold? I keep debating doing this as I've had numerous loans and credit cards over the years and I'm sure on some of them they have said "Do you want insurance?" and I've just said yes.

Rameses · 25 Apr 2012 at 14:18

Spend it on only the essential things in life. Beer, women and a graphics card.

mp3duck · 25 Apr 2012 at 14:19

cHk4 said:
How are people mis sold? I keep debating doing this as I've had numerous loans and credit cards over the years and I'm sure on some of them they have said "Do you want insurance?" and I've just said yes.

They need to explain the T&C's to you etc etc.
And for some people, they say PPI has to be taken to get the loan.

This is a bit different to the bank loan charges a few years back, as the courts have ruled that banks did act incorrectly.