PPI Claiming
- Thread starter stoofa
- Start date
Caporegime
New house deposit !
If it is I have just deposited the wind up in the bank, why Barclays feel the need to issue a cheque rather than a bank transfer is puzzling to put it mildly.
Don't need or want a new house. Been where I am for 30 years and will do for the remainder of my life.
Caporegime
Don't have a car and really do not need one to be honest, in fact I have not owned a car for about 30 years.Delay a few days, hoping you might lose it
Then get a new car, or get me a new car?
Caporegime
Caporegime
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- 30 Jul 2013
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Aren't the PPI claims for silly amounts are generally for those who were really reckless with debt, back in the day?
Which is a bit of a kick in the teeth. I paid my Barclaycard off religiously every month and got £1000 PPI back.
Which is a bit of a kick in the teeth. I paid my Barclaycard off religiously every month and got £1000 PPI back.
That was my understanding. Huge payouts usually mean there was huge debts in the first place
Associate
I bet quite a few of these PPI claims are just from Bank loans, hows that reckless.
In my partners case that was certainly true. But we should also remember that the is a simple interest of 8 per cent a year payable an that can work out as big bucks over a 20-25 year period in fact on my partners last payout the interest amounted to nearly 5 times what she had paid originally.
Wrong, both of you are so wrong, so many odd clueless people on these forums.
care to enlighten me then please.......So I can be more accurate in my future posts.
Caporegime
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- 30 Jul 2013
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- 28,907
We're so wrong that Kronos confirmed that was the case for his partner who got the huge cheque....
PPI payments were linked with the amount of debt you had at the time. The more the debt, the larger the PPI payment, the larger the PPI claim.
So the more debt you had, for longer, whilst paying PPI, means the larger the payout.
I think any PPI claim is a good sign that someone was reckless/naive back in the day, but yeah the massive ones are a bit worrying... I'm not claiming to be someone who rigorously checks all my outgoings in detail each month but if I was spending that much on "insurance" I think I'd want to shop around or perhaps question whether it was really worthwhile.
Indeed, unfortunately its now fine to claim even if you did know about it.Good to see banks paying people who clearly can't read or understand the loans they take out.
Thought I would just mention this another cheque for the sum of nearly 24 grand dropped through my letter box yesterday, bringing the total to over 50 grand in three days which should warrant some more posts with just a hint of jealousy in them.
One thing I would like to mention is 20-25 years ago you had to take out PPI or you did not get your loan etc and this is why the banks are having to reimburse so many people. In my partners case, yes she got into major financial difficulties with huge debts yet banks encouraged her to take out more loans, credit cards and the like. Enough of the tosh that it is all down to the person not being responsible banks encouraged personal debt, I myself had to question, some years ago, why my credit card company would increase my credit limit without actually checking whether I could afford it, of course a higher credit limit will encourage greater spending which of course is what they want.
These debts cost me everything, from my house to my savings and a dam sight more than £50,000 so forgive me if I can now feel just a little bit happier now that I have a few quid to make life a bit easier.
One thing I would like to mention is 20-25 years ago you had to take out PPI or you did not get your loan etc and this is why the banks are having to reimburse so many people. In my partners case, yes she got into major financial difficulties with huge debts yet banks encouraged her to take out more loans, credit cards and the like. Enough of the tosh that it is all down to the person not being responsible banks encouraged personal debt, I myself had to question, some years ago, why my credit card company would increase my credit limit without actually checking whether I could afford it, of course a higher credit limit will encourage greater spending which of course is what they want.
These debts cost me everything, from my house to my savings and a dam sight more than £50,000 so forgive me if I can now feel just a little bit happier now that I have a few quid to make life a bit easier.
Soldato
£50k is mind blowing. What was your typical PPI monthly spend "years ago"?
Even if you were paying PPI for 20 years, £50k is more than £200 a month.
Even if you were paying PPI for 20 years, £50k is more than £200 a month.
Why would people be jealous of you getting back some money that you spent recklessly? You've not gained anything relative to if you hadn't taken out the loan you've just got some money back that you already spent on the insurance premiums.
That isn't true in a general case, there might well have been specific banks/loans where they pretty much made people take out PPI but you can't just make a generalisation like that as it is utter nonsense.