PPI Questions

hargi

hargi

hargi

Associate
Joined
19 Jul 2006
Posts
1,847
Got yet another phone call from a PPI company this afternoon and let them ramble on. They seem pretty certain that the finance I have had on my previous cars that I have a claim on one of which i have no paper work.

So I was thinking maybe let them handle that?

I have had a look at my credit card Halifax and on the bill I have something that says repayment cover roughly £4.23 a month is this PPI? I got the card about 14 years ago when I was 18 never used the payment recover. Infact last month was the first month i not payed it off fully and was actually late for a payment and I got a £5 fine on my statment
 
No. Do it yourself.

I made the mistake of making a large claim via those guys. The charge was hefty. All they do is write a letter to the bank.
 
Halifax have a form to fill out, but was just wanting to check to see if that was it so i had a claim. Thats been added to my bill or an amount similar to that with intrest over the psat 14 years so I'm taking it theres a fair amount of money there
 
I did it myself with Lloyds TSB, they had a link on their site for making the claim and from what I remember it was pretty straight forward. I got a call from someone at the bank a week or two later questioning why I thought it had been mis-sold and that was that until they sent me the letter offering money back.
 
hargi said:
I have had a look at my credit card Halifax and on the bill I have something that says repayment cover roughly £4.23 a month is this PPI? I got the card about 14 years ago when I was 18 never used the payment recover. Infact last month was the first month i not payed it off fully and was actually late for a payment and I got a £5 fine on my statment
Click to expand...

Repayment Cover is probably PPI. However you are not entitled a refund simply because you didn't use it. It's an insurance product - most insurance products are never used. You don't get a refund on car insurance if you don't need to claim.

You are due a refund of your PPI charges plus interest if it was mis-sold to you - ie, if you were lied to in order to take it out or if you were sold it when you were not eligible for it. If you can't even remember if you had PPI how are you supposed to be able to say whether you were misled into taking it? For all you know you might have thought 'That sounds like a good product, I'll take it'.

I wonder what percentage of PPI claims are totally groundless.
 
[TW]Fox;27451623 said:
Repayment Cover is probably PPI. However you are not entitled a refund simply because you didn't use it. It's an insurance product - most insurance products are never used. You don't get a refund on car insurance if you don't need to claim.

You are due a refund of your PPI charges plus interest if it was mis-sold to you - ie, if you were lied to in order to take it out or if you were sold it when you were not eligible for it. If you can't even remember if you had PPI how are you supposed to be able to say whether you were misled into taking it? For all you know you might have thought 'That sounds like a good product, I'll take it'.

I wonder what percentage of PPI claims are totally groundless.
Click to expand...

The issue is the banks sold it to people without checking they were eligible or told them it was a condition of credit, hence the mass refunds, almost everyone was misold
 
If I was sold PPI as a student buying a stereo (silly thing to buy at the time now I look back) would that make me eligible as I had no way of claiming for PPI as someone not in full time work?
 
I've just started two PPIs claims, one the bank actually written to me and ask me if I wanted to claim and the trigger my memory about another loan that I had with another bank, so I called them up.

The loans was over 16 years old, I have no paper work. All I had to do was write a letter confirming who I am, with DOB and address at the time I took the loan and the bank agent said that they would do the rest. :)
 
I would agree on doing it yourself as barclay's have finally agreed to settle my Ppi claim on my credit card after a 2 year battle but all it cost me is 2 stamps, envelopes and a few hours so whatever they pay me I get to keep rather than giving a percentage to someone else. I just have to wait for their offer to come through which will be in the next 6 weeks but on the basis I had the card for 21 years it's enough to buy a round of beers.
 
MrMoonX said:
The issue is the banks sold it to people without checking they were eligible or told them it was a condition of credit, hence the mass refunds, almost everyone was misold
Click to expand...

No, the issue was sometimes it was misold. I got sold PPI many years ago, Halifax sent me the forms to claim. I didn't because they had discussed and explained it to me and I knowlingly purchased it with an informed choice.

Shame I have ethics.
 
Everytime these PPI threads pop up I get annoyed.

You can't even remember the PPI discussion, you don't even know if you took it, but if you did it was definitely miss-sold. What a load of horse-****.
 
Pudney said:
No, the issue was sometimes it was misold.
Click to expand...

It was very often missold. I used to work for a large financial institution and my boss had previously worked in the loan team. If someone wanted a loan, they wouldn't say "you want 7000 over 3 years, the repayments will be 280 a month". They would ask how much the customer wanted to borrow and how much they could afford to pay back and work it from there. The result would be "so we can lend you 7000 and you pay it back over 42 months at 250 per month fully protected, how does that sound?" The little "fully protected" bit at the end was the misselling. Customers would generally be pleased that they got the loan at a payment they were happy with.

Apparently it was dead easy to do and they earned bucketloads of commission doing it.
 
[TW]Fox;27451623 said:
Repayment Cover is probably PPI. However you are not entitled a refund simply because you didn't use it. It's an insurance product - most insurance products are never used. You don't get a refund on car insurance if you don't need to claim.

You are due a refund of your PPI charges plus interest if it was mis-sold to you - ie, if you were lied to in order to take it out or if you were sold it when you were not eligible for it. If you can't even remember if you had PPI how are you supposed to be able to say whether you were misled into taking it? For all you know you might have thought 'That sounds like a good product, I'll take it'.

I wonder what percentage of PPI claims are totally groundless.
Click to expand...

I wonder how many PPI claim which were missold have slipped under the radar :rolleyes:
 
mulpsmebeauty said:
The result would be "so we can lend you 7000 and you pay it back over 42 months at 250 per month fully protected, how does that sound?" The little "fully protected" bit at the end was the misselling. Customers would generally be pleased that they got the loan at a payment they were happy with.
Click to expand...

That's not mis-selling - your quote even explains that the amount included PPI!

Dishonest mis-selling was practices like 'We can only approve you if you take PPI' or 'You definitely need PPI' to somebody who was self employed and would never be able to claim on it. It's these people that deserved, and now hopefully have, compensation and a refund.

But it's turned into a free for all - people know that banks have little or no way of telling so the flood gates opened for people who happily purchased PPI because it was a product they wanted to suddenly claim huge refunds and large interest payments years and years later.

I never took PPI but it was always explained to me what it was and offered whenever I took out credit cards - I declined every time but never once experienced mis-selling. It clearly existed but I doubt it was anything like as widespread as the issue has become today. The trouble is sorting the genuinely ripped off people from those who happily took it, benefit from the peace of mind the product was designed to offer and now see a free pile of money by claiming it was mis-sold.

I saw an advert on TV today for a service called 'Did I have PPI?'. Ridiculous - so many parasite style firms springing up to take a slice of the money from people who have no idea if they were even had PPI it was so long ago, let alone can remember how it was sold to them.

And guess who pays for all this? The banks? Of course not - they are commercial organisations so the massive cost associated with having huge PPI liability are paid for by us - the consumers.
 
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[TW]Fox;27451623 said:
Repayment Cover is probably PPI. However you are not entitled a refund simply because you didn't use it. It's an insurance product - most insurance products are never used. You don't get a refund on car insurance if you don't need to claim.

You are due a refund of your PPI charges plus interest if it was mis-sold to you - ie, if you were lied to in order to take it out or if you were sold it when you were not eligible for it. If you can't even remember if you had PPI how are you supposed to be able to say whether you were misled into taking it? For all you know you might have thought 'That sounds like a good product, I'll take it'.

I wonder what percentage of PPI claims are totally groundless.
Click to expand...
[TW]Fox;27452856 said:
That's not mis-selling - your quote even explains that the amount included PPI!

Dishonest mis-selling was practices like 'We can only approve you if you take PPI' or 'You definitely need PPI' to somebody who was self employed and would never be able to claim on it. It's these people that deserved, and now hopefully have, compensation and a refund.

But it's turned into a free for all - people know that banks have little or no way of telling so the flood gates opened for people who happily purchased PPI because it was a product they wanted to suddenly claim huge refunds and large interest payments years and years later.

I never took PPI but it was always explained to me what it was and offered whenever I took out credit cards - I declined every time but never once experienced mis-selling. It clearly existed but I doubt it was anything like as widespread as the issue has become today. The trouble is sorting the genuinely ripped off people from those who happily took it, benefit from the peace of mind the product was designed to offer and now see a free pile of money by claiming it was mis-sold.

I saw an advert on TV today for a service called 'Did I have PPI?'. Ridiculous - so many parasite style firms springing up to take a slice of the money from people who have no idea if they were even had PPI it was so long ago, let alone can remember how it was sold to them.

And guess who pays for all this? The banks? Of course not - they are commercial organisations so the massive cost associated with having huge PPI liability are paid for by us - the consumers.
Click to expand...
Agree 100%.

I can say for certain that I never took out PPI.

I'm sure the banks did miss-sell PPI to some consumers (although perhaps they should have read the small print), but claiming you were miss-sold when you weren't is just as fraudulent as what you're claiming against.
 
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