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MSE News: Two and a half million PPI complaints to be reopened
Former_MSE_Helen
Posts: 2,382 Forumite
The FCA says firms have agreed to reopen 2.5m PPI complaints to ensure fair redress is paid...
Read the full story:
Two and a half million PPI complaints to be reopened
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Two and a half million PPI complaints to be reopened
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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I had paid Nationwlde almost £1500 for PPI on a loan - when as a "disabled person" - there is no way that I would have received a penny from the included Ill Health Cover (insurance for being off work due to long term illness) They were aware of this at the time (I mentioned it during the set up meeting and I think it went down on the paperwork - I did not claim during the period of insurance...
Would I be correct in thinking that I was missold this cover ?
Nationwide have already "investigated" and told me that they find that they had done nothing wrong (4 years ago)0 -
Phone them and ask them to reopen this, if you paid the PPI in with the monthly loan payment, this is Single Premium PPI and one of the reasons you use for mis sell, if the PPI would not have covered you tell them this too, are you sure you would not have been covered?.0
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The FCA says firms have agreed to reopen 2.5m PPI complaints to ensure fair redress is paid...Read the full story:This just once again confirms how corrupt and dishonest the UK Financial Institutions are ! Surprised none of the usual supporters/defenders of our Banks have not yet make a comment about this latest revelation or are they keeping a low profile on this forum ?
Two and a half million PPI complaints to be reopened
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide0 -
Alternate view might be that the fact that the cases are to be re-opened means that there is openness and transparency to all this.This just once again confirms how corrupt and dishonest the UK Financial Institutions are !
However, the report itself is poor because it does not specify exactly why the cases are to be re-opened. Have the banks actually been "caught out" or have they agreed new guidelines with the regulator to be applied retrospectively on (some) recent complaints?0 -
does this mean , if someone accepted a ppi claim on there credit card from there bank ,say 2 years ago , that case may be reopened , as they were not given a correct settlement by the bank and were in effect under paidmissed direct debit charges,very odd,theres no pain so how come the big gain,i.e £39.00 for a letter0
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It doesn't mean anything unless your Bank decide to re-open your case and, as a result, decide you have either been unfairly rejected or underpaid your redress. You'll only know if the Bank actually write to you after any investigation, so don't get your hopes up.does this mean , if someone accepted a ppi claim on there credit card from there bank ,say 2 years ago , that case may be reopened , as they were not given a correct settlement by the bank and were in effect under paid
Remember, PPI redress is defined as a full refund of any PPI paid, plus attendant interest, plus 8% simple interest. If you have already been paid full redress, you will receive no more.0 -
You should remember that banks etc have not played fair in a lot of cases. In one case (I can't remember which bank) they decided that people who had been mis-sold single premium PPI would instead have taken a policy with monthly premiums instead and then deducted the cost of these monthly premiums from any redress paid.
There is an entire consultancy industry that works on the basis of managing down complaints both in the number of upheld cases and the amount of redress paid. This is one of the reasons the CMC's exist, because they can't be trusted and the general public don't understand the complaint responses any more than the original transaction0 -
You need to read up about comparative redress. I don't have time to detail anything about it now, but it's not necessarily "wrong" for this to be applied in some circumstances. No one bank has been singled out for criticism or sanction over it either.addedvaluebob wrote: »In one case (I can't remember which bank) they decided that people who had been mis-sold single premium PPI would instead have taken a policy with monthly premiums instead and then deducted the cost of these monthly premiums from any redress paid.
The complaint process is simple and free. CMC's exist to take advantage of people who don't realise how simple and free it is. I don't think "trust" of the Banks comes in to it-they are easily convinced to "trust" the CMCs who then take a third of their redress (plus VAT).addedvaluebob wrote: »This is one of the reasons the CMC's exist, because they can't be trusted and the general public don't understand the complaint responses any more than the original transaction0 -
You need to read up about comparative redress. I don't have time to detail anything about it now, but it's not necessarily "wrong" for this to be applied in some circumstances. No one bank has been singled out for criticism or sanction over it either.
I don't think there is anything I need to look up about comparative redress. As a FS professional for 28 years having spent the last 20 as a contractor and having been the head of complaints for a major life assurer I think I know the FCA rules well enough.
The unfair use of comparative redress was highlighted at Lloyds by the BBC earlier this year.
If the banks and financial services companies had really played fair and people trusted them, the CMCs would not exist and not every CMC takes a third (with or without VAT)0 -
You're correct, some take more than a third (plus VAT).addedvaluebob wrote: »not every CMC takes a third (with or without VAT)
Thanks for informing us all about your experience in the financial sector.0
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