Tesco ppi

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Essendy
Essendy Posts: 3 Newbie
in Reclaim PPI & other insurance
Five years ago Tesco turned down my claim for ppi. Today I received a letter from Tesco saying that I may receive money back if they took a high level of commission on my ppi policy but did not tell me. Has anyone else had this letter and actually receive any money?

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Lots of people and yes, some.
  • Essendy
    Essendy Posts: 3 Newbie
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    How much are people recieving, £50 or is it a decent amount?
  • motivated
    motivated Posts: 3,044 Forumite
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    Hi. I too received the same letter today but from Everyday Loans. We had a loan in 2010.

    It also says the same information telling me to complain again. Apparently the high court was involved too.
    I’ve done my complaint and will wait and see

    Good luck
    Emptying my lake with a teaspoon
  • societys_child
    societys_child Posts: 7,110 Forumite
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    Essendy wrote: »
    How much are people recieving, £50 or is it a decent amount?
    What's wrong with £50?

    If someone received more than 50% commission when they sold you the insurance policy, the excess (over 50%) is refundable. eg. If they received 52% the refund would be 2%+ (8% simple interest)
  • Essendy
    Essendy Posts: 3 Newbie
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    Was there many commissions over 50%?
  • societys_child
    societys_child Posts: 7,110 Forumite
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    Essendy wrote: »
    Was there many commissions over 50%?
    No one's sure . . .

    Read this thread:
    http://forums.moneysavingexpert.com/showthread.php?t=5742295
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    societys_child wrote: »
    Read this thread:
    http://forums.moneysavingexpert.com/showthread.php?t=5742295

    That's the answer to a very specific possible scenario, but will surely only serve to confuse the OP of this thread?
  • societys_child
    societys_child Posts: 7,110 Forumite
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    Have to admit, it confused me . . . :huh:

    The op hasn't said if they have replied to the letter, but that's probably the only way they'll get the answers they're looking for.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    societys_child wrote: »
    The op hasn't said if they have replied to the letter, but that's probably the only way they'll get the answers they're looking for.
    I think he just wants an answer now rather than in eight weeks or more...
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Essendy wrote: »
    Was there many commissions over 50%?

    Most loan PPI was. Most credit card PPI was borderline but profitshare takes it over. Most regular premium PPI (including MPPI) is way under the tipping point. However, profitshare (which affects lenders own product) may bring some over. Broker/estate agent/IFA etc versions will usually be well under the tipping point.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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