MSE News: 'I got £82,000 PPI back'
Comments
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I don't understand why anyone would get their story and picture in the public domain, just for 15 seconds of fame, when it involves admitting you were:
- ignorant enough about your finances to not notice peeing £82k up the wall
- disinterested/lazy/craven enough to pay a solicitor to write a letter, instead of following it through yourself, that ended up costing you £25k
But then I don't get why lottery winners go public either.
Dead right! How the stuffing hell do you miss 82,000 quid?
Just for credit card insurance.0 -
I for one think that MSE is off the mark on the whole subject of PPI mis-selling.
I know that Mr Lewis's Raison d'être is about protecting the consumer, but in the vast majority of these cases in my opinion I woudl hazard a guess that the consumer is at fault and not the banks.
If someone is supposedly responsible enough to have a credit card or other loan they should be just that - resposible, understand all the issues and not stupid as was the 82K idiot.
Banks should never have agreed to wipe so much off thier much needed balance sheets that should and could have been used to lend and help get the economy moving.
Moreover this PPI thing encourages the hideous and insideous claims culture.0 -
I know that Mr Lewis's Raison d'être is about protecting the consumer, but in the vast majority of these cases in my opinion I woudl hazard a guess that the consumer is at fault and not the banks.
We have had one poster who works for a firm saying that half the complaints they get are from people who never had PPI. My compliance company reckon at least 1/3rd of complaints are obvious try-it-ons. Although they dont have the volume as its not really an IFA issue and IFA cases tend to have the audit trail that loan/credit card do not have.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.0 -
The Banks went to court to protect their "much needed" :eek: balance sheets. They lost the case. They didn't agree, they were forced to comply.BeatTheSystem wrote: »Banks should never have agreed to wipe so much off thier much needed balance sheets that should and could have been used to lend and help get the economy moving.
This I do agree with. Especially the Claims Companies, who are making huge easy profits from doing next to nothing. They are also clearly guilty of presenting questionable complaints to the Ombudsman, thus contributing to the huge backlog of legitimate cases.BeatTheSystem wrote:]Moreover this PPI thing encourages the hideous and insideous claims culture.0 -
Moneyineptitude wrote: »The Banks went to court to protect their "much needed" :eek: balance sheets. They lost the case. They didn't agree, they were forced to comply.
Yes, true that is what happened, cant deny it, another example of 'The Law is an !!!', what has happened to personal responsibility?
The ruling effectively opend the flood gates far a parasitic attack on the banks.
While I am on the subject of personal responsibility, it is not the banks that caused the banking crisis, it was those that asked for credit, these people were not 'missold', they 'misbought'0 -
The Banks and other lenders were responsible for "easy" credit (100% mortgages!!!!) which was taken by many people who the Banks could not be sure could afford it.BeatTheSystem wrote: »While I am on the subject of personal responsibility, it is not the banks that caused the banking crisis, it was those that asked for credit, these people were not 'missold', they 'misbought'
It all imploded in a manner that they were warned would happen, but they continued regardless because all they saw was more profit on the horizon.0 -
Moneyineptitude wrote: »The Banks and other lenders were responsible for "easy" credit (100% mortgages!!!!) which was taken by many people who the Banks could not be sure could afford it.
It all imploded in a manner that they were warned would happen, but they continued regardless because all they saw was more profit on the horizon.
Cant disagree with what you say, I realise I am not going to win this one but I would like to suggest that the individual should take far more responsibility and suffer the consequences. Not just blame it on others (its the bankers init) when things go pear shaped.
There are just as many greedy borrowers as there are greedy lenders.0 -
BeatTheSystem wrote: »There are just as many greedy borrowers as there are greedy lenders.
I'd agree with this. Lenders don't pay interest, though!0 -
Yeah they do, on those PPI investment products. You know, buy PPI and years later the money you put in and 8%!! ha haMoneyineptitude wrote: »I'd agree with this. Lenders don't pay interest, though!
I see complaints from people on regular basis where people complain they were not sold PPI! because they feel they've missing a windfall.0 -
Yes Dunstonh related the story about the policeman who complained that he wasn't sold PPI because now he couldn't seek re-dress!I see complaints from people on regular basis where people complain they were not sold PPI! because they feel they've missing a windfall.
But my original point was that there may well be greedy (and opportunistic) borrowers, but their greed is dwarfed into insignificance by the big financial institutions who charge so heavily for their lending.0
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