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MSE News: 'I got 82,000 PPI back'
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# 61
Moneyineptitude
Old 27-03-2012, 5:38 PM
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Quote:
Originally Posted by roonaldo View Post
I see complaints from people on regular basis where people complain they were not sold PPI! because they feel they've missing a windfall.
Yes Dunstonh related the story about the policeman who complained that he wasn't sold PPI because now he couldn't seek re-dress!

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.
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# 62
susanne210
Old 03-04-2012, 12:16 PM
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Smile M & S storecard PPI repay

I have just been told M & S have to repay me 20 years.
I did know I was paying PPI but it was only when I got a copy of my original agreement did I rermember I was self employed at the time and my employers address was the same as my home address. I queried this as 20 years ago it was not so clear that it would have been of no benefit to me. Has been going on for quite a while but just waiting to see how much now. I have done it myself with the help of FOS

Last edited by susanne210; 03-04-2012 at 12:17 PM. Reason: added to
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# 63
roonaldo
Old 03-04-2012, 12:42 PM
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Quote:
Originally Posted by susanne210 View Post
I have just been told M & S have to repay me 20 years.
I did know I was paying PPI but it was only when I got a copy of my original agreement did I rermember I was self employed at the time and my employers address was the same as my home address. I queried this as 20 years ago it was not so clear that it would have been of no benefit to me. Has been going on for quite a while but just waiting to see how much now. I have done it myself with the help of FOS
good luck, i doubt you will see much of that until you provide statements as they wont hold credit card statements go that far back.
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# 64
J i m
Old 03-04-2012, 2:53 PM
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With regards to the personal responsibility point.

Yes, clearly we should all be responsible for our own actions however that should not mean that financial businesses should be allowed to take latent advantage of people who aren't quite savvy with it.

It's all very well sitting up on a high horse and saying "I didn't fall for PPI so if you did then you're an idiot and deserve to loose out".

Quite simply not everyone are blessed with high intelligence, I'd warrant that plenty of people with good intelligence got stung by mis-selling or various financial products. Then there are vulnerable people, people with learning difficulties or mental illness... Do they deserve to be taken advantage of because they didn't understand?

My own position is that I assumed that I ought to take out the PPI when it was offered to me. It didn't occur to me that my employment already covered me for what the PPI was designed to do, I didn't realise that I was paying money for something that I not only didn't need but would't have worked anyway! When I was enlightened to that I wondered why on earth was I paying them money for basically nothing.. and more to the point why were they taking my money for nothing?

So yes, personal responsibility is all very well and good, but it doesn't absolve the role of the saleman providing sound advice.
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# 65
sadsod
Old 04-04-2012, 2:35 PM
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I had claimed 3 times on my mortgage protection but still got back the difference between what i had paid and what they had paid me when I claimed.
Its 15 yrs since we took out our mortgage and got PPI it was in my husbands name, he had had a bypass and off work for 3 months then he got cancer and off work for 12 month then 3 months before he died.
Still I claimed and got not a lot but it was better than a kick in the pants as we had claimed over 4K from them since taking it out.
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# 66
JimmyTheWig
Old 04-04-2012, 3:29 PM
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On what grounds did you claim it was mis-sold, sadsod?
[Sorry to hear of your loss.]
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# 67
dunstonh
Old 04-04-2012, 3:43 PM
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Originally Posted by JimmyTheWig View Post
On what grounds did you claim it was mis-sold, sadsod?
[Sorry to hear of your loss.]
or was it an auto pay out from one of the banks that is paying out on all complaints at the moment.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 68
JimmyTheWig
Old 04-04-2012, 3:47 PM
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You still need to say why it was missold, though, don't you?
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# 69
dunstonh
Old 04-04-2012, 3:52 PM
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Originally Posted by JimmyTheWig View Post
You still need to say why it was missold, though, don't you?
Yes. However, with the auto-upholders, they tend to check none of the reasons and you could put anything. Indeed, any bog standard template letter would work. Halifax are by far the most common one for auto refunding.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 70
sadsod
Old 04-04-2012, 8:06 PM
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Default Ppi

When we originaly bought the policy they refused to cover my husband but insisted we take PPI in my name.
I was employed in a job where I would have got full pay for 6 months and half pay for 6 months.
My husband was about to be made redundant from the armed forces and Once he was in a new job we changed it to him only. Hence the claim
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# 71
dunstonh
Old 04-04-2012, 9:54 PM
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Quote:
Originally Posted by sadsod View Post
When we originaly bought the policy they refused to cover my husband but insisted we take PPI in my name.
I was employed in a job where I would have got full pay for 6 months and half pay for 6 months.
My husband was about to be made redundant from the armed forces and Once he was in a new job we changed it to him only. Hence the claim
So, it looks like you got lucky with an auto pay-out decision then. The 6 months full pay/6 months half pay argument works on the types of policy that wont pay out if you get sick pay. Not on those that will. You said you had been paid out on three claims. So, clearly your policy is one that would pay out.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 72
sadsod
Old 06-04-2012, 10:19 PM
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Yes but to get a pay out you had to wait 6 weeks before applying then fill in a form what was about 21 pages long get Your Dr to fill in another form amounting to 10 pages and by that time you deserved a medal for staying the course. Then trying to speak to them on the phone was a nightmare they were the most uncaring group of people I have ever encounterd… Next to the DSS disability helpline!
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# 73
Moneyineptitude
Old 06-04-2012, 10:24 PM
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Originally Posted by sadsod View Post
Yes but to get a pay out you had to wait 6 weeks before applying then fill in a form what was about 21 pages long get Your Dr to fill in another form amounting to 10 pages and by that time you deserved a medal for staying the course. Then trying to speak to them on the phone was a nightmare
While all this is undoubtedly true, unfortunately it's completely irrelevant to a complaint about mis-selling.
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# 74
tracey2412
Old 12-07-2012, 8:43 AM
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Question Confused about PPI

http://www.bbc.co.uk/news/business-18554478

This has confused me because after the Halifax fobbed me off for weeks when I asked them to tell me how they had calculated the interest (I just cdnt make it add up), I called the FSA consumer helpline (as advised by Halifax) who told me that because my loan had been taken out in 1993 the provider was not legally obliged to even consider my claim because there was no law against it then. There was some voluntary code in 2001 & some regulation in 2005, so they didnt have to consider any claim prior to that date (which date depends on whether they signed up for the voluntary code, Halifax did) & even if they did they only had to pay me interest going back to that date not the loan date.

So I have banked the cheque they sent me though I now understand that it is deemed that I have accepted the offer. I have written to them again asking for a full calculation but not yet received a reply.

I'm only talking about 1000 here, so not huge sums but it all helps at the moment!

Can anyone clarify if FSA are correct here or what Halifax position is? Just trying to work out if its worth pushing for an answer or just be grateful for what I already got! Many thanks, KR.
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# 75
Moneyineptitude
Old 12-07-2012, 8:52 AM
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Originally Posted by tracey2412 View Post
Can anyone clarify if FSA are correct here or what Halifax position is? Just trying to work out if its worth pushing for an answer or just be grateful for what I already got! Many thanks, KR.
Without seeing any figures from you, it's impossible to comment about their accuracy.
However, many people with loans this old (19 years) have been rejected on the basis not that it is pre-regulation but that the Bank no longer have any records.
So, on reflection, I'd say " just be grateful for what I already got" is your only option since you've already cashed the cheque!
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