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  • FIRST POST
    Former MSE Rose
    PPI Reclaiming Discussion Part 5
    • #1
    • 28th Feb 12, 4:40 PM
    PPI Reclaiming Discussion Part 5 28th Feb 12 at 4:40 PM



    Hi all, this thread is for discussing the
    PPI Reclaiming
    article.

    This is Part 5 of the discussion, as the last one was so long (read parts one, two, three and four). To discuss or ask a question about this article, click 'post reply'.

    To read about non FOS claims read this thread.
    Report and read success stories in this thread
    .

    Please remember:

    We're often quite laid back about discussion threads as this is a community after all.

    I'm afraid in the case of the PPI Reclaiming thread we're really going to have to ask you to keep the discussion on topic though, so that people can find the relevant information quickly and easily.

    If you do start making like-minded friends on here and would like to carry on chatting about what you did at the weekend/what you ate for dinner etc, that's fine, but the best way to do that is to go to our local pub the MoneySavers Arms where anything and everything is chatted about, start a thread there, then pop a link in here and suggest you all head over to there to chat.

    Thanks,

    MSE Rose
Page 480
    • -taff
    • By -taff 12th Jun 17, 10:48 AM
    • 7,353 Posts
    • 4,782 Thanks
    -taff
    Get your paperwork out and see what the 'ppi or something' for £50 was first.
    • duffs54
    • By duffs54 12th Jun 17, 11:35 AM
    • 126 Posts
    • 59 Thanks
    duffs54
    Get your paperwork out and see what the 'ppi or something' for £50 was first.
    Originally posted by -taff
    Cheers will do
    • Moneyineptitude
    • By Moneyineptitude 12th Jun 17, 11:49 AM
    • 19,305 Posts
    • 9,417 Thanks
    Moneyineptitude
    do we have a case ?
    Originally posted by duffs54
    Not for interest and charges.

    I'm also not sure you have a case if some of it is PPI. If you had to take a managed loan, that means you obviously weren't in a credit-worthy position which would seem to suggest that you had need of insurance.

    You cannot complain simply because the loan was expensive...
    • duffs54
    • By duffs54 12th Jun 17, 11:56 AM
    • 126 Posts
    • 59 Thanks
    duffs54
    Not for interest and charges.

    I'm also not sure you have a case if some of it is PPI. If you had to take a managed loan, that means you obviously weren't in a credit-worthy position which would seem to suggest that you had need of insurance.

    You cannot complain simply because the loan was expensive...
    Originally posted by Moneyineptitude
    Yes i do understand that, but as far as we remember at no time were we told that £50 would not come off of our loan and that it was for interest or insurance so just testing the water on here, incase anyone else had claimed successfully.

    I will try and find paperwork

    cheers
    • Moneyineptitude
    • By Moneyineptitude 12th Jun 17, 12:11 PM
    • 19,305 Posts
    • 9,417 Thanks
    Moneyineptitude
    as far as we remember at no time were we told that £50 would not come off of our loan and that it was for interest or insurance
    Originally posted by duffs54
    Your memory is not enough to give you cause for complaint.

    You'd need documentary evidence of any such accusation.

    Scrutiny of any records which survive will show that you were fully aware of whatever charges and interest you were paying from the outset. Not reading the agreement (or forgetting about the terms) is not a cause for complaint I'm afraid.

    Do you really think the Bank would have granted you a Managed Loan without explaining that you were going to pay a whole lot more than for an ordinary loan? These loans were (and are) expensive because such borrowing is risky for the lender.

    You might be able complain about PPI, if there was any, but you'll have to do some thorough research first.
    • garfield23
    • By garfield23 12th Jun 17, 12:12 PM
    • 10 Posts
    • 1 Thanks
    garfield23
    Failed M&S PPI Claim
    Had a PPI claim against M&S via Resolver which went to the Ombudsman, who rang me today to say my claim had been rejected; this is because, while the form I filled in said taking out PPI was "strongly recommended", this did not constitute advice to take it out (!), so I could have not done so with no harm to my credit rating etc. My contention was that I, like many others in 1993, did not KNOW there were any problems with PPI; and if someone official strongly recommended something, you tended to jolly well follow their recommendation!!
    Whew - that's the steam blown off - but seriously: I was really surprised that the Ombudsman didn't uphold my case, when I have heard of seemingly similar cases which WERE upheld. Does this have anything to do with it being against the untouchable M&S?
    • Moneyineptitude
    • By Moneyineptitude 12th Jun 17, 12:18 PM
    • 19,305 Posts
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    Moneyineptitude
    while the form I filled in said taking out PPI was "strongly recommended", this did not constitute advice to take it out (!),
    Originally posted by garfield23
    Written comments on a form or website are not deemed advice,I'm afraid.

    My contention was that I, like many others in 1993, did not KNOW there were any problems with PPI
    Originally posted by garfield23
    There is nothing wrong with PPI (other than it was very expensive given the benefits). What was wrong was the way in which it was sold in many cases. If you simply filled in a form selecting PPI then that means you mis-bought rather than were (mis)sold the insurance.
    Does this have anything to do with it being against the untouchable M&S?
    Originally posted by garfield23
    Hundreds of thousands of successful complaints against this lender make a nonsense of such accusations.
    • garfield23
    • By garfield23 12th Jun 17, 12:43 PM
    • 10 Posts
    • 1 Thanks
    garfield23
    Last word on the M&S PPI problem
    Thank you for your comments; I accept that in law you are correct.
    I still, though, feel that these distinctions, while legal, are quite unfair! I really can't remember (as it was taken out in 1993) whether I was just given the form without comment, or was "sold" on the idea by an adviser; but the idea that putting "strongly recommended" on the form didn't constitute advice in and of itself seems to me to be splitting hairs, and violating, if not the letter of the law, at least its spirit!
    • duffs54
    • By duffs54 12th Jun 17, 3:21 PM
    • 126 Posts
    • 59 Thanks
    duffs54
    Y

    You might be able complain about PPI, if there was any, but you'll have to do some thorough research first.
    Originally posted by Moneyineptitude
    I will have a search in the loft, it was only a thought
    • Holembar
    • By Holembar 13th Jun 17, 12:13 AM
    • 4 Posts
    • 0 Thanks
    Holembar
    The only thing reason I argued, was because the broker being an issue was never mentioned before 2 months ago, before this point they had given other reasons for not paying, and as I did not know I had gone through a broker, and knew I had not received the communication giving me a deadline for appeal, I pursued it. Thank you for the info though.
    • Holembar
    • By Holembar 13th Jun 17, 12:13 AM
    • 4 Posts
    • 0 Thanks
    Holembar
    Ok thank you
    • Tommy sixspeed
    • By Tommy sixspeed 17th Jun 17, 2:48 PM
    • 1 Posts
    • 0 Thanks
    Tommy sixspeed
    Help/advice needed
    Sorting through some old paper work and was aghast to find I'd paid for PPI on 2 mortgages
    one in the mid 90's and the other mid 00's, got in touch with Lloyds and they said they were both taken out with my consent which I stated that in no way would I have agreed to taking them out, and refused any recompense, so from there I went to the Ombudsman for them to try for me, told the Ombudsman all the details and left it with them.
    A few weeks later got a letter from the Ombudsman saying they were siding with Lloyds and no refund for me, upon which I refused the outcome and insisted on another look at my case, it went to another person at the Ombudsman office and again they have come out in favor of Lloyds. My personal situation at the time of said policies was self employed, and never in my life have I taken any sort of insurance like this out or ever would, I don't even bother with extended warranties on anything. A bit of a dilemma of what I can do now, or is it that I have no recourse and no refund?
    • -taff
    • By -taff 17th Jun 17, 2:56 PM
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    -taff
    You've gone as far you can go.
    However, MPPI is not the same as PPI. What exactly did you have?
    • Moneyineptitude
    • By Moneyineptitude 17th Jun 17, 3:14 PM
    • 19,305 Posts
    • 9,417 Thanks
    Moneyineptitude
    A bit of a dilemma of what I can do now
    Originally posted by Tommy sixspeed
    No "dilemma", I'm afraid.

    Simply put, your complaint is now over.

    The Ombudsman did not "try" on your behalf. What the Ombudsman service did was look to see if your complaint was unfairly rejected. They agreed with the bank that, despite you being "aghast" at finding out that you'd signed your agreement to insurance protecting your mortgage, you were not mis-sold it.

    You then appealed the decision for some reason, but the result was the same.

    You could try taking the Bank to court, but that's not recommended unless you have a very robust complaint (which you don't appear to have).

    Note that most Mortgage PPI covered the self employed and that forgetting that you signed your agreement to insurance decades ago is not the same as having it added without your knowledge and permission.

    Sorry.

    However, MPPI is not the same as PPI. What exactly did you have?
    Originally posted by -taff
    PPI on a mortgage is MPPI!
    • dunstonh
    • By dunstonh 17th Jun 17, 5:02 PM
    • 89,528 Posts
    • 54,979 Thanks
    dunstonh
    Sorting through some old paper work and was aghast to find I'd paid for PPI on 2 mortgages
    Why aghast? You make it sound as if that is wrong.

    A few weeks later got a letter from the Ombudsman saying they were siding with Lloyds and no refund for me, upon which I refused the outcome and insisted on another look at my case, it went to another person at the Ombudsman office and again they have come out in favor of Lloyds.
    Not a surprise. This is MPPI after all and not loan/credit card PPI.

    My personal situation at the time of said policies was self employed, and never in my life have I taken any sort of insurance like this out or ever would, I don't even bother with extended warranties on anything. A bit of a dilemma of what I can do now, or is it that I have no recourse and no refund?
    You never said what your reasons for complaint were. Or if those unprovable allegations were it then its no wonder the complaint failed.

    Its game over for you.
    I am an Independent Financial Adviser (IFA). 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.
    • -taff
    • By -taff 17th Jun 17, 5:04 PM
    • 7,353 Posts
    • 4,782 Thanks
    -taff
    PPI on a mortgage is MPPI!
    Originally posted by Moneyineptitude
    When most posters think it's the same thing, sold in the same way and subject to the same failings I was hoping the OP would respond by saying, it was critical illness, for example, which is definitely not PPI and would still pay out to the self emlployed.

    MPPI is not sold in the same way, it's not subject to the same failings but it seems like the OP thinks it is.
    • frankie1star
    • By frankie1star 19th Jun 17, 3:58 PM
    • 832 Posts
    • 303 Thanks
    frankie1star
    PPI - final settlement
    today I have received an offer from Santander of £37.63

    refund of ppt £19.14
    Assoc interest £2.57
    Any over limit fees bebg refunded £0
    8% interest £19.90
    Any successful claims made by you against the PPI policy £0
    Gross redress amount £41.61
    Income tax deducted @20% £3.98
    total sum of £37.63

    I made an opportunistic claim, and turned up with this, does this seem realistic?
    • zx81
    • By zx81 19th Jun 17, 4:00 PM
    • 13,215 Posts
    • 13,522 Thanks
    zx81
    Realistic in what way?
    • frankie1star
    • By frankie1star 19th Jun 17, 4:10 PM
    • 832 Posts
    • 303 Thanks
    frankie1star
    I've not followed much about PPI, but I wondered is there ever a counter offer to be made, do they come in low with a small offer can it negotiated up?
    • zx81
    • By zx81 19th Jun 17, 4:12 PM
    • 13,215 Posts
    • 13,522 Thanks
    zx81
    There's no counter offers. It's not a Moroccan bazaar.

    The offer is based on a defined calculation. If you think the figures in the calculation are wrong, let them know.
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