PPI Reclaim Clinic - BBC1 Watchdog Tonight 8pm

MSE_Martin

Got a hot date Watchdogging with Mrs Robinson at 8pm BBC1 Tonight.

We're going to be holding a PPI reclaiming clinic live on the show. If you've got any questions suggest them to [EMAIL="watchdog@bbc.co.uk"]watchdog@bbc.co.uk[/EMAIL] and we'll try and get through as many as possible.

Martin

marshallka

Blimey another" live clinic". Watched the embarrasing illness one last night! Give us regulars a mention then lol.

J_i_m

It might be worth mentioning how the JR verdict and the BSE deciding not to appeal is likely to affect (or not) the current backlog of complaints sitting in the que for an ombudsman at the FOS.

Are the banks actually obliqued to reopen complaints that they already rejected prior to the JR of their own violation?

roonaldo

It might be worth reminding people that PPI is not illegal and if sold correctly then like any insurance it can be worthwhile.

marshallka

J_i_m wrote: »

It might be worth mentioning how the JR verdict and the BSE deciding not to appeal is likely to affect (or not) the current backlog of complaints sitting in the que for an ombudsman at the FOS.

Are the banks actually obliqued to reopen complaints that they already rejected prior to the JR of their own violation?

If they rejected a complaint you could always take it to the FOS anyway (if within jurisdiction that is!) and you should have been offered the option.

marshallka

roonaldo wrote: »

It might be worth reminding people that PPI is not illegal and if sold correctly then like any insurance it can be worthwhile.

Insurance in general is a good thing if sold correctly BUT single premiums were too costly and choice was not available half the time.

Why can't banks offer a good insurance now that is cancellable (if a consumer wants to) and just a monthly premium. WHy have they stopped all insurance on loans/credit cards? (if they have???)

Common_Sense_2

roonaldo wrote: »

It might be worth reminding people that PPI is not illegal and if sold correctly then like any insurance it can be worthwhile.

Hear Hear,

and please mention

(1) not to go through CMC's
(2) Not to jump on the band wagon and put in lots of frivolous claims (especially if you don't actually have the PPI!)

marshallka

Common_Sense_2 wrote: »

Hear Hear,

and please mention

(1) not to go through CMC's
(2) Not to jump on the band wagon and put in lots of frivolous claims (especially if you don't actually have the PPI!)

I think the already rejected complaints that did not go to FOS (thinking the banks would perhaps win) will ultimately end up going through CMC's who will use the courts to win. I realise its not the ideal but something is better than nothing perhaps unless the FSA can step in here.

Common_Sense_2

marshallka wrote: »

Why can't banks offer a good insurance now that is cancellable (if a consumer wants to) and just a monthly premium. WHy have they stopped all insurance on loans/credit cards? (if they have???)

Some companies still do offer PPI, but a fair number now shy away from it as, even if they set out an airtight operation to sell within the letter (and spirit) of the regulations, they will still get frivelous complaints that will cost them money so the whole this is not commercially viable to them. Therefore PPI as a product will soon be dead (which is what the FSA and others want) and lots of consumers who would have taken PPI (if properly sold) will then be in financial difficulty if they become unemployed or are off sick and cannot make the repayments.

marshallka

Common_Sense_2 wrote: »

Some companies still do offer PPI, but a fair number now shy away from it as, even if they set out an airtight operation to sell within the letter (and spirit) of the regulations, they will still get frivelous complaints that will cost them money so the whole this is not commercially viable to them. Therefore PPI as a product will soon be dead (which is what the FSA and others want) and lots of consumers who would have taken PPI (if properly sold) will then be in financial difficulty if they become unemployed or are off sick and cannot make the repayments.

I thought it was because the commission element (which was a biggie with single premiums and made them lots in profits) that they had stopped offering it.

J_i_m

marshallka wrote: »

If they rejected a complaint you could always take it to the FOS anyway (if within jurisdiction that is!) and you should have been offered the option.

That wasn't my question, besides I already took my complaint to the FOS within an hour or two or being rejected by my bank