PPI FAQs discussion thread

LeeLee31

I have redundancy protection at my bank if I'm overdrawn it will be paid off. Is this classed a PPI.

[Deleted User]

LeeLee31 wrote: »

I have redundancy protection at my bank if I'm overdrawn it will be paid off. Is this classed a PPI.

How do you think this insurance might have been mis-sold to you? Are you immune to redundancy? Do you never use your overdraft? How long have you had this policy?
If you are never overdrawn, I recommend you cancel this insurance. Nothing you have said indicates that you have anything to complain about, though.


Remember that the PPI scandal is not about the product itself, but about how it was sold to you...

WatchMan

LeeLee31 wrote: »

I have redundancy protection at my bank if I'm overdrawn it will be paid off. Is this classed a PPI.

Sounds like it could be.

One of the common issues with this type of PPI is that you had to pay for the insurance whether or not you were overdrawn. And it cost a fair bit too - the price being worked out according to your overdraft limit.

If you pretty much lived in your overdraft, then it was probably a good thing to have. But if you were rarely overdrawn, there's an argument to say that it wasn't really good value for money for you.

[Deleted User]

WatchMan wrote: »

there's an argument to say that it wasn't really good value for money for you.

While that may be the case, that doesn't make the insurance mis-sold.

It's not the product (or it's value for money), it's how it was (mis)sold.

WatchMan

Moneyineptitude wrote: »

While that may be the case, that doesn't make the insurance mis-sold.

It's not the product (or it's value for money), it's how it was (mis)sold.

The issue is that the way the costs worked was rarely, if ever, disclosed clearly enough.

AK4776

Hi all

Barclasy have agreed I was Mis sold PPI, but advise no premiums were taken, they therefore have said no refund is to be paid.
Is this the expected outcome?
I am wondering if I still should get some form of compensation although nothing to refund?

Thanks

WatchMan

AK4776 wrote: »

Hi all

Barclasy have agreed I was Mis sold PPI, but advise no premiums were taken, they therefore have said no refund is to be paid.
Is this the expected outcome?
I am wondering if I still should get some form of compensation although nothing to refund?

Thanks

Where PPI has been mis-sold, businesses are expected to put the customer in the position they'd have been in had they not been sold the PPI.

That means a refund of any premiums paid, any interested associated that was paid on those premiums and (where appropriate) 8% statutory interested.

If you paid no premiums, then there'd be nothing to refund. There's no expectation that a business would offer any other kind of compensation.

dunstonh

AK4776 wrote: »

Hi all

Barclasy have agreed I was Mis sold PPI, but advise no premiums were taken, they therefore have said no refund is to be paid.
Is this the expected outcome?
I am wondering if I still should get some form of compensation although nothing to refund?

Thanks

That is an easy uphold decision for them. You tend to find most of the ones that have not paid premiums but have it on the account get upheld as it would be daft for them to reject and then suffer the potential FOS fee.

If you have no paid anything then there is nothing to refund.

Credit cards which are paid in full each month are one example where you may have PPI but never paid a penny as you are only charged on the money you borrow outside the interest free period. So, no borrowing means no PPI paid. No PPI paid means no refund.

Jordan70

Hi wen clearing out I came across a ppi letter which I must ave filed away n forgot about so filled it in sent it off to be told I was outside the 3 yr limit to claim should I write to the Ombudsman and would I have a chance of a claim for leavin it so long

[Deleted User]

You left it too long.
Your "complaint" is over and involving the Ombudsman will not change this.

Sorry.