PPI FAQs discussion thread

latin105fm

Thanks so much for the quick reply..

From what I can understand, you're basically saying, no point in pursing as they will use the fact I never paid back the amount I borrowed, against me?

Thanks again.

Dan

dunstonh wrote: »

Lenders are allowed to use any redress payment against debts written off, defaults and arrears but only against their own debt. Not those of others (unless it is bankruptcy)

e.g. you defaulted with £10k and the lender accepted £5k as settlement. If the redress payment on PPI is £3k then you would not see it. However, if the redress was £75 then they can put £5k against the amount written off but then pay you the surplus.

-taff

No, what they're saying is that any money you get if your complaints are upheld will first go towards paying back any amount they offset. Once this amount has been paid, you get the rest, if there is any.

BL52

We took out a Bradford and Bingley Mortgage of £22,000 back in 1986. We paid it off in 2005. How would we find out whether we were missold PPI?

For a bit of background I was self employed at the time of taking out the mortgage.

dunstonh

We took out a Bradford and Bingley Mortgage of £22,000 back in 1986. We paid it off in 2005. How would we find out whether we were missold PPI?

You wouldnt have been. Insurance regulation came in 2005. There wasnt even a regulator prior to 1988.

For a bit of background I was self employed at the time of taking out the mortgage.

irrelevant to mortgage insurances.

linzi15

Hi, Just wanted to say that I have PPI through Ocean Finance worth, just found out, over £8500.00. I have been through the whole process with them & took it to the FOS after they rejected the claim. It was a single preimum policy. The FOS have NOT upheld the claim & are advising that it was in no way mis-sold. Obviously devestated by the decision but in now way very surprised as Im not the luckest person ;-( I completed a questionaire that OF sent but they have just now advised they are keeping file closed as they are aware of FOS decision. I`m guessing there is nothing more I can do but wanted to draw attention that despite having a single premium does not automatically gaurantee sucess.

Linda_Mattacks

dunstonh wrote: »

It cant be hidden. It is often ignored or missed by people who dont check their statements or read what they are signing but it will appear on documentation.

Your above answer effectively tells me there's nothing amiss here with us and absolutely no reason to chase after thin air; so thanks!

I'd like to respond a bit more to your helpful input - I mean that and am not being sarcastic...

dunstonh wrote: »

"reps being paid to get people signed up makes perfect sense. Why do you think that half of PPI complaints made by claims companies dont even have PPI?"

Yes. Some reps don't give a toss about the outcome for the client. We are phoned by sales people who are not necessarily as knowledgeable as they should be... (and that's being gentle...). Many are indeed merely after the fast buck they see in it for themselves.

This is something that would-be complainants need to be aware of when we are contacted "out of the blue"

dunstonh wrote: »

It is your own morals that you need to decide the answer on that one. Do you put in a fraudulent complaint and waste time or save everyone a lot of time and effort.

I don't give a tiddly push to morals on this issue. No: I wouldn't put in a "fraudulent" complaint but if a representative of a reclaim company wished to do so on my behalf: I'm happy for him/ her to do so:

Think about it: What better way to train them to qualify their "customers" and minimise time wasters? :cool:

[Deleted User]

Linda_Mattacks wrote: »

I don't give a tiddly push to morals on this issue. No: I wouldn't put in a "fraudulent" complaint but if a representative of a reclaim company wished to do so on my behalf: I'm happy for him/ her to do so:

Think about it: What better way to train them to qualify their "customers" and minimise time wasters? :cool:

You may see this that way. Personally, I see it as wasting the time of the Bank's investigators who in turn then waste the time of people with genuine complaints.
Do you think that's fair to those who have truthfully been mis-sold?

Linda_Mattacks

Moneyineptitude wrote: »

It obviously pays them to sign up as many people as possible regardless of whether they actually have PPI. If they only signed "quality" punters then they'd miss out on people who have may have simply forgotten they have had PPI and the ones who might not be so easily persuaded of the comparative ease with which PPI can be re-claimed.

Good point: So these exhaustive calls (mostly prerecorded) are worth it on the numbers basis... ?

Moneyineptitude wrote: »

You have nothing to lose and nothing to win if you never had PPI.

Agreed... So now I can get on with my own focused efforts nd they can chase my rainbows for me... :-)

[Deleted User]

Linda_Mattacks wrote: »

Agreed... So now I can get on with my own focused efforts nd they can chase my rainbows for me... :-)

You may see this that way. Personally, I see it as wasting the time of the Bank's investigators who in turn then waste the time of people with genuine complaints.
Do you think that's fair to those who have truthfully been mis-sold?

ClareBW

Is there a top ten list of 'best' PPI claim companies?

I have a few areas which might yield some PPI. However no time to look into claims for myself.