Phone calls from PPI reclaim companies

timmybear

lxpeanut wrote: »

The money is ours the banks took it off us and are now having to give it back its not your money.

That's not what I think.

[Deleted User]

timmybear wrote: »

That's not what I think.

It's only your money if you were mis-sold PPI . The money the banks are re-paying is not coming from bank customers but from the banks themselves. The only impact it will have is on Bank profits, no one else will be "picking up the tab".
Also, the majority of those affected were simply sold extremely expensive and largely useless insurance without proper safeguards in place to ensure the policies were suitable for their circumstances. In the vast majority of cases it was not that the banks were simply charging people without their knowledge (though this seems to have happened as well).
I recommend you read more about the subject before commenting further.

timmybear

Moneyineptitude wrote: »

It's only your money if you were mis-sold PPI . The money the banks are re-paying is not coming from bank customers but from the banks themselves. The only impact it will have is on Bank profits, no one else will be "picking up the tab".
Also, the majority of those affected were simply sold extremely expensive and largely useless insurance without proper safeguards in place to ensure the policies were suitable for their circumstances. In the vast majority of cases it was not that the banks were simply charging people without their knowledge (though this seems to have happened as well).
I recommend you read more about the subject before commenting further.

You can recommend what you like; fact is that this is my opinion, based on what I believe, and that as long as I am not being offensive, I am free to comment on this forum in the same was as you & everyone else is. You may disagree with me -I don't care- but you're in no position to tell me what I can and can't say.

[Deleted User]

timmybear wrote: »

You can recommend what you like; fact is that this is my opinion, based on what I believe, and that as long as I am not being offensive, I am free to comment on this forum in the same was as you & everyone else it. You may disagree with me -I don't care- but you're in no position to tell me what I can and can't say.

Bye bye now.:p

timmybear

Moneyineptitude wrote: »

Bye bye now.:p

Yes. Goodbye :T

dunstonh

Yes the banks did wrong in a number of cases. However, there are also a lot of opportunistic complaints being made as well. One firm has said as many as half the complaints they get dont even have PPI. My own compliance firm has said around 1/3rd of complaints at easy to spot try-it-ons. Most of which come from claims companies.

magpiecottage

Moneyineptitude wrote: »

The money the banks are re-paying is not coming from bank customers but from the banks themselves. The only impact it will have is on Bank profits, no one else will be "picking up the tab".

No - they will recoup it in charges elsewhere. If they do pass it on to shareholders that will have an impact on taxpayers in the case of RBS, Natwest, Lloyds TSB, HBOS and Northern Rock.

timmybear

dunstonh wrote: »

Yes the banks did wrong in a number of cases. However, there are also a lot of opportunistic complaints being made as well. One firm has said as many as half the complaints they get dont even have PPI. My own compliance firm has said around 1/3rd of complaints at easy to spot try-it-ons. Most of which come from claims companies.

Exactly.

I keep hearing that banks added it on without people knowing. I don't think I fully beleive that. I do fully believe that some bank staff and sales advisors didn't have the first clue how these products actually worked, but I am unsure as to how the bulk of the blame does not rest with the consumer. If, on every occasion PPI was avaliable on products and services I was taking out and I was told about it, by various different sales people and lenders (as was the case with me, which is how I know i've never had it), I don't know why other people feel they were not correctly informed.


When I said that I think we'll all pick up the tab, I will go so far as to admit I was being uber cynical. What I mean is, is that irrespective of which pot of money or which people the PPI claims are taken from, one way or another in the long term it will come back to Joe Public. That is what I think. And of course it will be years before anyone can prove me right or wrong.

dunstonh

When I said that I think we'll all pick up the tab, I will go so far as to admit I was being uber cynical. What I mean is, is that irrespective of which pot of money or which people the PPI claims are taken from, one way or another in the long term it will come back to Joe Public. That is what I think. And of course it will be years before anyone can prove me right or wrong.

With hindsight, both the pensions review and endowment review have been regarded as paying out too much in redress. The method to complain and get redress encouraged false complaints. Even the person responsible for setting up the pension review admitted that too much redress was paid out to people that shouldnt have got any.

Sorting out problems is the right thing to do. However, when it becomes open season and people get paid redress when they shouldnt have been and still believe the bank was wrong then it will take decades to repair that damage.

[Deleted User]

dunstonh wrote: »

Yes the banks did wrong in a number of cases. However, there are also a lot of opportunistic complaints being made as well. One firm has said as many as half the complaints they get dont even have PPI. My own compliance firm has said around 1/3rd of complaints at easy to spot try-it-ons. Most of which come from claims companies.

But are these people all getting payouts? I think not.

The other thing to note is that these "opportunists" are claiming their own money back. It's money they've paid for ultra expensive and often useless insurance. You make it sound like the Banks are being robbed, when it was the banks themselves who instituted this method of fleecing the unwary.