MSE News: 'I got £82,000 PPI back'

Velcrosnowglobe

I thought my wife did well with what she got back. £82k is mind-blowing. £25k plus the tax he's going to owe on interest received is going to sting, too, though.

Sooler

Moneyineptitude wrote: »

He must have been paying without question for years, poor sap!
Pity he felt he needed a Claims Handler.

paying without question! - claims handler!! - bit of an idiot

A.Jones

It goes to show that no matter how animated Martin Lewis gets on the TV or radio, some people are still too stupid to do something simple themselves.

A.Jones

Moneyineptitude wrote: »

It's a reported £82,000, not "alleged" at all. I wonder how Guy Anker (the News editor of this site) would respond to your calling his professionalism into question in such a manner?

His report says ...

Thankfully, unlike many people who get put off at that stage, Phil (pictured, right) continued. He went to the free independent Financial Ombudsman Service, which found in his favour in September last year.

It is quite clear that he did not. He went to a claims firm and got them to do it on his behalf.

kronenbourg

imagine how many doughnuts and pies he will be buying at the weekend

~Brock~

dilus wrote: »

Nothing surprises me with credit card PPI. If he was in the habit of paying off the balance religiously every month the 8% standard interest would ramp up BIG time and could far outweigh the PPI redress. Over 28 years it would be a huge amount, which it obviously was. It has turned out to be the best savings account imaginable :cool:

If he was in the habit of paying off the balance every month he wouldn't have been charged for PPI at all.

JimmyTheWig

dilus wrote: »

It has turned out to be the best savings account imaginable :cool:

He's used the money to pay off debts.
I bet he's paid more than 8% on those debts.
Therefore he would have been better off had he not paid the PPI in the first place.

magpiecottage

JimmyTheWig wrote: »

he would have been better off had he not paid the PPI in the first place.

He would have been better off had he not run up the debts in the first place!

Credit-Crunched

2sides2everystory wrote: »

Firstly I struggle to ascertain where the conflict or interest is? If they are acting for the client, their primary objective is to get back the PPI money, they have no obligation to advise him to do it alone. A conflict of interest would only be apparent if they were also acting for the company he is claiming from. By your rationale, any individual that purchases a house, should be told by the solicitor that it is cheaper to do themselves? Confused.com

Consent to what? Consent to agree that a misleadingly described service is necessary and worth what is asked for it, perhaps?

Oh, but now I hear you say "The Claims service achieved what they said they would try to achieve".

So the contract was based on the result not the effort, eh? Did anyone describe the effort that would be required to the client before they made the decision? Nah, not mandatory?

Say the claims handler was a lawyer on "no win no fee" - would a lawyer be able to do the same or would a lawyer's duty to disclose conflict of interest extend to describing how easy it was to DIY?

When you go to the garage, how many mechanics would say to you how easy the job would be to do yourself with a spanner and a £1 part from halfords, yet continue to do the job.

How many plumbers will decline a job because it can be done by you easily and cheaply.

How people in PC world have had basic repairs done on their PC and charged £100 when a small amount of research the user could have done it for free, would PC world advise them of this first.

Your views on the world are very idealistic, this is what happens, it is business, rightly or wrongly.

One needs to be more savvy themselves, take some ownership of responsibility to prevent being taken advantage of. Sadly, the lazy, easy way out is the most expensive.

IDProtected

kronenbourg wrote: »

imagine how many doughnuts and pies he will be buying at the weekend

:rotfl::rotfl::rotfl: That was exactly my thought!