PPI Reclaiming successes and failures

cot1198

nourishment wrote: »

The banks are all struggling, we're all going to find ourselves struggling to get mortgages and credit and people here are celebrating getting money back from banks that they only paid because they were too lazy to read what they were signing in the fist place. Take some responsibility for your own actions and stop behaving like victims. I'm sure things would be different if all these people had lost their jobs and had to claim against the policies.

I used to think this website was great and I've benefited from, and contributed to, tips for saving money but I'm tired of the 'get back at banks' themes that this website promotes.

Maybe you'll all only be happy when everyone who works for your local bank branch is out of a job. And then you'll moan that there's nowhere to get your cash out of an ATM for free...

The banks are struggling yes but who's fault is it? thats right the greedy grabbing banks fault and still they are getting their hands on our hard earned by getting bailed out with our tax cash so they can lend it back to us at high interest rates!!!! madness gone mad

marshallka

nourishment wrote: »

The banks are all struggling, we're all going to find ourselves struggling to get mortgages and credit and people here are celebrating getting money back from banks that they only paid because they were too lazy to read what they were signing in the fist place. Take some responsibility for your own actions and stop behaving like victims. I'm sure things would be different if all these people had lost their jobs and had to claim against the policies.

I used to think this website was great and I've benefited from, and contributed to, tips for saving money but I'm tired of the 'get back at banks' themes that this website promotes.

Maybe you'll all only be happy when everyone who works for your local bank branch is out of a job. And then you'll moan that there's nowhere to get your cash out of an ATM for free...

The Banks are struggling - what about families losing their homes, where is the little bit of sympathy for them.


Statistics show only 15% of policies actually pay out anyway and also I take it you are not struggling with your mortgage due to when a time you were in SOME debt, you were needlessly induced to more for mainly the greed and profits of the banks...

From the person that runs this website.

Is this fair??

If you ever need to claim on your insurance, due to losing your job or being ill, many providers restrict each claim to 12 months, no matter how long your agreement runs for.
So if you claim one year into a five year loan you won’t be covered for the final three years payments, even though you’ll be paying for the insurance.
Sadly some bank PPI policies are so expensive, that the maximum payout if you claimed for a full year may only be roughly the same as the cost of the policy. E.g. you may pay £1,500 for the policy over the life of the loan, but the maximum it’d pay out is just £1,600.

Its nothing to do with not having the insurance, there are much cheaper options elsewhere..

From the Citizens Advice

Its report Protection racket, showed that in many cases PPI is more about providing an additional source of profit for the financial industry than about protecting consumers. Policies sold by several well-known mainstream lenders exclude cover for common problems like bad backs and mental health problems that can stop people working. Many also have arbitrary age limits and ban the self-employed and those on fixed-term contracts from making a claim. Earlier research found that 85% of CAB clients who had claimed on payment protection insurance had been unsuccessful - in sharp contrast with industry assertions that only 15% of claims are turned down.


From the Ombudsman news today

Add also the growing numbers of consumers who now believe that the payment protection insurance (PPI) they were sold on the back of loans and credit may have been inappropriate to their individual needs – of little value to them, but helping to contribute to the £1.4 billion of excess profits which the Competition Commission estimates the major PPI distributors have been earning in a single year.

Perhaps this may open up your eyes!!!

dreamer33

nourishment wrote: »

The banks are all struggling, we're all going to find ourselves struggling to get mortgages and credit and people here are celebrating getting money back from banks that they only paid because they were too lazy to read what they were signing in the fist place. Take some responsibility for your own actions and stop behaving like victims. I'm sure things would be different if all these people had lost their jobs and had to claim against the policies.

I used to think this website was great and I've benefited from, and contributed to, tips for saving money but I'm tired of the 'get back at banks' themes that this website promotes.

Maybe you'll all only be happy when everyone who works for your local bank branch is out of a job. And then you'll moan that there's nowhere to get your cash out of an ATM for free...

People are celebrating because they were mis-sold policies that they could not even claim from.

People were not lazy they were blinded by the "hard sell" and led to believe that the policies were good. The care and responsibility comes from the banks who have taken peoples money for years without any consideration to their capability of paying or what they might lose, its all a game of making as much profit as they can.

Its not a case of getting back at the banks its a case of "fair treatment".

What should be remembered also is that the banks dabbled in the sub-prime market and this is why we all struggle to get mortgages and the banks are struggling. They dabbled into a market that gave mortgages to people who were not credit checked properly and could not really afford a mortgage. They only thought about how much money could be made and got a shock when it all went pete tong.

sportage1kia

hevside wrote: »

Have received payment from Barclays ... a fantastic £5739.62 !!! :j

Well Done
I am waiting to hear from Hbos, received settlement letter in August, no figures yet, been advised 6-8 weeks.
Regards

Karen_Johnson

I just got £2,382.64 back from Halifax from mis-sold payment protection insurance. MBNA is next

SEVERNCYDER

Has anyone had a successful ppi claim from LloydsTSB Credit Card yet, either direct from them or with the FOS adjudicating against them ?. Also how long did it take please ?, i am still awaiting an allocated adjudicator with the FOS after 11 months !.

marshallka

SEVERNCYDER wrote: »

Has anyone had a successful ppi claim from LloydsTSB Credit Card yet, either direct from them or with the FOS adjudicating against them ?. Also how long did it take please ?, i am still awaiting an allocated adjudicator with the FOS after 11 months !.

I would now give them a nudge maybe. Its a hell of a long time 11 months...Just call them and tell them your length of time. It may help:D .

Monkey2401

Just a quick note to let you know I won my claim against Halifax for a Personal Loan and Credit Card PPL.
I have just had £4,000 credited to my account yesterday for the PPL on the loan and today I had a letter stating that they are going to put me back in the position I would have been if I had not had the PPL on the credit card and will contact me soon to advise me of the amount. The amount should be with my calculations somewhere between £5-6k. What a right result.
This only took me one letter for the loan and then a phone to call to halifax about the credit card. I didnt even have to write a letter for the credit card. I seem to have got off quite lightly compared to some in the time taken for replies but however long it takes keep going and Martin, keep up the good work, as if it was not for this site I would have never tried to reclaim.

Thanks. DM

Now im off to the pub for a well earned drink!

marshallka

Monkey2401 wrote: »

Just a quick note to let you know I won my claim against Halifax for a Personal Loan and Credit Card PPL.
I have just had £4,000 credited to my account yesterday for the PPL on the loan and today I had a letter stating that they are going to put me back in the position I would have been if I had not had the PPL on the credit card and will contact me soon to advise me of the amount. The amount should be with my calculations somewhere between £5-6k. What a right result.
This only took me one letter for the loan and then a phone to call to halifax about the credit card. I didnt even have to write a letter for the credit card. I seem to have got off quite lightly compared to some in the time taken for replies but however long it takes keep going and Martin, keep up the good work, as if it was not for this site I would have never tried to reclaim.

Thanks. DM

Now im off to the pub for a well earned drink!

Woweee. well done you:beer: :j :beer:

Have one for me too.;)

owlet

nourishment wrote: »

people here are celebrating getting money back from banks that they only paid because they were too lazy to read what they were signing in the fist place. Take some responsibility for your own actions and stop behaving like victims.

Maybe some people were too lazy to read their agreements in the first place, but there are a huge number like myself who were told that they had to take the PPI in order to get credit. We were not given an option. There are also many people who had agreements that were worded in such a way that PPI was tightly hidden in complicated small print. There are many genuine reasons for people to be claiming back what is rightfully theirs.Please don't paint everyone black. The laws would not have been changed if there were not good reason to do so.