Am I the only one not claiming PPI?

Alpine_Star

Insider101 wrote: »

PPI is the most complained about product mainly because of the armies of CMC cold callers which you do not get with any other product.

PPI is the most complained about product because it was by far and away the most mis-sold product in history and that was the conclusion of the Competition Commission's PPI market study. Right or wrong the CMCs were simply capitalizing on it.

micky2phones

wolvoman wrote: »

Seems to be.

£20bn and counting. I hear stories of people getting refunds of £30,000! With 8% compound interest! This website is obsessed by it.

Am I the only one who took out credit cards and ticked the 'no' box?

Have never had an unsecured loan either, I'm guessing this is where most of the claims are coming from?

And it's good to hear most of the recipients of these generous refunds are putting the money into savings and overpaying mortgages rather than deposits on new cars..... oh wait a minute...

No, no refund for me

System

wolvoman wrote: »

Seems to be.

£20bn and counting. I hear stories of people getting refunds of £30,000! With 8% compound interest! This website is obsessed by it.

Am I the only one who took out credit cards and ticked the 'no' box?

Have never had an unsecured loan either, I'm guessing this is where most of the claims are coming from?

And it's good to hear most of the recipients of these generous refunds are putting the money into savings and overpaying mortgages rather than deposits on new cars..... oh wait a minute...

You are not the only one.

As I was in the Forces for most of my life I realised that PPI would never pay out as I could never meet the conditions so always unticked the box/ said no. That attitude continued after leaving the Forces as I went contracting.

I wish I had now, A nice windfall lump sum would come in handy :T

dunstonh

I'm still not overly convinced that a large number of refunds are just banks throwing money at consumer's to get rid of them.

Floor limits do exist. One bank had a £3000 auto payout limit for a period. I don't know what it is now for that bank as it would change with the flow of work.

Zapito

I wish someone would set up a fund to compensate me for all the nuisance calls I receive telling me I can "reclaim PPI". I still get them even 'though I am registered with Telephone Preference Service. They are driving me mad.

lisa110rry

OP, you are most certainly not the only one not claiming against PPI. When I receive those calls, I patiently explain how PPI insurance through AXA saved our finances when my husband was diagnosed with a serious heart condition, how sensitively AXA dealt with the fact that they were obliged to call me from time to time to check that there had been no change in his condition (there wasn't of course).

theEnd

Although MSE pretends different, isn't this just QE for the people?

Central bank prints a load of money, gives it to the commercial banks on the condition they throw it at the people most likely to spend it all.

Genius.

nidO

No payout for me either. I had PPI on a credit card for years from 2002 and if the general consensus on this site is anything to go by I seem to be the only person in the country who was actually sat down by the salesman in the branch going through my card application, explained to me what PPI was and what situations it would and would not be useful for me, and decided with no gun pointed at my head or anything that it was potentially worthwhile so ticked the box.

Then never needed it, and eventually cancelled it.

Insider101

Alpine_Star wrote: »

PPI is the most complained about product because it was by far and away the most mis-sold product in history and that was the conclusion of the Competition Commission's PPI market study. Right or wrong the CMCs were simply capitalizing on it.

Initially yes. Truthfully, in the early days there were mostly genuine complaints. Over the last few years, most of what has been seen are people cold called by CMCs encouraging speculative complaints, insolvency practitioners attempting the same on behalf of insolvent customers and people complaining because someone told them to or their neighbour got some money out of it.

GaleSF63

Are phone calls completely speculative or do the claims firms have some information on people? I have 2 credit cards and have never had calls about PPI even though I get them about everything else. My first card was taken out in the early/mid 70s and the second in 2011. Neither time did the subject of PPI come up - too early and too late? It's as they know I wouldn't have it.