I always thought PPI claiming was a scam?

Online_money

So I get a lot of people ringing me about PPI and I always thought that was some kind of scam. I understand that if it's a legitimate person, like someone working at your bank or a lawyer etc it could be real- but I always thought it was just a way for people to help you claim it then take a stupid amount of money from you in fees.

Can someone explain to me what this is? My only idea on what it could be is something really easy to claim- ie banks scamming via smallprints and now being forced to pay for it

I have never taken out a loan so I don't have PPI by the way.

flashg67

If you've never had PPI then ignore/block the calls. If you have, still ignore them & don't give 40% of your claim to a claims company for something you can easily do yourself.

Online_money

Yeah I won't have PPI so I block them. I knew there would be some stupid fee for it, but it's crazy how it's a real thing

and.why.not

I don't understand - in what way is it crazy that it is real?

Online_money

I mean yeah, banks Are evil- but people are claiming from 1995 and back. It crazy that nothing has been done since, as something like this gets discovered and abused instantly nowadays

takman

Online_money wrote: »

I mean yeah, banks Are evil- but people are claiming from 1995 and back. It crazy that nothing has been done since, as something like this gets discovered and abused instantly nowadays

Banks are not evil!, people just happily sign up to financial contracts without understanding them and then complain about what they have signed up to after!.

I've had loads of credit cards, bank accounts and 1 loan and i have never paid any PPI or bank fees! (apart from one account that i got refunded after 2 months!). All you need to do is think about what your signing up to before you do it!

WatchMan

takman wrote: »

Banks are not evil!, people just happily sign up to financial contracts without understanding them and then complain about what they have signed up to after!.

I've had loads of credit cards, bank accounts and 1 loan and i have never paid any PPI or bank fees! (apart from one account that i got refunded after 2 months!). All you need to do is think about what your signing up to before you do it!

Of course the other side of the coin is that some financial businesses didn't sell the policies properly. They didn't give the information needed for someone to make a proper informed decision. They mis-lead people. Sometimes they added the policy on without the person even knowing it.

Sometimes they did these things by mistake. Sometimes they did it quite deliberately because it made money.

Banks aren't evil. But they've made a lot of mistakes and the blame cannot be put solely on their customers.

takman

WatchMan wrote: »

Of course the other side of the coin is that some financial businesses didn't sell the policies properly. They didn't give the information needed for someone to make a proper informed decision. They mis-lead people. Sometimes they added the policy on without the person even knowing it.

Sometimes they did these things by mistake. Sometimes they did it quite deliberately because it made money.

Banks aren't evil. But they've made a lot of mistakes and the blame cannot be put solely on their customers.

If a person who told things about a policy that arnt true then they is obviously wrong.
But if someone is saying you should buy PPI and not giving much information about it then why would you agree?. Why wouldn't you do independent research?. I've never bought something based on the advice of a single person or organisation without doing additional research.

If it's added on without the person knowing then as soon as they see the documentation or see their first statement they could easily have complained they never agreed to it there and then. Instead of paying it for years and years.