Why Must We Claim?

CliffordAlls

Can anyone explain what we all have to find out whether we have a potential PPI claim?

It seems to me that it would be only right for those wrongdoers who have mis sold a product should tell US that we are due a refund, rather than leaving us to go to the trouble and expense of trying to find out what their own records will confirm.

The way this is being done has encouraged all sorts of undesirable rackets which could result in those who have NOT been mis sold PPI going to unnecessary expense.

As matters stand, there is no obligation on wrongdoers to repay anything that is not claimed. This amounts to 'voluntary compensation' - Why?

[Deleted User]

Because they don't know whether you have been mis sold, or if you still want the insurance.

They can't just cancel people's cover. You need to tell them you don't want it and why you feel it wasn't appropriate.

dunstonh

It seems to me that it would be only right for those wrongdoers who have mis sold a product should tell US that we are due a refund, rather than leaving us to go to the trouble and expense of trying to find out what their own records will confirm.

So, you want to put a massive financial burden on good firms that didn't missell?

Plus, how do you measure whether it was missold or not until you have the facts from the individual.

Remember that there is nothing wrong with having PPI. Some types have a low volume of complaints and see the majority rejected. Other types have a high level. The issue is not about the product as much as how it was sold.

As matters stand, there is no obligation on wrongdoers to repay anything that is not claimed. This amounts to 'voluntary compensation' - Why?

As matters stand, the banks were stuffed by the FCA. They were required to consider pre-regulation complaints to not far from the standard of post regulation. This has allowed a lot of try-it-on complaints that were not missold to receive a refund.