We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Up to 150,000 rejected PPI claimants to receive letters saying they can complain again - MSE News
Options
Comments
-
If these companies where that greedy to put a high commission percentage onto a product which you didnt feel comfortable purchasing in the first place. Then they should be made to repay all monies because that means they were applying pressure for their own means. I was knocked back for my PPI claim and in that claim I stated that my husband and I felt no need for the product because we felt that even if one of us lost our jobs we could easily continue to pay our mortgage. But the clock was ticking against us and we were informed that without the PPI we couldn’t have the mortgage. We’ve since been informed that it was a high percentage added to our policy and the lender is happy to pay us back. Still waiting to see what it amounts to.0
-
It will amount to anything over the 50% commission threshold that has been deemed acceptable0
-
It's a norm in other countries (e.g. Canada) for lenders to offer much lower interest rate on mortgages/loans if you have a PPI. This makes sense (the lender's risk is smaller), is very logical, and I don't see why it has to be different in UK.I stated that my husband and I felt no need for the product because we felt that even if one of us lost our jobs we could easily continue to pay our mortgage. But the clock was ticking against us and we were informed that without the PPI we couldn’t have the mortgage.
The only question is how and where you buy it. If you can buy it independently from an approved company, then there is no absolutely anything wrong in this.0 -
It's a norm in other countries (e.g. Canada) for lenders to offer much lower interest rate on mortgages/loans if you have a PPI. This makes sense (the lender's risk is smaller), is very logical, and I don't see why it has to be different in UK.
In the 90s there were several banks that gave better terms if you bought MPPI. Some personal loans did it as well.The only question is how and where you buy it. If you can buy it independently from an approved company, then there is no absolutely anything wrong in this.
But you said all PPI should be refunded.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
@Nasqueron
I can only repeat "house that I own". I possibly have to clarify "own outright".
Question was relevant because you used this word to explain something while it needed explanation itself.
"Agree" and "want" are different words. Yes, "agree" is less ambiguous, but can't substitute "tick" and "sign" as a verbal agreement is usually very difficult to prove.
And it's the ambiguity of many laws and regulations that resulted in these endless 'clarifications' and wasted money as a result.
Why would you take out PPI on a house you already own?
The person agreed to take it out, therefore they wanted it. If they didn't want it they wouldn't have taken it out.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
In fact IMO most of them don't have to. What I said, was that it would be easier and cheaper for all of us - given the current situation, resulting from the incompetence of FSA and the lawmakers.In the 90s there were several banks that gave better terms if you bought MPPI. Some personal loans did it as well.
But you said all PPI should be refunded.
It was just an example of ambiguity of the word 'need'.Why would you take out PPI on a house you already own?
Let's agree to disagree on this.The person agreed to take it out, therefore they wanted it. If they didn't want it they wouldn't have taken it out.
I deem TV licence unfair and don't want to pay for, but I have to - because I am forced to do this. Otherwise I can't watch TV.0 -
I get the impression most people have to agree to disagree with you!
You make tenuous point after tenuous point, whilst arguing semantics.
What the hell has tv licence got to do with any of this - besides being yet another poor example you have used to try and justify your dillilusional arguments.
Do us all a favour and get back in your cave.0 -
When I worked in retail we sold large ticket items and offered finance. I tried to steer away from PPI but many were insistent in "needing" it. I wonder how many of them have jumped on the bandwagon and claimed ! I look forward to 29th August.0
-
Well, very factual and constructive post. It clarifies everything, there is no anything more to discuss.I get the impression most people have to agree to disagree with you!
You make tenuous point after tenuous point, whilst arguing semantics.
What the hell has tv licence got to do with any of this - besides being yet another poor example you have used to try and justify your dillilusional arguments.
Do us all a favour and get back in your cave.0 -
I despair of some of the regulars here not realising that their legs are being pulled (very sharply).
Do not feed.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards