'We reclaimed £175,000 with MSE's help' - is this the biggest-ever PPI payout? - MSE News 28 May 2019 at 5:11PM in Reclaim PPI & other insurance 8 replies 2.2K views

MSE_Luke

A retired couple have paid off their mortgage and all of their debts after receiving an astonishing £175,000 for mis-sold PPI - the largest payout we've EVER seen...

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'We reclaimed £175,000 with MSE's help' - is this the biggest-ever PPI payout?'

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Browntoa

If they had been stupid enough to use a PPI reclaim company could have cost them between £50,000 and £60,000 from that payout !

Takmon

MSE_Article wrote:

It's the largest PPI success story we've seen

Surely they mean the "largest PPI failure story" they have seen. Spending so much money on unnecessary insurance is not exactly a success is it.

[Deleted User]

Takmon wrote: »

Spending so much money on unnecessary insurance is not exactly a success is it.

To be fair, the 8% interest they've earned on their PPI "investment" will have been a large chunk of their award.

However, the couple must have been up to their eyes in debt for decades.

I wonder did they complain that they "didn't know they had it"?

Nasqueron

found it wasn't all plain sailing as they were asked to provide further evidence to back their claim.

Shock horror!

tgroom57

There's nothing wrong with it in itself, but banks and building societies massively overcharged and systemically mis-sold it.

I'm in two minds whether it should be "systemically" or "systematically".

Nasqueron

tgroom57 wrote: »

I'm in two minds whether it should be "systemically" or "systematically".

More to the point, why does MSE think a bank selling a poor value product is somehow wrong.



It's like complaining that you bought your shopping in Waitrose 10 years ago and then found out you could have bought it at Aldi for half the price. Buying an expensive product when cheaper ones are available is not miss-selling

[Deleted User]

Nasqueron wrote: »

It's like complaining that you bought your shopping in Waitrose 10 years ago and then found out you could have bought it at Aldi for half the price. Buying an expensive product when cheaper ones are available is not miss-selling

Poor analogy.

There is a vast difference between expensive items and those that are not value for money.

Kernow666

So what the got back is the interest they paid or the total amount they paid back