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

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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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Comments

  • Browntoa
    Browntoa Posts: 49,601 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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 !
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  • Takmon
    Takmon Posts: 1,738 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    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"? :D
  • Nasqueron
    Nasqueron Posts: 10,620 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    found it wasn't all plain sailing as they were asked to provide further evidence to back their claim.


    Shock horror!

    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.

  • tgroom57
    tgroom57 Posts: 1,432 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Nasqueron Posts: 10,620 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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

    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.

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    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
    Kernow666 Posts: 3,480 Forumite
    Seventh Anniversary 1,000 Posts Combo Breaker I've been Money Tipped!
    So what the got back is the interest they paid or the total amount they paid back
    "If I know I'm going crazy, I must not be insane"
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