Interesting information ppi

bigdec

I have spoken to a few companies when I started looking into PPI mis selling and what seems very strange and what's the fact that a lot of these companies were able to establish quite quickly and easily that PPI have been mis-sold or added onto loans or credit cards. Why is it the companies were not forced to contact the people they mis-sold the PPI to, rather than wait be contacted and refund the money directly. According to a report in the telegraph newspaper it's stated that very still 25% of of people who haven't claimed will lose out by the deadline at the end of August. That means he's going to be a lot of people who are going to miss out on their refunds unjustly, and a lot of financial institutions who still have the money they made on the mis-selling of the ppi.

BoGoF

Your title is very misleading......nothing interesting in what you said at all.

How would they know it's mis-sold without a complaint and what the alleged reasons were.

SonOf

what seems very strange and what's the fact that a lot of these companies were able to establish quite quickly and easily that PPI have been mis-sold or added onto loans or credit cards

Claims companies had virtually no regulation prior to April of this year. They are not regulated by the FCA. The FCA initially seemed willing to give CMCs the benefit of the doubt early on but is already starting to take a harder line.

CMCs putting in speculative complaints with no justification or reasoning is an issue. They tell people what they want to hear as the sales starf on sales targets to get people signed up.

Why is it the companies were not forced to contact the people they mis-sold the PPI to, rather than wait be contacted and refund the money directly.

Why should they do that?
Not all types of PPI was missold. For example, most regular premium PPI policies were not (such as MPPI).

There are also a lot of fraudulent complaints being made. Over half of PPI complaints raised, where they make all sorts of allegations of wrongdoing, never had PPI to begin with.

According to a report in the telegraph newspaper it's stated that very still 25% of of people who haven't claimed will lose out by the deadline at the end of August.

That is a made up figure. Who says they were missold? In reality, there is no way to measure the numbers who willingly and intentionally purchased PPI and those that were missold.

That means he's going to be a lot of people who are going to miss out on their refunds unjustly, and a lot of financial institutions who still have the money they made on the mis-selling of the ppi.

There are plenty of people that have received PPI redress despite not being missold. So, a lot of financial institutions have paid out to people that shouldnt have been paid out.

There is no easy solution in a scenario like this.