M&S personal reserve PPI

Ll7322

Info on this account is very sparse! I’ve only found 1 article an MSE one where the claimant got nearly 20k back - her account was opened the same year as mine but I don’t know how long she had it for. However the account was only available for a few years. I’m wondering why her pay out seems high? I genuinely don’t remember applying for mine I think they just it out to me?? Perhaps that’s why???

My acc was opened in 1998 and closed in 2002 - can anyone share their figures with me please? :money:

[Deleted User]

Her payout is based on the premiums she paid, plus associate and statutory interest.

Any redress you get would be based on the premiums you paid, which in turn are based on the amount you borrowed.

Ll7322

I understand the principles I’m trying to see if that’s what most people are being paid out - my usage was almost at the max for all the time I had the account. And at most her account can only have been open 1 year more than me. But based on the low amount of loan I’m puzzled why her pay out was so big.
Looking to hear from others who have had a payout.

[Deleted User]

Ll7322 wrote: »

Looking to hear from others who have had a payout.

I doubt you'll get any responses, this forum was more for advice about how and why to complain rather than people simply crowing about their payout.
Nowadays, the forum is not even that.
If you complain, and are successful, you'll only ever receive back what you actually paid in PPI plus interest at 8%.
So what others may have received is entirely irrelevant to your circumstance.

However, there are still PPI redress calculators available online which might provide you with a "ballpark" figure of what you can expect should you succeed.

Now the bad news:

Ll7322 wrote: »

I genuinely don’t remember applying for mine I think they just it out to me

This is the weakest possible mis-selling complaint you can have; one for which you can provide no evidence and for which the Bank will simply reference the signed documentation showing that you did know and agree to the insurance. They'll also be able to reference the 48 monthly statements you received over the four years detailing the PPI on a separate line.

So, instead of counting your chickens, I recommend you spend some time constructing a valid and (preferably) verifiable mis-selling complaint. Look particularly at your eligibility, because that is all the Bank will be examining if you "complain" that insurance was "just added".

The complainant who received a £20K must have had massive borrowing to be entitled to that level of refund and she would also have had very compelling complaint reasons.

Ll7322

I have done all of the above except for counting my chickens but thank you for patronising me. As you will see from my original thread I asked for people who had claimed to respond. The personal reserve was a unique product which by all accounts the calculators aren’t able to help and the maximum loan as stated above was £3000 for any person! Hence I’m questioning how a 20k payment came about if at all.
I did not say I don’t recall asking for PPI! I said I did not apply for the product! The cheque book arrived in the post without my request. This as I understand it happened to quite a few CC customers at the time.
My claim is very robust as I have followed MSE advice .
Please try to respond more respectfully in future.
I asked a simple question which you are clearly not the right respondent for. :beer:

[Deleted User]

Ll7322 wrote: »

I’m questioning how a 20k payment came about if at all.

You don't provide a link to the thread in which someone allegedly claimed that, so it's hard to comment other than to repeat that the person concerned would have needed massive lending over a long period to obtain a PPI refund of £20K . That doesn't appear to be possible if the account limit was £3K.

As to getting any responses from already successful former complainants, I'd say the chances of that nowadays are nil. The days of multiple threads and posts appearing on this part of the forum every day are long past I'm afraid as the PPI deadline passed last August.

Sorry if you didn't like my earlier response. Good luck with your complaint.

societys_child

Ll7322 wrote: »

I’ve only found 1 article an MSE one where the claimant got nearly 20k back -

That's almost unbelievable. Can you link to this article please?

[Deleted User]

societys_child wrote: »

Can you link to this article please?

Thinking about it, the OP is new and won't be able to post a link yet.

I've run a search through the forums and main site myself just now, but I'm coming up with nothing at all.

Perhaps the OP could post the exact title of the thread he refers to? The "cliff notes" of what transpired would also be helpful...

Incidentally, I received a £20K refund myself back in 2012 from HSBC. That was from PPI front loaded onto a consolidation chain of five loans spread over a 15 year period, so hardly relevant to the OP's position.

Ll7322

I can say with 100% certainty that the max borrowing was 3k - I have had this confirmed by M&S themselves

Link won’t post but article is called I avoided-debt-thanks-to-45000-in-ppi-reclaims

[Deleted User]

Ll7322 wrote: »

Link won’t post but article is called I avoided-debt-thanks-to-45000-in-ppi-reclaims

It's here;
https://www.moneysavingexpert.com/news/2017/09/i-avoided-debt-thanks-to-45000-in-ppi-reclaims/

It's obviously a promotional piece (from 2017) for MSE's "Resolver" tool.

Certainly, "Sarah" won't be posting to this thread to confirm how much debt she was in and how she managed to pay such a massive amount of PPI with a borrowing limit of only £3K

EDIT;
Interesting disclaimer at the foot of the table
" Firm claimed from not necessarily the same company the product was bought from."