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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 5th Jun 14, 5:15 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: PPI mis-selling victims 'could have been underpaid by £1bn'
    • #1
    • 5th Jun 14, 5:15 PM
    MSE News: PPI mis-selling victims 'could have been underpaid by £1bn' 5th Jun 14 at 5:15 PM
    There could be a £1 billion shortfall in the compensation received by complainants, according to an investigation...

    Read the full story:

    PPI mis-selling victims 'could have been underpaid by £1bn'



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • Ronaldo Mconaldo
    • By Ronaldo Mconaldo 6th Jun 14, 4:36 AM
    • 4,984 Posts
    • 5,240 Thanks
    Ronaldo Mconaldo
    • #2
    • 6th Jun 14, 4:36 AM
    • #2
    • 6th Jun 14, 4:36 AM
    Does anyone else resent the word "victims" being used here? The whole thing is obviously some kind of government sponsored cash giveaway to keep the economy moving by giving money away to people who didn't bother to read the small print. "Victims" of their own ignorance more like.
    • jellie
    • By jellie 6th Jun 14, 8:42 PM
    • 843 Posts
    • 691 Thanks
    jellie
    • #3
    • 6th Jun 14, 8:42 PM
    • #3
    • 6th Jun 14, 8:42 PM
    Does anyone else resent the word "victims" being used here? The whole thing is obviously some kind of government sponsored cash giveaway to keep the economy moving by giving money away to people who didn't bother to read the small print. "Victims" of their own ignorance more like.
    Originally posted by Ronaldo Mconaldo
    It'll also help the economy by keeping claims management companies in business, as they'll have yet another excuse to charge people a fortune for writing rubbish template letters.
  • colonelsensible
    • #4
    • 8th Jun 14, 5:10 PM
    No regrets, no resent
    • #4
    • 8th Jun 14, 5:10 PM
    Resent is a very harsh word. If people who don't know their way around the intricacies of PPI, and have been taken in by the banks, then "victims" seems to be an accurate description of their situation.

    (Text removed by MSE Forum Team)
    Last edited by MSE ForumTeam3; 09-06-2014 at 8:45 AM. Reason: Per
  • colonelsensible
    • #5
    • 8th Jun 14, 5:39 PM
    MBNA Response
    • #5
    • 8th Jun 14, 5:39 PM
    MBNA: "Fees of this nature are required to be refunded when they are 'caused' by the mis-sale of PPI. Not all credit card fees and charges are the same between issuers and there are aspects of MBNA's fees and charges and the way they are charged (or not charged) which are highly relevant to whether MBNA might be liable to refund them.

    "Our system operates so that the cost of PPI is only applied after the customer has gone over limit and after the over limit fee has been applied. As such, PPI could never cause our customers to be over limit or cause the fee to be applied."


    Hmm. I think this has the following consequence:

    If you add charges before you add PPI, you will reduce the number of occasions that the removal of PPI and associated interest results in the reconstructed account having a credit balance and so reducing the number of occasions the 8% simple interest is added. Overall this will understate the amount of PPI redress due to the consumer.
    I welcome correction/confirmation of this.
    • minichick
    • By minichick 11th Jun 14, 7:25 AM
    • 16 Posts
    • 8 Thanks
    minichick
    • #6
    • 11th Jun 14, 7:25 AM
    process
    • #6
    • 11th Jun 14, 7:25 AM
    has anyone done anything about this? ive jsut written off to Barclaycard and Capital One but doubt i will be due any further refund but worth asking?
    • justanon
    • By justanon 11th Jun 14, 8:31 PM
    • 13 Posts
    • 4 Thanks
    justanon
    • #7
    • 11th Jun 14, 8:31 PM
    • #7
    • 11th Jun 14, 8:31 PM
    has anyone done anything about this? ive jsut written off to Barclaycard and Capital One but doubt i will be due any further refund but worth asking?
    Originally posted by minichick
    With regards B/card, please refer to my post here at :

    moneysavingexpert.com/showthread.php?t=4978557&highlight=

    As a new user, I unable to post direct links to my previous MSE posts. Just use your 'imagination' to work out what I am referring to.

    IC4 is a joke ! I and all of the other B/card complaint handlers think like this. I am amazed that B/card let this go live. It is totally unfit for purpose.

    Anyway just challenge B/card and see what happens. Please post back your response from B/card.
    • fabforty
    • By fabforty 22nd Jun 14, 1:51 PM
    • 759 Posts
    • 3,055 Thanks
    fabforty
    • #8
    • 22nd Jun 14, 1:51 PM
    Mbna
    • #8
    • 22nd Jun 14, 1:51 PM
    I have just received a letter from MBNA saying that the PPI compensation that I received in 2012, was incorrect due to an administrative error and I am owed an additional £341(including interest). Payment will be received within 28 days. No idea how this has been calculated or if this figure is accurate, but as I wasn't expecting anything back, I will just treat it as a bonus.
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