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  • FIRST POST
    • CliffordAlls
    • By CliffordAlls 12th Feb 18, 9:25 AM
    • 3Posts
    • 0Thanks
    CliffordAlls
    Why Must We Claim?
    • #1
    • 12th Feb 18, 9:25 AM
    Why Must We Claim? 12th Feb 18 at 9:25 AM
    Can anyone explain what we all have to find out whether we have a potential PPI claim?

    It seems to me that it would be only right for those wrongdoers who have mis sold a product should tell US that we are due a refund, rather than leaving us to go to the trouble and expense of trying to find out what their own records will confirm.

    The way this is being done has encouraged all sorts of undesirable rackets which could result in those who have NOT been mis sold PPI going to unnecessary expense.

    As matters stand, there is no obligation on wrongdoers to repay anything that is not claimed. This amounts to 'voluntary compensation' - Why?
Page 1
    • zx81
    • By zx81 12th Feb 18, 9:27 AM
    • 16,804 Posts
    • 17,813 Thanks
    zx81
    • #2
    • 12th Feb 18, 9:27 AM
    • #2
    • 12th Feb 18, 9:27 AM
    Because they don't know whether you have been mis sold, or if you still want the insurance.

    They can't just cancel people's cover. You need to tell them you don't want it and why you feel it wasn't appropriate.
    • dunstonh
    • By dunstonh 12th Feb 18, 11:08 AM
    • 92,580 Posts
    • 59,890 Thanks
    dunstonh
    • #3
    • 12th Feb 18, 11:08 AM
    • #3
    • 12th Feb 18, 11:08 AM
    It seems to me that it would be only right for those wrongdoers who have mis sold a product should tell US that we are due a refund, rather than leaving us to go to the trouble and expense of trying to find out what their own records will confirm.
    So, you want to put a massive financial burden on good firms that didn't missell?

    Plus, how do you measure whether it was missold or not until you have the facts from the individual.

    Remember that there is nothing wrong with having PPI. Some types have a low volume of complaints and see the majority rejected. Other types have a high level. The issue is not about the product as much as how it was sold.

    As matters stand, there is no obligation on wrongdoers to repay anything that is not claimed. This amounts to 'voluntary compensation' - Why?
    As matters stand, the banks were stuffed by the FCA. They were required to consider pre-regulation complaints to not far from the standard of post regulation. This has allowed a lot of try-it-on complaints that were not missold to receive a refund.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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