RIP PPI

[TTmonkey]

Tomorrow marks the death of the PPI age. Suddenly, all those annoying adverts will be pulled.

Gone. Finished.

A few people will still receive payouts over the next year or so, but the companies promoting this will dissolve.

It’s the end of an era.

[Butter Face]

Well it’s got a lot of people back money they would have already had if they hadn’t spent it on PPI, but more importantly it’s made some people very very wealthy.

[don'tbesilly]

I saw Martin Lewis on ITV this morning discussing PPI and I think (could be wrong) he said the largest payout for PPI was £280K which seems a huge sum of money.

My brother in law scored £3,500 which was nice given he claimed purely as a punt.

[Heathwood]

Of late it’s been a complete ball ache. I manage regulated complaints which are far removed from PPI, yet everyone’s asking for there premiums back with a frustrating sense of entitlement.

[Jasandjules]

Don't worry some other scam will come to light soon enough....

[55palfers]

It's that poor man on the Gladstone Brookes advert I feel for. P45 looms....

[stevesuk]

Jasandjules said:

Don't worry some other scam will come to light soon enough....

I heard the next big thing is claiming back the monthly fees people have paid for their current account. There will be something... I can’t imagine all these claims companies just shutting up shop.

We had some success with PPI claims, but did make the mistake of involving a claims company (ended up falling out with them over their incompetence, and only won the battle after involving the legal ombudsman)

If something similar crops up again, I would do the work myself.

[ReaperCushions]

Jasandjules said:

Don't worry some other scam will come to light soon enough....

Claims against PPI Claim companies for incompetance?

[TTmonkey]

ReaperCushions said:

Jasandjules said:

Don't worry some other scam will come to light soon enough....

Claims against PPI Claim companies for incompetance?

And outright greed for their services (ironic). Some were charging near 50% in the early years.

[deckster]

don'tbesilly said:

I saw Martin Lewis on ITV this morning discussing PPI and I think (could be wrong) he said the largest payout for PPI was £280K which seems a huge sum of money.

A friend of mine works for one of the big banks dealing with the most complex cases. The very largest claims are well into 7 figures.

[untakenname]

I don't understand why people who actually used the PPI can still claim it back, or why the FCA spent millions on adverts on primetime tv (including a licensing fee to Arnie).

I think the next big thing will be missold PCP car loans.

[TEKNOPUG]

I think it's disgusting that you have to make a claim, when the banks know everyone who they have defrauded via PPI.

[Gecko1978]

I work in banking and to this day I still find it gaulling that a practice which on mass deceived and stole money from customers (told you have to have it or worse said no and it was applied anyway), has seen no one go to prison.

why is it if firms on mass commit a crime they just pay it off but steal a newspaper and off to court you go

[Camelot1971]

TEKNOPUG said:

I think it's disgusting that you have to make a claim, when the banks know everyone who they have defrauded via PPI.

There were plenty of people who knowingly took PPI and have successfully claimed off the policy. PPI is not an inherently fraudulent product. Agree, it was mis-sold in a lot of cases but that doesn't mean it's right to just blanket refund people.

I presume you think it's disgusting too when people defraud financial firms?

[eldar]

I’m pissed off that I actually read the terms and conditions for this st, and decided it was rubbish and didn’t buy it.

Stupid decision, I paid the price for being sensible.

[Halb]

55palfers said:

It's that poor man on the Gladstone Brookes advert I feel for. P45 looms....

Or the AhNOld Schwarzenegger head, which I only just realised recently was a ppi thing.

[Halb]

don'tbesilly said:

My brother in law scored £3,500 which was nice given he claimed purely as a punt.

I whazzed off a load yesterday thanks to MSE bloke.

[TTwiggy]

I believe the next big thing will be 'miss-sold' Interest Only mortgages.

[DaveCWK]

eldar said:

I’m pissed off that I actually read the terms and conditions for this st, and decided it was rubbish and didn’t buy it.

Stupid decision, I paid the price for being sensible.

Financial prudence, personal responsibility, informed consideration... these things bring with them great disadvantage in 21st Century Britain.

[RicksAlfas]

untakenname said:

I don't understand why people who actually used the PPI can still claim it back

Agreed. I can only assume it's easier for the banks to pay out rather than investigate if it has been used legitimately.