People bragging they have got a PPI refund.
Discussion
Am I missing something here, but recently I've had some friends and colleagues who seem rather chuffed that they have had a reasonably sized "compensation" payout off the bank.
Surely they have just got back something they were daft enough to pay out without knowing what it was? You'd have thought the'd won the lottery the way they were going on.
Surely they have just got back something they were daft enough to pay out without knowing what it was? You'd have thought the'd won the lottery the way they were going on.
dtmpower said:
Typical cretins. Had similar when claiming back bank charges was popular. How much interest did they pay for the ppi'ed loan! They don't get the interest back ... take solus in their naivety.
I thought people got the interest back, the original premium and 8% as that is what a court would issue? sebdangerfield said:
I thought people got the interest back, the original premium and 8% as that is what a court would issue?
You're joking surely ??? They get the insurance premium and the interest back? If so why? The insurance was misold but the loan was still valid and declared at a rate.Can anyone clarify?
I was wondering the other day how much debt a guy in work would have to have had to reclaim the £6k he reckons he got back.
It never ceases to amaze me how a lot of people reckless with money (not saying these PPI refunds are not justified) always seem to keep landing on their feet. Said guy had a backdated pay settlement of £9k a few months back despite being one of the laziest sods I've met.
It never ceases to amaze me how a lot of people reckless with money (not saying these PPI refunds are not justified) always seem to keep landing on their feet. Said guy had a backdated pay settlement of £9k a few months back despite being one of the laziest sods I've met.
dtmpower said:
You're joking surely ??? They get the insurance premium and the interest back? If so why? The insurance was misold but the loan was still valid and declared at a rate.
Can anyone clarify?
You do get the interest back, I reclaimed the ppi from a graduate loan (I was naive then) and interest was added to that. Can anyone clarify?
dtmpower said:
sebdangerfield said:
I thought people got the interest back, the original premium and 8% as that is what a court would issue?
You're joking surely ??? They get the insurance premium and the interest back? If so why? The insurance was misold but the loan was still valid and declared at a rate.Can anyone clarify?
I’ll bite, got PPI claim refunded...
When I was 19 I wanted a new car, so I took out a loan stupid perhaps, but I worked part time at Sainsbury (£350 a month).
Took a loan for 1300 I think and paid it all back in a year, I remember applying and getting phoned back and being TOLD I had to have PPI otherwise I couldn't get the loan, specifically remember because the guy was an a
hole. Being young and stupid I agreed.
When checking the paperwork a month later it turns out I wouldn't have been covered anyway, as I worked less than 16 hours a week. I couldn’t cancel it either.
This was years ago and money at the time I could have done with.
I received £243 back, so my premium plus and extra £50.
I haven't claimed anything back ever if it was my fault. But specifically remember the guy was a complete wker and was on the phone with him for nearly an hour. So I really don't feel any guilt.
When I was 19 I wanted a new car, so I took out a loan stupid perhaps, but I worked part time at Sainsbury (£350 a month).
Took a loan for 1300 I think and paid it all back in a year, I remember applying and getting phoned back and being TOLD I had to have PPI otherwise I couldn't get the loan, specifically remember because the guy was an a
hole. Being young and stupid I agreed.When checking the paperwork a month later it turns out I wouldn't have been covered anyway, as I worked less than 16 hours a week. I couldn’t cancel it either.
This was years ago and money at the time I could have done with.
I received £243 back, so my premium plus and extra £50.
I haven't claimed anything back ever if it was my fault. But specifically remember the guy was a complete w
ker and was on the phone with him for nearly an hour. So I really don't feel any guilt.Unlike the rest of the sheep, I looked into what I was signing up for when I got my first credit card, and decided I didn't want this bks insurance that probably wouldn't pay out anyway. So I never paid any premiums, and don't need to fanny about trying to get it all back.
That's how to be smug about the situation.
ks insurance that probably wouldn't pay out anyway. So I never paid any premiums, and don't need to fanny about trying to get it all back.That's how to be smug about the situation.
jmorgan said:
Maybe they should have asked on PH first. Not everyone is as savvy.
Doesn't mean they shouldn't be. I just can't imagine signing up for something without checking every detail first. What did they think they were paying for? Or was it just a case of $ $ symbols in each eye and "Gimme the money. Gimme the money. Gimme the money."?I can understand those cases where it was sold as an essential to the deal - If the lender tells you that's their rules, you go with it - but in every case I've seen it was just an option that no-one bothered to check and opt out of.
HereBeMonsters said:
jmorgan said:
Maybe they should have asked on PH first. Not everyone is as savvy.
Doesn't mean they shouldn't be. I just can't imagine signing up for something without checking every detail first. What did they think they were paying for? Or was it just a case of $ $ symbols in each eye and "Gimme the money. Gimme the money. Gimme the money."?I can understand those cases where it was sold as an essential to the deal - If the lender tells you that's their rules, you go with it - but in every case I've seen it was just an option that no-one bothered to check and opt out of.
How many have not bothered to check then? I ask as you mention it.
jmorgan said:
Thing is, you are you, Mre Miggins and co is not and may not be as aware as they should be. When I was a lot younger I was told I had to have it, bit green behind the ears so accepted it. I know different now. If the man at the banks says you must or intimates that it needs to be taken out "to be safe" then I suspect there are many that will go with it.
How many have not bothered to check then? I ask as you mention it.
As I said - being told you have to have it to get the loan is different to not checking in the first place.How many have not bothered to check then? I ask as you mention it.
At least ten people at work (most in the finance department, no less) are all in various stages of this process. Most have just handed over all the paperwork to an agency, who are going through it and take a commission. They don't even know if they have been mis-sold it or not. If you're that lax with your finances, I'm not sure I agree with being able to get your money back. It's like a tax on laziness and stupidity.
HereBeMonsters said:
anonymous said:
[redacted]
here.In 2002 I started a new job, my first earning living wage money, and took on a fairly big mortgage to get the house I wanted. I looked into the MPI I was offered and chose to take it for the first year just in case. After 12 months my feet were under that table, all appeared to be going well, and so I terminated the cover.
I have no idea, as it not really a story I have much interest in, if I could claim the money I spent that year back but so far as I am concerned I went in with my eyes open and knew exactly what I was doing. Even if I do have a claim there is no way I would pursue it as I got what I ordered and paid for, simple as.
I accept that there will be people like Jatinder (sp?) above who were mis sold but I would say well more than 50% of those claiming have one less leg than Heather Mills to stand on morally.
I was called by a firm trying to claim back for people - I lied and told him I had PPI on a loan in the past (i was interested in their pitch) - I told him I asked for it...he almost begged me to claim it was missold. It went like this (roughly)
Me: Yeah, I had PPI - I asked for it.
Him: You prob didnt - they prob made you think you had to have it.
Me: No, I knew what it did and asked for it.
Him: what did it do then?
Me: Dont you know?
Him: I know - i dont think you know, I think you were miss sold.
Me: No, I know, I know you know, I know I wanted it and I know you know that because I told you.
HIm: Ok......but if you were miss sold it, and you prob were, we cold get you money back.
Me: I know
Him: Dont you want money back?
and on and on till I got bored.
Me: Yeah, I had PPI - I asked for it.
Him: You prob didnt - they prob made you think you had to have it.
Me: No, I knew what it did and asked for it.
Him: what did it do then?
Me: Dont you know?
Him: I know - i dont think you know, I think you were miss sold.
Me: No, I know, I know you know, I know I wanted it and I know you know that because I told you.
HIm: Ok......but if you were miss sold it, and you prob were, we cold get you money back.
Me: I know
Him: Dont you want money back?
and on and on till I got bored.
The point is it was missold - either people were told they had to have it or were given it without permission.
I have taken out a few financial products and each tiem was given the hard sell but declined.
As you say - probably are some bandwagon jumpers but the practice was quite clearly endemic throughout the industry and the banks got what they deserve.
Don't forget they don't have to refund people if they can demnstrate the person knew and agreed to what they were getting - all of which could be achieved by very basic paperwork which said as much.
I have taken out a few financial products and each tiem was given the hard sell but declined.
As you say - probably are some bandwagon jumpers but the practice was quite clearly endemic throughout the industry and the banks got what they deserve.
Don't forget they don't have to refund people if they can demnstrate the person knew and agreed to what they were getting - all of which could be achieved by very basic paperwork which said as much.
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