PPI, does it apply to me?
Discussion
Been hearing and seeing all about this PPI and never really paid much notice, not until Ive recently heard that Banks have been applying it to loans and CC's without notifying the customer. Is this true.
If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
I claimed it back on my CC. When I took the card out the bank told me I had to get the PPI to be eligible.
A few years afterwards I tried to cancel it but the bank said the contract was not with them and they cannot help.
I did not feel any moral issues about getting my money back for something I never asked for.
A few years afterwards I tried to cancel it but the bank said the contract was not with them and they cannot help.
I did not feel any moral issues about getting my money back for something I never asked for.
zollburgers said:
I claimed it back on my CC. When I took the card out the bank told me I had to get the PPI to be eligible.
A few years afterwards I tried to cancel it but the bank said the contract was not with them and they cannot help.
I did not feel any moral issues about getting my money back for something I never asked for.
I was advised to take out a loan to pay off my CC as I'd maxed out on it.A few years afterwards I tried to cancel it but the bank said the contract was not with them and they cannot help.
I did not feel any moral issues about getting my money back for something I never asked for.
Now according to the bank, because I was self-employed I didn't qualify for PPI on the loan,which I'm still paying.
I have paper work saying this is not so.
I shall be looking more closely at it, methinks.
ZR1cliff said:
matrignano said:
Did it cause you any harm/hardship?
Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
It would have been nice to have been given the option, at the least notified.Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
pad58 said:
ZR1cliff said:
matrignano said:
Did it cause you any harm/hardship?
Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
It would have been nice to have been given the option, at the least notified.Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
Was PPI an ad on thing? I've had plenty of cards and loans year ago, but I'd never have opted for this rubbish. But saying that when doing quotes for loans they always offered with/without insurance and the price I actually paid matched the without figure.
I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
matrignano said:
Did it cause you any harm/hardship?
Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
Of course it is if they mis sold in the first place. Whether it caused him any hardship shouldn't even come into it.Doesn't sound like it. So do you think it's morally right to try and make a quick buck off of your bank/CC provider?
ZR1cliff said:
Been hearing and seeing all about this PPI and never really paid much notice, not until Ive recently heard that Banks have been applying it to loans and CC's without notifying the customer. Is this true.
If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
I've also wondered if I am eligible. Do all these PPI companies just take your details, do all the investigation and then come back and tell you if you are owed anything? If so, are they all similar or are some better than others? Also, how much do they charge? A percentage of what you are owed or a fixed fee?If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
Big Worm 1 said:
I've also wondered if I am eligible. Do all these PPI companies just take your details, do all the investigation and then come back and tell you if you are owed anything? If so, are they all similar or are some better than others? Also, how much do they charge? A percentage of what you are owed or a fixed fee?
Do it yourself and save yourself a fortune. The financial Ombudsman has created a standard form which you can send to your bank.Shotgun Rider said:
Big Worm 1 said:
I've also wondered if I am eligible. Do all these PPI companies just take your details, do all the investigation and then come back and tell you if you are owed anything? If so, are they all similar or are some better than others? Also, how much do they charge? A percentage of what you are owed or a fixed fee?
Do it yourself and save yourself a fortune. The financial Ombudsman has created a standard form which you can send to your bank.illmonkey said:
Was PPI an ad on thing? I've had plenty of cards and loans year ago, but I'd never have opted for this rubbish. But saying that when doing quotes for loans they always offered with/without insurance and the price I actually paid matched the without figure.
I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
Mostly yes. I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
Jimboka said:
illmonkey said:
Was PPI an ad on thing? I've had plenty of cards and loans year ago, but I'd never have opted for this rubbish. But saying that when doing quotes for loans they always offered with/without insurance and the price I actually paid matched the without figure.
I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
Mostly yes. I think insurance like this is tosh, so I would not have agreed to it. These people claiming back PPI, are they the ones who accepted it in the first place?
The whole PPI market was so vast and dodgy before the crack down it's not impossible that anyone could have an old policy sat with someone somewhere. If you're not sure, or even are reasonably sure you've never had any, why not throw your details to one of the claims companies to get them do the leg work for you? They're not brilliant and will usually ask you to do a lot of the leg work yourself (writing to lenders etc) at that point politely bow out with them and do it yourself it pretty easy.
As for the moral side, I sold some PPI type products for many years, even then I thought they were pointless, but my job was seriously at risk if I didn't sell them in volume, the more I've learnt about them, the most worthless I've realised they are - I would challenge anyone who has one to explain how they work, what the true value of them is and what they believe they could benefit from if they ever had to claim on them.
As for the moral side, I sold some PPI type products for many years, even then I thought they were pointless, but my job was seriously at risk if I didn't sell them in volume, the more I've learnt about them, the most worthless I've realised they are - I would challenge anyone who has one to explain how they work, what the true value of them is and what they believe they could benefit from if they ever had to claim on them.
Big Worm 1 said:
ZR1cliff said:
Been hearing and seeing all about this PPI and never really paid much notice, not until Ive recently heard that Banks have been applying it to loans and CC's without notifying the customer. Is this true.
If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
I've also wondered if I am eligible. Do all these PPI companies just take your details, do all the investigation and then come back and tell you if you are owed anything? If so, are they all similar or are some better than others? Also, how much do they charge? A percentage of what you are owed or a fixed fee?If so, I had a loan around 2005 for a reasonable amount, plus been used a CC since 1999, both with a high street bank. Is it worth looking into?
At that point I hung up as I didn't want to do anything over the phone with a company/person I knew nothing about.
I would rather talk in person to a company that's been reccomended.
As for the moral side, I sold some PPI type products for many years, even then I thought they were pointless, but my job was seriously at risk if I didn't sell them in volume, the more I've learnt about them, the most worthless I've realised they are - I would challenge anyone who has one to explain how they work, what the true value of them is and what they believe they could benefit from if they ever had to claim on them.
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I arranged a mortgage for a client who was in the construction industry and asked for ASU (accident, sickness and unemployment). He phoned me 18 months later to say he had been 'cold called' and told he could claim back all the premiums paid of the period plus interest - just over £750.
I explained that I thought he had been made redundant in that period and he said the policy saved him getting his house repossessed. He was out of work for 12 months and claimed over £8,000 over that period (not bad for an outlay of £750) He said he had explained this to the claims company who still stated he had a case of miss selling !!!!
[/quote]
I arranged a mortgage for a client who was in the construction industry and asked for ASU (accident, sickness and unemployment). He phoned me 18 months later to say he had been 'cold called' and told he could claim back all the premiums paid of the period plus interest - just over £750.
I explained that I thought he had been made redundant in that period and he said the policy saved him getting his house repossessed. He was out of work for 12 months and claimed over £8,000 over that period (not bad for an outlay of £750) He said he had explained this to the claims company who still stated he had a case of miss selling !!!!
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