PPI payouts.... new info for anyone previously refused
Discussion
I had a PPI claim against BarclayCard refused about 5 years ago. However, I've just received news that means their refusal will most likely be overturned.
This will also apply to tens of thousands of people that had PPI claims refused as it effectively makes all selling of PPI unethical because the banks were on massive commission payments from the providers, which was never declared to the purchasers of the insurance. Effectively, most banks were making around 67% (two thirds) on all payments made for the insurance as commission.
This has been deemed unethical practice in the courts, in an action brought by a claimant called 'Plevin'.
anyone previously refused a payment should reclaim, and anyone that hasn't claimed PPI because they knew they ticked the box willingly now also has grounds for a repayment as the bank, in selling the Pretty Pointless Insurance, did not act in the customers intrest and did not disclose their own earnings from the insurance.
Patch1875 said:
I got refused because basically I had 'ticked the box' even though I didn't recall doing it. It was all manual back then so anyone could have ticked it as it was filled out in branch with an employee.
Wonder if it's worth another go?
You are exactly th person this applies to. Wonder if it's worth another go?
It doesn't matter that you agreed to it, what matters is that the product was missold as they didn't declare they were making a massive ongoing commission from every payment made. They should have told you this but they didn't therefore it was missold.
Patch1875 said:
TTmonkey said:
You are exactly th person this applies to.
It doesn't matter that you agreed to it, what matters is that the product was missold as they didn't declare they were making a massive ongoing commission from every payment made. They should have told you this but they didn't therefore it was missold.
I also got rejected by the ombudsman as well?It doesn't matter that you agreed to it, what matters is that the product was missold as they didn't declare they were making a massive ongoing commission from every payment made. They should have told you this but they didn't therefore it was missold.
I don't believe the case is ongoing. It's been ruled on.
https://www.mbna.co.uk/commission-complaints/
This page shows that MBNA are already committed to contact customers within the next few months.
I've no idea what they intend to pay out on though.
https://www.mbna.co.uk/commission-complaints/
This page shows that MBNA are already committed to contact customers within the next few months.
I've no idea what they intend to pay out on though.
Prinny said:
Just to highlight this - I was similar to the above in that I’d been refused before. I applied anyway on the basis of TTMonkey’s statements. Just received the letter today, I am now ‘accepted’, and >£5k now coming my way. 
So if you’re thinking - “I was refused before”, do it - It cost me a stamp (I still have some 2012 olympic ones left!).
Thanks to TTMonkey too!
Cool. Can't take the beer but if you could chuck a fiver in Poppy collection type thing that would be great! So if you’re thinking - “I was refused before”, do it - It cost me a stamp (I still have some 2012 olympic ones left!).
Thanks to TTMonkey too!
Still arguing with Barclays on mine they are being twunts.
Ok, an update from me.....
After 7 years of arguing with Barclays, I've finally received a payout based on the Plevin ruling.
If I had a full PPI payout I'm sure it would have been north of 10k.
I received £3575.10 today, paid direct into my current account. No email, no text, just cash.
Happy, as I'd given up on Barclays.
After 7 years of arguing with Barclays, I've finally received a payout based on the Plevin ruling.
If I had a full PPI payout I'm sure it would have been north of 10k.
I received £3575.10 today, paid direct into my current account. No email, no text, just cash.
Happy, as I'd given up on Barclays.
ambuletz said:
TTmonkey said:
Ok, an update from me.....
After 7 years of arguing with Barclays, I've finally received a payout based on the Plevin ruling.
If I had a full PPI payout I'm sure it would have been north of 10k.
I received £3575.10 today, paid direct into my current account. No email, no text, just cash.
Happy, as I'd given up on Barclays.
what is the product that had the PPI on it? things like mortgages may have a low chance of being awarded, but things like store cards have a high chance. person loans/credit cards can go either way, it depends on the persons circumstances at the time.After 7 years of arguing with Barclays, I've finally received a payout based on the Plevin ruling.
If I had a full PPI payout I'm sure it would have been north of 10k.
I received £3575.10 today, paid direct into my current account. No email, no text, just cash.
Happy, as I'd given up on Barclays.
helmutlaang said:
I’ve just been paid out on 4 loans and a mortgage which date back to 1991.
Certainly the most profitable hour or so form filling and telephone interviewing I’m ever likely to do!
Around 70% of the total was interest on the original amounts
Was this based on my info on this thread...? Certainly the most profitable hour or so form filling and telephone interviewing I’m ever likely to do!
Around 70% of the total was interest on the original amounts
And so... how much...?
Cheers. Enjoy.
overunder12g said:
I might be missing something here, but did anyone on this topic ever think at the time, maybe I should look at the detail before signing up?
Seems to be a lot of blame culture going on and something for free.
Take all of this back if you have been sold a pup without full disclosure. Some of it comes across as the ambulance chasing culture.
Awaits flaming from the I am offended team.
Serious question though as I am interested in what the motivation is apart from some free cash. I know, it's no free cash, I was conned etc etc.
I may come across as virtuous but if I got caught, and I may well have been, then I think I am just as much to blame for not understanding what exactly what I was signing up to. Caveat etc.
They never ever disclosed that they were making in excess of 65% commission on every PPI payment made in any of their paperwork. Seems to be a lot of blame culture going on and something for free.
Take all of this back if you have been sold a pup without full disclosure. Some of it comes across as the ambulance chasing culture.
Awaits flaming from the I am offended team.
Serious question though as I am interested in what the motivation is apart from some free cash. I know, it's no free cash, I was conned etc etc.
I may come across as virtuous but if I got caught, and I may well have been, then I think I am just as much to blame for not understanding what exactly what I was signing up to. Caveat etc.
Think about that for a minute. They sell something once, and yet take a lions share of what you pay for 'insurance' every month for themselves.
Barclays couldn't even quote me the percentage they kept, but admitted it was in excess of 67% of all payments made.
Efbe said:
TTmonkey said:
overunder12g said:
I might be missing something here, but did anyone on this topic ever think at the time, maybe I should look at the detail before signing up?
Seems to be a lot of blame culture going on and something for free.
Take all of this back if you have been sold a pup without full disclosure. Some of it comes across as the ambulance chasing culture.
Awaits flaming from the I am offended team.
Serious question though as I am interested in what the motivation is apart from some free cash. I know, it's no free cash, I was conned etc etc.
I may come across as virtuous but if I got caught, and I may well have been, then I think I am just as much to blame for not understanding what exactly what I was signing up to. Caveat etc.
They never ever disclosed that they were making in excess of 65% commission on every PPI payment made in any of their paperwork. Seems to be a lot of blame culture going on and something for free.
Take all of this back if you have been sold a pup without full disclosure. Some of it comes across as the ambulance chasing culture.
Awaits flaming from the I am offended team.
Serious question though as I am interested in what the motivation is apart from some free cash. I know, it's no free cash, I was conned etc etc.
I may come across as virtuous but if I got caught, and I may well have been, then I think I am just as much to blame for not understanding what exactly what I was signing up to. Caveat etc.
Think about that for a minute. They sell something once, and yet take a lions share of what you pay for 'insurance' every month for themselves.
Barclays couldn't even quote me the percentage they kept, but admitted it was in excess of 67% of all payments made.
Should a supermarket tell you the markup on the custard you are buying?
The cc company wasn't the provider of the insurance, they were the 'introduction agent', no more. As such, they should have received a one off commission for the introduction (much like the comparison website do, who also have to declare they're commission).
The Cc companies neither declared that they had a very strong self interest to promote the insurance, or detailed the fact that the continuous commission they had devised with the insurance company was ongoing at disadvantageous rates that were preposoutously high for the utter lack of service they provided (as they weren't the insurance providers they did nothing except collect the premiums).
Which is why they lost the high court case,
Oakey said:
Well, having followed this thread and thinking I may as well fill in the online forms I got a response back today regards my old Egg card from over 10 years ago. A cheque for £0.10 is in the post! Happy days!
Apparently I only paid £4.20 in premiums which was apparently refunded. Seems unlikely.
Did you always clear your balance or something? Apparently I only paid £4.20 in premiums which was apparently refunded. Seems unlikely.
Edited by Oakey on Thursday 15th February 10:27
jesta1865 said:
so a bit of an update from New Zealand.
the move has gone fairly smoothly and has been made a whole lot easier with a refund from Barclaycard for 12k, and i wasn't going to bother.
I have also had an email from MBNA saying they have found in my favour and they will be sending something, but how much something I don't know yet. despite me asking about them sending it directly into the bank account, they have gone quiet and i suspect they have posted me a cheque to NZ, still better than a poke in the eye with a sharp stick.
the wife has also filled out the forms for hers, but no reply so far, she only did it 10 days ago on Sunday.
oh and my mate has heard back and should be getting a few thousand back from his cards, he mentioned coming out to see us with the family on the back of it, which will be cool.
he'll be in his element, they drive like him out here
my advice now is do it.
Nice. the move has gone fairly smoothly and has been made a whole lot easier with a refund from Barclaycard for 12k, and i wasn't going to bother.
I have also had an email from MBNA saying they have found in my favour and they will be sending something, but how much something I don't know yet. despite me asking about them sending it directly into the bank account, they have gone quiet and i suspect they have posted me a cheque to NZ, still better than a poke in the eye with a sharp stick.
the wife has also filled out the forms for hers, but no reply so far, she only did it 10 days ago on Sunday.
oh and my mate has heard back and should be getting a few thousand back from his cards, he mentioned coming out to see us with the family on the back of it, which will be cool.
he'll be in his element, they drive like him out here
my advice now is do it.
bmwmike said:
ambuletz said:
bmwmike said:
Kicking myself for never taking any insurance products like PPI. Never saw the point. Guess I do now..!
why? cos you're likely to only get back the money you paid into the PPI policy. if there was a high level of commission you're not getting it all back but only the amount that was over the tipping point (which is 50%), so you'd still get less.the only way you could ever possibly profit in a claim is if by some crazy way the business rejects your complaint, offers you a good will gesture (which you accept) then go back and make a mis-sale/commission complaint and they uphold. but that would never happen
Guess if there is no money to be made I didn't lose out after all!
I was sold the premise of PPI that it was insurance for "if anything happens".
I took this to mean, and include redundancy. Wouldn't you?
Anyway, some years ago I got made redundant, and contacted my CC provider (barclaycard I think at the time) to query how I evoked the PPI .
I was then informed that the PPI would not payout until such times that I was effectively insolvent. It would then ONLY cover only my interest payments on the debt when I could no longer make payments. It would only pick up these minimum payments when everything else was gone, and there was no way of paying my debts.
As I had been given a reasonably generous redundancy payout, I was informed by the CC provider that I should immediately use this to clear my CC debt. I refused, pointing out that the redundancy payout was money provided by my employer to get me through a time of no income, to help keep a roof over my families head, whilst I searched for a new job. Put food in the table etc.
The CC provider said that it was in my best interest to clear my immediate CC debts. No, it wasn't.
As I had refused to clear the outstanding balance, and because I was now unemployed, they then altered my limits. They dropped my credit limit from 12k to 1k, making a balance of around £7000 payable within 60 days.
So I've no problem with perusing a refund to this useless product that has various exclusions.
And for those that said "should have read the small print". Well, none of the above was in the small print.
I took this to mean, and include redundancy. Wouldn't you?
Anyway, some years ago I got made redundant, and contacted my CC provider (barclaycard I think at the time) to query how I evoked the PPI .
I was then informed that the PPI would not payout until such times that I was effectively insolvent. It would then ONLY cover only my interest payments on the debt when I could no longer make payments. It would only pick up these minimum payments when everything else was gone, and there was no way of paying my debts.
As I had been given a reasonably generous redundancy payout, I was informed by the CC provider that I should immediately use this to clear my CC debt. I refused, pointing out that the redundancy payout was money provided by my employer to get me through a time of no income, to help keep a roof over my families head, whilst I searched for a new job. Put food in the table etc.
The CC provider said that it was in my best interest to clear my immediate CC debts. No, it wasn't.
As I had refused to clear the outstanding balance, and because I was now unemployed, they then altered my limits. They dropped my credit limit from 12k to 1k, making a balance of around £7000 payable within 60 days.
So I've no problem with perusing a refund to this useless product that has various exclusions.
And for those that said "should have read the small print". Well, none of the above was in the small print.
TheAngryDog said:
Just been paid £3385.17 this morning. No letter yet oddly but it says ppi redress on the payment. Wasn't expecting it, nor that much. A nice thing to wake up to.
mine turned up like that, just logged on and was a bit confused as to why I was suddenly so not in the red. 
Never got a letter from them either
Gassing Station | Finance | Top of Page | What's New | My Stuff