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?
There was certainly dodgy goings on around that time. I never take out additional insurances. Never have, never will. Wonder if it's worth another go?
When checking my credit card bills noticed sum of money leaving my account each month that I could not account for. I contacted my back and they told me it was an insurace payment that I'd agree to over the phone (from a cold call). I had to fight all the way to get the cash back as they insisted I must have agreed to it. I insisted I hadn't, and would never take it out.
My credit card bills were small, and paid off in full every month. I had savings of many times my bill with the bank, so had no need to insure against not being able to pay.
It's worth a go even if the bank alleged you tick the box willingly if you had other sources of cover for what the PPI paid out at the time. In my case, my job was not at risk (so redundancy would have covered beign laid off, misconduct dismissal wouldnt have paid out on PPI) and I had a good sick pay & death in service benefit through work (so ill health and death covered by other than PPI)
Even if the bank have a point that you would have taken it anyway due to your circumstances at the time your response is you would have shopped around and got it cheaper & the bank should credit you the difference.
Basically if you ever had PPI it is worth claiming, where else are you going to get 8% (Lloyds rate on PPI payouts) on your money these days?
Even if the bank have a point that you would have taken it anyway due to your circumstances at the time your response is you would have shopped around and got it cheaper & the bank should credit you the difference.
Basically if you ever had PPI it is worth claiming, where else are you going to get 8% (Lloyds rate on PPI payouts) on your money these days?
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.
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.
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.
TTmonkey said:
yes me too, but now the rules have effectively been changed. Now they are saying that because they took such huge amounts of money in undisclosed commission, then it was so vastly weighed in their interest to have customers pay PPI payments that they weren't looking after the customer. Commision levels need to be fair and also need to be disclosed. Every time you paid your ppi insurance premium (monthly remember) the bank was taking two thirds of it for them selves.
Thanks! Will give it a go again, what should I say is my reason for claiming g then? The fact it's not been fair and fully disclosed?Patch1875 said:
As mentioned I've previously been rejected for my RBS credit card from the bank and the ombudsman.
Looking on the RBS website there is a separate Plevin claim section is it better jus too go with that that do a full claim again?
Plevin is more to do with commission, it's still an ongoing case so even though you might try to complain/make a claim on disclosure of commission there's no definate time on when it will be resolved. the current rules set in place at the moment means any any comission that was over 50% would be refunded back to the consumer so as to put that commission down to 50%.Looking on the RBS website there is a separate Plevin claim section is it better jus too go with that that do a full claim again?
if all you did was tick a box for PPI then that's obviously a mis selling, you would have needed to be advised about its entire use. better off just making a claim/complaint directly through FOS instead of using a claims company.
also it kind of depends on what the PPI was sold. something like a mortgage is less likely to have a complaint upheld and paid out for obvious reasons.
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.
Evolved said:
Can someone point me in the right direction. Ive never quite understood the best course to reclaim any PPI I would have likely been mis sold in my earlier years.
I always seem to end up on some spammy looking site. Is there a better way of looking into things?
Cheers
everything you need is on the Financial Ombudsman Service website. I always seem to end up on some spammy looking site. Is there a better way of looking into things?
Cheers
Definitely worth checking if you had PPI. I NEVER take out additional insurances - I always decline - however it turns out the egg loan I used to buy my elise in 2003/4 had PPI. I'm now in the process of trying to claim this back - to say I'm angry is an understatement; I even remember the phonecall and me declining it.
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