PPI payouts.... new info for anyone previously refused
Discussion
Efbe said:
but did that matter? you were paying an amount for insurance and got it.
Should a supermarket tell you the markup on the custard you are buying?
is it fair to be going to the supermarket for custard, to then be told that you have to buy a plastic bag for 10p or they won't let you buy it?Should a supermarket tell you the markup on the custard you are buying?
TTmonkey said:
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,
I have not been told the commission amount, nor would I expect to be.
My car insurance is with A-Plan, they make money every month from me, yet it is underwritten by a company I don't even know the name of (will be written on the policy) Again I don't know the commission.
My gas and electric...
My house phone...
The list goes on, I think you may get the picture here.
On each and every product I had the chance to say no to it. They do not hold a gun to your head and tell you to take out that loan/credit card/mortgage with that deal. And of fricking course they are making money for it. Do you really expect them to sell a product they won't make money from?
This PPI saga, including the commission review following the Paragon vs Plevin court case is not good for the banks or the consumer. It has caused an absolutely huge amount of money to go to Claims companies. It is absolutely shocking that the commission of loans has been brought into question, whilst the claims companies themselves have been charging ridiculous commissions on PPI claims. It has taken until now, 1 year before PPI comes to an end before the FCA has done anything about this. Should the customers be able to get any commission on their PPI claim over 20% back?
This all comes right at the time we are relying on our financial industry to get us out of a recession, forcing the banks to offset hundreds of millions of pounds instead of being able to offer this money to businesses and consumers for loans to get our economy on it's feet again.
ambuletz said:
is it fair to be going to the supermarket for custard, to then be told that you have to buy a plastic bag for 10p or they won't let you buy it?
That's optionality, not commission. This was being considered prior to the latest issues over commission. This issue is whether the amount the supermarket paid for custard then charged you was too different.Do you know how much your supermarket paid the supplier for the custard? Apparently it should be written on the tin.
Patch1875 said:
Anyone Tried to claim from Amex?
Will be the same route as any other financial institution. I don't expect they will get many PPI complaints, so should be quick to turn it around.https://www.fca.org.uk/ppi/contact-american-expres...
Interestingly the FOS website shows a 88% customer favour rate for claims that have been denied by Amex then referred on to FOS. Such a high rate for the end of 2017 indicates they aren't very good at making decisions, so if you don't win, definitely send it on to FOS
Efbe said:
Patch1875 said:
Anyone Tried to claim from Amex?
Will be the same route as any other financial institution. I don't expect they will get many PPI complaints, so should be quick to turn it around.https://www.fca.org.uk/ppi/contact-american-expres...
Interestingly the FOS website shows a 88% customer favour rate for claims that have been denied by Amex then referred on to FOS. Such a high rate for the end of 2017 indicates they aren't very good at making decisions, so if you don't win, definitely send it on to FOS
depends on the person and product tbh. commission is more related to whether it falls within the FCAs guidelines. regular PPI mis-sales depend on the product type. things like a mortgage are very unlikely to be awarded. store card? highly likely. self employed or in a criteria that isn't eligable for an insurance payout? likely.
the type of people who take out an american express card are those who have a decent salary/money and/or savings so really don't have a need for PPI.
the type of people who take out an american express card are those who have a decent salary/money and/or savings so really don't have a need for PPI.
ambuletz said:
depends on the person and product tbh. commission is more related to whether it falls within the FCAs guidelines. regular PPI mis-sales depend on the product type. things like a mortgage are very unlikely to be awarded. store card? highly likely. self employed or in a criteria that isn't eligable for an insurance payout? likely.
the type of people who take out an american express card are those who have a decent salary/money and/or savings so really don't have a need for PPI.
true, but that isn't quite what this is.the type of people who take out an american express card are those who have a decent salary/money and/or savings so really don't have a need for PPI.
When you make a PPI claim to Amex, you then have the chance to dispute this with FOS, so basically only declined cases are taken to FOS. The 88% is what % of these decisions FOS decides Amex was wrong on.
The biggest banks have a 30-45% rate. That makes Amex very crap at getting the decisions right!
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.
Apparently I only paid £4.20 in premiums which was apparently refunded. Seems unlikely.
Edited by Oakey on Thursday 15th February 10:27
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
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.
I had similar from Egg (on an Egg Loan) - they said I did have PPI, but it was cancelled shortly after taking the policy out so nothing to be repaid. Very odd as I definitely didnt take it out, so they are either lying, or somebody put it on the loan and it was cancelled their end before I noticed.Apparently I only paid £4.20 in premiums which was apparently refunded. Seems unlikely.
Edited by Oakey on Thursday 15th February 10:27
Maxf said:
I had similar from Egg (on an Egg Loan) - they said I did have PPI, but it was cancelled shortly after taking the policy out so nothing to be repaid. Very odd as I definitely didnt take it out, so they are either lying, or somebody put it on the loan and it was cancelled their end before I noticed.
probably cancelled within the cooling off period with no financial loss.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.
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.
Efbe said:
Cheers but that doesnt apply to loans unfortunatelypavarotti1980 said:
Efbe said:
Cheers but that doesnt apply to loans unfortunatelythey will confirm who you need to talk to.
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