PPI payouts.... new info for anyone previously refused
Discussion
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:
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
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!
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
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!
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.
How was it that I (and many people I know) didn't sign up for PPI?
If you buy a car, does it matter what percentage the dealer gets? Is it somehow missold because the dealer didn't tell you exactly what his cut was?
Governments are too afraid to step and stop this whole sham because there's votes in it. What politician wants to stick their head up and say the magic money tree must end?
And the amount are just staggering. How on God's sweet earth can anyone have so many thousands go out of their account on PPI without noticing it?
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.
I definitely remember paying it for a while, I think it was about £5 a month but at some point I just cancelled it. oyster 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.
How was it that I (and many people I know) didn't sign up for PPI?
If you buy a car, does it matter what percentage the dealer gets? Is it somehow missold because the dealer didn't tell you exactly what his cut was?
Governments are too afraid to step and stop this whole sham because there's votes in it. What politician wants to stick their head up and say the magic money tree must end?
And the amount are just staggering. How on God's sweet earth can anyone have so many thousands go out of their account on PPI without noticing it?
In other cases the loan was offered on condition that you took PPI or quite simply was added into the cost of the loan without you realising,so you didn’t know you had it so never claimed off it but the banks took the commission anyway.
As previously mentioned the majority of a claim is compound interest as if you speak a loan over years the actual amount coming out is quite small. That’s providing you actually knew you was paying it in the first place.
And lastly a lot of people are not financially savvy,so may not have delved too deep into the fine print of a loan contract. When I took mine out I was early 20’s and all I saw an easy way to get a lump of money rather than save. Thankfully I’m better now!
TTmonkey said:
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.
Thanks,I have been!
helmutlaang said:
In a lot of cases the insurance was inadequate or would not pay out at all.
In other cases the loan was offered on condition that you took PPI or quite simply was added into the cost of the loan without you realising,so you didn’t know you had it so never claimed off it but the banks took the commission anyway.
As previously mentioned the majority of a claim is compound interest as if you speak a loan over years the actual amount coming out is quite small. That’s providing you actually knew you was paying it in the first place.
And lastly a lot of people are not financially savvy,so may not have delved too deep into the fine print of a loan contract. When I took mine out I was early 20’s and all I saw an easy way to get a lump of money rather than save. Thankfully I’m better now!
indeed. circumstances like being employed part time, not working, being a student, being self employed or having a high risk occupation make it likely that you couldn't claim on the PPI policy, being in those circumstances at the time of sale makes tends lean towards your favour.In other cases the loan was offered on condition that you took PPI or quite simply was added into the cost of the loan without you realising,so you didn’t know you had it so never claimed off it but the banks took the commission anyway.
As previously mentioned the majority of a claim is compound interest as if you speak a loan over years the actual amount coming out is quite small. That’s providing you actually knew you was paying it in the first place.
And lastly a lot of people are not financially savvy,so may not have delved too deep into the fine print of a loan contract. When I took mine out I was early 20’s and all I saw an easy way to get a lump of money rather than save. Thankfully I’m better now!
products such as store cards get sold by people who know nothing of fincance and don't know about PPI, they sell you it only knowing that you'd be able to get a discount at the time of purchase. some branks/advisors wrongly tell people that PPI is compulsory.
PPI has always been optional but to be told by someone in a bank that they're not letting you have a mortgage without one isn't fair.
ambuletz said:
helmutlaang said:
In a lot of cases the insurance was inadequate or would not pay out at all.
In other cases the loan was offered on condition that you took PPI or quite simply was added into the cost of the loan without you realising,so you didn’t know you had it so never claimed off it but the banks took the commission anyway.
As previously mentioned the majority of a claim is compound interest as if you speak a loan over years the actual amount coming out is quite small. That’s providing you actually knew you was paying it in the first place.
And lastly a lot of people are not financially savvy,so may not have delved too deep into the fine print of a loan contract. When I took mine out I was early 20’s and all I saw an easy way to get a lump of money rather than save. Thankfully I’m better now!
indeed. circumstances like being employed part time, not working, being a student, being self employed or having a high risk occupation make it likely that you couldn't claim on the PPI policy, being in those circumstances at the time of sale makes tends lean towards your favour.In other cases the loan was offered on condition that you took PPI or quite simply was added into the cost of the loan without you realising,so you didn’t know you had it so never claimed off it but the banks took the commission anyway.
As previously mentioned the majority of a claim is compound interest as if you speak a loan over years the actual amount coming out is quite small. That’s providing you actually knew you was paying it in the first place.
And lastly a lot of people are not financially savvy,so may not have delved too deep into the fine print of a loan contract. When I took mine out I was early 20’s and all I saw an easy way to get a lump of money rather than save. Thankfully I’m better now!
products such as store cards get sold by people who know nothing of fincance and don't know about PPI, they sell you it only knowing that you'd be able to get a discount at the time of purchase. some branks/advisors wrongly tell people that PPI is compulsory.
PPI has always been optional but to be told by someone in a bank that they're not letting you have a mortgage without one isn't fair.
1. Why is PPI being re-imbursed when miss-selling was not proven?
2. Why is such a high rate of compound interest being applied?
I genuinely believe this is a robin hood cash grab. Immoral and rewarding innumeracy.
Ironically, of course, we all have to may more tax as the corporation tax loss from the banks because of PPI is huge.
And the loss of dividends means all our pensions are worse off too.
Still, it's meant lots of base spec black and white cars were sold recently.
Edited by oyster on Monday 5th March 11:38
oyster said:
None of which deals with the 2 critical questions for me:
1. Why is PPI being re-imbursed when miss-selling was not proven?
2. Why is such a high rate of compound interest being applied?
I genuinely believe this is a robin hood cash grab. Immoral and rewarding innumeracy.
Ironically, of course, we all have to may more tax as the corporation tax loss from the banks because of PPI is huge.
And the loss of dividends means all our pensions are worse off too.
Still, it's meant lots of base spec black and white cars were sold recently.
1. Why is PPI being re-imbursed when miss-selling was not proven? You were sold/told a product would cover you in circumstances such as illness, unemployment etc when this wasnt the case or sold it when adequate cover was provided such as sick pay etc1. Why is PPI being re-imbursed when miss-selling was not proven?
2. Why is such a high rate of compound interest being applied?
I genuinely believe this is a robin hood cash grab. Immoral and rewarding innumeracy.
Ironically, of course, we all have to may more tax as the corporation tax loss from the banks because of PPI is huge.
And the loss of dividends means all our pensions are worse off too.
Still, it's meant lots of base spec black and white cars were sold recently.
Edited by oyster on Monday 5th March 11:38
2. Why is such a high rate of compound interest being applied? 8% was set by regulators
Edited by pavarotti1980 on Monday 5th March 14:50
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.
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