PPI mis-selling

John Clark1

Hello

Serious question.

Can anyone explain in really, really simple terms, what this is all about and how to go about claiming. I've just seen piccies in "Your Bikes" of that dude's Colnago he bought with a pay out and I want one.

Thank you!

John

arran77

How do you think I bought my De Rosa

We just contacted the lender that we had the loan with direct and asked for them to look into it for us, avoided having to pay any of those fees by going through one of those companies that check for you!

verylonglegs

I'm going set the wheels in motion next week, only had one loan with it so by my estimates it should be about £600, certainly not Colnago territory. My father got over £10k back

Pross

Basically if you ever had it and didn't claim on it find a template letter from somewhere like Money Saving Expert. In my case it wasn't fully explained, it was suggested I might not get the credit card without it and as I had a job with 6 months full pay sick leave and protection elsewhere for redundancy it was unlikely to ever have a use. Claimed hoping I'd get a couple of hundred and received a cheque for over £6k! I should have got another similar payout, blatant mis-selling (pressure at point of sale to take a store card, they filled the form in including ticking the PPI box) but it was with GE Capital who are playing hardball as they weren't regulated by the FSA at the time so the ruling doesn't apply. They refer you to their trade body who (believe it or not) seem to always rule in their member's favour.

RichN95.

Pross wrote:

Basically if you ever had it and didn't claim on it find a template letter from somewhere like Money Saving Expert.

As Pross said, use that website. I had a ten year old 10K loan (which I still had a copy of the argeement). I filled out the standard forms and letters on MSE and I got £4500 for about ten minutes work.

John Clark1

Smart - looking at it now. Mrs JC1 says not to bother but hey, if it only takes 10 minutes to do.

veronese68

I keep mis-reading the thread title and thinking to myself they are only three letters and it's not that hard to spell.
Unfortunately I've never had any PPI, had I known it was a sort of long term savings plan I might have considered it.

pinno

My claim is in the system. Dunno what i'll get. Doubt I will cover the expenditure for the C40. I got a letter in the post from the people who were trying to get my bank charges back. they even had details of my account to which/from which*? I took out the loan.
Find a company to do it if you don't want the hassle. They will even push for compensation and interest.

*Cue - T47b...

meagain

All these repayments are simply reflected in charges etc to those who were not stupid enough to buy something they didn't want nor understand. I once bought a jacket that it later transpired I didn't need. Can all the other customers of that shop please compensate me?

Pross

meagain wrote:

All these repayments are simply reflected in charges etc to those who were not stupid enough to buy something they didn't want nor understand. I once bought a jacket that it later transpired I didn't need. Can all the other customers of that shop please compensate me?

The companies involved actively aimed to sell a product to people knowing it was unsuitable hence the term mis-selling e.g. in my case they suggested it would make my application more likely to be accepted and didn't check if I already had products in place / terms of employment that made the product unnecessary. It was fraudulent. If your jacket was sold to you in a fraudulent manner such as claiming it was waterproof when they knew it wasn't then the store should compensate you.

It doesn't come out in charges to other customers, it comes out of their profits and impacts on shareholders (which may or may not include you and me). Hence why for the last few years you will have heard when banks announce their profits / losses that they have included the money set aside for anticipated claims.

team47b

pinarello001 wrote:

they even had details of my account to which/from which*? I took out the loan.*Cue - T47b...

It is probably easier to avoid using relative pronouns as a free relative clause, the relative pronoun comes at the very start of the relative clause, unless it is preceded by a fronted preposition, in informal English it is more normal to leave the preposition stranded.

but you could get away with 'from'

meagain

"...didn't check if I already had products in place / terms of employment that made the product unnecessary."

Surely that was for you to know/check?

team47b

no the emphasis is on the company to ask before they sell it to you, this is why it is called mis selling when they don't ask, caveat emptor does not apply in company sales only in private sales.

Pross

meagain wrote:

"...didn't check if I already had products in place / terms of employment that made the product unnecessary."

Surely that was for you to know/check?

Are you deliberately being thick and not reading everything? The FSA conducted a huge investigation into this. they deliberately misled people but if you are happy that victims of fraud shouldnt be refunded thats fine.

Mikey23

I have had loans in the past and remember being offered payment protection. I just said I didn't need it and that was the end of the matter. I still got the loan. I think there was plenty of info around at the time that it wasn't necessary and was only being promoted for lenders to get commission...

pinno

@ meagain - Well, I took out PPI in case I lost my job. I lost my job (only for a short while). I went in to negotiate payments and possible payouts. Nada, diddley squat. Still had to make the payments.
The best of it was, it was an overdraft left over from student days that I was bringing down slowly that the bank convinced me to turn into a loan. What I did not realise, was that the T&C's on my 'Student account' meant that the overdraft was being charged a nominal fee. They were not getting enough money and I had a right to the account's terms for at least a year after graduation.
Conniving, manipulative 4rseholes.

Mikey23

Indeed...

Pross

Mikey23 wrote:

I have had loans in the past and remember being offered payment protection. I just said I didn't need it and that was the end of the matter. I still got the loan. I think there was plenty of info around at the time that it wasn't necessary and was only being promoted for lenders to get commission...

Maybe but as a 19 year old in the early 90s I don't recall hearing anything like that and I made the mistake of trusting a large financial institution :shock:

pinno

meagain wrote:

All these repayments are simply reflected in charges etc to those who were not stupid enough to buy something they didn't want nor understand. I once bought a jacket that it later transpired I didn't need. Can all the other customers of that shop please compensate me?

Maybe if you had, you'd be looking at a Colnago right now.

meagain

Even if I HAD, I don't think my pride would let me admit my, how should I put it, naivety!

verylonglegs

meagain wrote:

Even if I HAD, I don't think my pride would let me admit my, how should I put it, naivety!

What, you'd turn down several thousand from a faceless corporation fronted by call centre staff who couldn't care less just because you want to appear like the only person in the world who's actually read all the T&C's of everything they've ever signed or clicked on and fully understood them? Don't talk bollox.

meagain

Very probably yes I would. Never heard of pride?

Pross

verylonglegs wrote:

meagain wrote:

Even if I HAD, I don't think my pride would let me admit my, how should I put it, naivety!

What, you'd turn down several thousand from a faceless corporation fronted by call centre staff who couldn't care less just because you want to appear like the only person in the world who's actually read all the T&C's of everything they've ever signed or clicked on and fully understood them? Don't talk bollox.

He probably has reclaim but used a claims company so is just realised how much he lost out by being lazy

arran77

Pross wrote:

verylonglegs wrote:

meagain wrote:

Even if I HAD, I don't think my pride would let me admit my, how should I put it, naivety!

What, you'd turn down several thousand from a faceless corporation fronted by call centre staff who couldn't care less just because you want to appear like the only person in the world who's actually read all the T&C's of everything they've ever signed or clicked on and fully understood them? Don't talk bollox.

He probably has reclaim but used a claims company so is just realised how much he lost out by being lazy

This

Do the work yourself, it's not hard and you get all the cash

daviesee

verylonglegs wrote:

meagain wrote:

Even if I HAD, I don't think my pride would let me admit my, how should I put it, naivety!

What, you'd turn down several thousand from a faceless corporation fronted by call centre staff who couldn't care less just because you want to appear like the only person in the world who's actually read all the T&C's of everything they've ever signed or clicked on and fully understood them? Don't talk bollox.

He couldn't have been the only one.
I never took out any PPI as I realised that it was a con from the start.

ballysmate

Never took it out either.
Some of the compensation claims run into thousands. Just how much were the original loans for in the first place? Must be some eye watering amounts.
Anyway, I thought that was what a good salesman was supposed to do. Sell people stuff they didn't want. Or am I missing something?

tim_wand

I did this some time ago. and it came back that I d never had PPI.

However I can specifically remember my account manager at Llyods at the time telling me if I didn't take PPI it would hamper my chances of getting the loan.

I subsequently rescheduled and extended that original loan at least twice and the original loan was over 15 years ago so I don't know what the statute of limitations is on this.

The loan(s) have subsequently all been repaid some time ago but this is not supposed to matter.

Think I m going to give it another shot with a company.

pinno

I was backed into a corner. They (Lloyd's), basically said that they were going to rescind the overdraft and expect me to pay it back in full unless I converted into a loan*. So I took out the PPI 'just in case'. In fact Lloyds were so sh!tty with me after graduating, I say f*ck 'em and take every penny they got. Since changing accounts to the Bank Of Scotland, they have been really good to me and never tried the hard sell.
*The only loan I have ever had.
@ TW - I would, the banks have set aside millions.

Daz555

pinarello001 wrote:

I was backed into a corner. They (Lloyd's), basically said that they were going to rescind the overdraft and expect me to pay it back in full unless I converted into a loan*. So I took out the PPI 'just in case'. In fact Lloyds were so sh!tty with me after graduating, I say f*ck 'em and take every penny they got. Since changing accounts to the Bank Of Scotland, they have been really good to me and never tried the hard sell.
*The only loan I have ever had.
@ TW - I would, the banks have set aside millions.

Millions? It's billions.

PPI has played a significant part in massive cost cutting and offshoring of jobs abroad in banks like LLoyds. Lloyds alone have slashed close to 30,000 UK jobs in the last 4 years. Lloyds is up to £8bn of PPI claims already.

Bloody hell! :shock:

Colinthecop

Pross wrote:

Are you deliberately being thick and not reading everything?

So someone questions why you shelled out money and signed for something you neither wanted or needed and you're calling him thick....?

I get the irony. Hopefully you will too. :roll:

I had a cold caller recently who could not believe I had never taken out loan insurance. I told him it was a case of doing your research and knowing what you were signing. In my opinion the whole compensation issue has turned into a scam. I know of people who willingly signed up for the insurance and have claimed it back, it would seem the banks are happy to pay-up regardless.

slowbike

Colinthecop wrote:

Pross wrote:

Are you deliberately being thick and not reading everything?

So someone questions why you shelled out money and signed for something you neither wanted or needed and you're calling him thick....?

I get the irony. Hopefully you will too. :roll:

I had a cold caller recently who could not believe I had never taken out loan insurance. I told him it was a case of doing your research and knowing what you were signing. In my opinion the whole compensation issue has turned into a scam. I know of people who willingly signed up for the insurance and have claimed it back, it would seem the banks are happy to pay-up regardless.

Such a shame we never had PPI ... I've no doubt we were offered it ... just always point blank refused it ... how stupid!
Oh well ...