PPI court ruling [Archive] - SV650.org - SV650 & Gladius 650 Forum

dizzyblonde

20-04-11, 03:31 PM

So the courts have ruled the banks should cough up....but they don't want to and are appealing.

Last month the HX had to cough up a large amount of money they had accidently on purpose forgot to tell me about when selling me my mortgage a few years ago.
I didn't get cash, but they paid back into my mortgage account, which was to the tune of almost three months payments:cheers:

Anyway, I wonder if the banks will be made to review all credit cards, loans, mortgages etc, like mine was last month? Or will their appeal win? Rather than lots of people having to go find out if they were paying over the odds for PPI, and having to go look at old paperwork etc...will the banks get the headache instead?
The HX approached me by letter over their little faux pas with the mortgage, along with 300,000 other folk! Or would they prefer to hide it under the carpet with conditions for PPI cases?

Bloody hope not, cause I may well get lots of nice wonga!

What do you lot finks?

widepants

20-04-11, 03:39 PM

listening to the radio today and the sho had two people on the phone who used to sell them for a high street bank.
Both of them said they had to leave their jobs because of the guilt they felt through seeling ppi to people who didnt need,want or qualify for it.
The amount of profit made on a loan with it compared to without it was amazing

454697819

20-04-11, 04:04 PM

always sourced a 3rd party ppi to avoid the **** taking by the banks

dizzyblonde

20-04-11, 04:44 PM

Well in my loan/credit card case, I have no idea how many in the past have had PPI. I know last year I had PPI on a credit card, so I cancelled boith the card and the protection, when I heard about the hoo harr, so maybe on that one I may get something back. BUT then again I won't be holding my breath!
I should imagine in the grand scheme of things I'm one of those that wouldn't have noticed and not likely to have complained if it hadn't got into the spotlight, as I've always taken some sort of protection, due to being a lone parent for so many years.
Its not being dozy, or indeed naieve wanting to make sure your kids and family don't get in the poo, if you lose your job or fall off a bike! The banks just give you a form to fill and tell you what its supposed to cover.

timwilky

20-04-11, 05:08 PM

I hope this goes a long way back. Midland forced me into PPI on a car loan. No PPI. No loan. dont get me wrong though. PPI worked out well for the wife, when she could not work becasue of breast cancer, PPI paid out 18 months of her payments on a 5 year loan. We were at first worried as the loan was in joint names and thought they would wriggle

Dave20046

20-04-11, 05:18 PM

HSBC insisted on me having a meeting about PPI before I took out a loan with them, high pressure ("ooh what if you fall off your motorbike" etc etc.") told them to shove it.
Think people deserve to get it back but I hate the vulturous companies that have been springing up to take advantage. Same as the 'have you had an accident in the last 15 years?' lot.

dizzyblonde

20-04-11, 05:22 PM

Think people deserve to get it back but I hate the vulturous companies that have been springing up to take advantage. Same as the 'have you had an accident in the last 15 years?' lot.

I'm sick to death of getting phone calls like that! As soon as I hear that bloody recorded voice I put the phone down. Makes you wonder really where they get the info from to call you in the first place!

Dave20046

20-04-11, 05:35 PM

I'm sick to death of getting phone calls like that! As soon as I hear that bloody recorded voice I put the phone down. Makes you wonder really where they get the info from to call you in the first place!

Insurance quotes would be my guess. I hate them, a few accident companies have hounded me , emails, phone calls to my mobile, my mum's house, even work.
Started getting PPi ones a couple of months ago.

WeegieBlue

20-04-11, 08:56 PM

I'm a self employed financial services contractor and did some work for the Financial Ombudsman Service for around a year helping them clear their massive ppi complaint backlog. The selling tactics were appalling and we were overturning pretty much every complaint the banks and loan sharks had rejected.

This ruling means the financial institutions will have to review every ppi sale regardless of whether it's been complained about, and using the new rules, decide whether it was mis-sold or not. If it was (or should I say 'when it is'!) they'll need to compensate properly and without cutting corners. Problem is, it's likely to only be sales concluded within the last 6 years. Anything before that will need to go to FOS.

I have loads if experience of PPI so I can help any orger out for free if they have any questions. Don't pay a no win no fee firm as I can pretty much tell you whether you'll win, and what to say to make sure you do!

If anyone needs a wee hand, PM me and I'll do my best!

andrewsmith

20-04-11, 10:12 PM

TamSV

21-04-11, 12:02 AM

I've got mixed feelings on this one. There's no doubt that banks selling tactics were out of order in some cases and the products were expensive - everyone in Financial Services knew it so I'm glad it's getting sorted. I do worry that the publicity means alot of people might assume it's always a rip off so they'll never take it again. As timwilky attests, some folk are glad they had it.

DB, you seem to be saying you actively wanted the cover due to your situation at the time (and I agree with you) but you also seem to want your money back? I totally understand why people want a wee windfall and, where the banks sold cover to people who wouldn't have been eligible to make a claim, it's totally right those people get their money back. But is it right that people who actually did want PPI, and enjoyed the benefit of cover, should now get a refund?

I'll declare an interest. As a broker, my fees to the Financial Services Compensation Scheme are quadrupling and there's no end in sight. The main guilty parties like Picture Loans have gone bust and it's left to the rest of us to pay the compo - not them. Particularly galling when I've never sold one of those policies in my life (because I don't sell crap).

The problem I have with the principle of this ruling is that this was regulated business that was sold within the rules that applied at that time. The rules have now been changed and this case rests on the assumption that the new rules should apply to old cases. That's mental. So I shouldn't be following the rules laid out now - I should be following the rules that will be brought in 5 years from now? WTF are they then? How are you supposed to operate like that?

I don't expect any sympathy - I'm an Insurance Broker :) but I've never had a claim against my Professional Indemnity insurance and I've never had a single complaint by a customer to the Ombudsman. I've run a few offices before being in business myself and while I was in charge there were no claims or official complaints about any of those offices - not one. I like to think I'm one of the good guys but I'm taking a right pumping over this. :(

I'm absorbing the extra cost so far but would you be amazed to learn that the banks and big insurance firms are already charging it out to customers?

dizzyblonde

21-04-11, 08:10 AM

DB, you seem to be saying you actively wanted the cover due to your situation at the time (and I agree with you) but you also seem to want your money back? I totally understand why people want a wee windfall and, where the banks sold cover to people who wouldn't have been eligible to make a claim, it's totally right those people get their money back. But is it right that people who actually did want PPI, and enjoyed the benefit of cover, should now get a refund?

Never 'actively' wanted cover, more like what Dave numbers said, 'take it, or no you can't have it'. I was always under the assumption that it was a wise thing to have PPI, and in that was handed something to sign, and never properly given the lowdown, just the 'its wise to take it...just in case'. I'm never one to really complain, as I'm always under the thinking you get offered it because these people know what they are talking about(clearly not) and working for a top named bank, have the correct knowledge to pass on(clearly not).
All loans/credit cards I have had in the past have always been paid off, and have had PPI attached(to the best of my knowledge) the last credit card with it attached I cancelled, as then it dawned on me how much interest I was actually paying, thanks to Peg who pointed it out, but leaving me with the though of 'you feckers, wish I'd have noticed sooner, more money down the drain and not in my pocket'.

I'm pretty much one of those who thinks what has been payed in the past is a bit tough really, but on the same token at the back of my mind I've always wondered if I really should have been paying so much money, hind sight etc....but it kinda makes me wonder that the banks might have to look at all past accounts with this attached, if I might get some letter with a massive cheque ....which would be nice!:mrgreen: I don't hold my breath for one either, but then again[-o<

TamSV

21-04-11, 11:45 AM

Fair enough dizzy, if you were told it was a condition of your loan then that was wrong. I still have a problem with applying new rules to old sales and a particular problem with the assumption that absolutely everyone should get their money back. Some people have even had claims paid and still want their money back.

I was always under the assumption that it was a wise thing to have PPI,

And you were right, but because of this hoo-ha everyone now thinks it's always a bad idea. There's nothing wrong with the principle behind the product, it was the sales practices that were sometimes shoddy.

Instead of improving the product, it's been totally wiped out. Now at point of sale you won't even be offered proper cover, properly explained.

If you want it, you'll need to make an effort to go and buy it. Practically no one will do that and some of those people will end up in bother as a result.

Banks now have to shift their profit back from insurance to the actual loan (the high insurance cost was a way of keeping the headline loan repayment low) so we'll all still be paying the same but now we won't have any PPI cover.

I don't see how that's a good outcome for customers.

Bluepete

21-04-11, 11:56 AM

Dizz,

We had the same letter from Halifax about our mortgage. Mrs BP rang and they have sent us a cheque!

Pete ;)

Daimo

21-04-11, 12:04 PM

Had loans from the age of 18 (bad idea) and never ever paid PPI.

People should simply turn it down, if they cave, thats their fault?

Its a bit like buying a new car, you KNOW the salesman will try to tempt you into extra options, long term warrrantee, "Paint protection" etc... Do you jsut say yes please, or say no?

I've had about 5 loans over the years, all paid off, but every one they informed me about payment protection, each time I said no, each time they expressed their concerns, each time i've never paid it.

Part n parcle of actually LOOKING at what your getting (be it an asset, or money) before just goign for it?

dizzyblonde

21-04-11, 12:31 PM

Instead of improving the product, it's been totally wiped out. Now at point of sale you won't even be offered proper cover, properly explained.

Banks now have to shift their profit back from insurance to the actual loan (the high insurance cost was a way of keeping the headline loan repayment low) so we'll all still be paying the same but now we won't have any PPI cover.

I don't see how that's a good outcome for customers.

I agree. Even if banks have to hand back money to folk, and have to adhere to new guidelines it seems a much easier scenario for them to brush certain key facts under the carpet, like you say, not a good outcome for customers.
Dizz,

We had the same letter from Halifax about our mortgage. Mrs BP rang and they have sent us a cheque!

Pete ;)

oo jolly good:cool: I'm not too bothered about mine going back towards my mortgage instead of a cheque in this case. It was taken from me in the first place as extra, so to be given it back, evens things up again. I have a tiny mortgage, and the amount they gave me towards the account, will go significantly towards bringing it down....and even more equity towards that new house we are planning:mrgreen: #nudge, nudge,hint hint Peggy leg#

Mr Speirs

21-04-11, 01:54 PM

I knew a guy once who had PPI on a loan, he was involved in a major car accident and couldn't work for at least the next year whilst he was recovering.

Phones his bank to sort out the repayments as he had PPI and they said he didn't have to pay any repayments until we started work again and then he could carry on paying the loan back...oh and whilst he wasn't paying the loan back they would still be charging him interest on the outstanding amount!!

Only once took out PPI as it was my first loan and didn't really know what was going on...since then I have always refused it even though I got pushy sales people on the phone...this was Tesco Loans BTW.

dizzyblonde

08-05-11, 09:10 AM

I've resurrected this thread, as I find it a relevant discussion subject once more.

So..Lloyds group, including RBS, Halifax etc, have backed down on the appeal.
I've given a lot of thought as to me making a claim to have me dosh back. I recently spoke to a friend of mine, whose partner has just claimed back some 13k worth of PPI, which is only part of what hes got back so far:smt103
It seems there could be less red tape surrounding this in the next few weeks, as the date for the banks to lodge an appeal is something like the 10th of this month.
I've done a lot of reading, and it appears I'm probably right to make a claim, however, I need to ring each bank, and ask for every account number of every loan/card I have had PPI attached, as I'm dozy and don't have paperwork for stuff now closed....which is pretty much all of them(apart from the card I cancelled PPI on last year). They CANNOT refuse to give me information, although they can request a small charge for such info. Once I've obtained details I'll be looking into this further. The rule of thumb is to look into anything going back to 2006, you can go further if you wish, no reason why not!

Specialone

08-05-11, 09:28 AM

I would never have PPI, it's expensive, often how they make their profits.

Half of them have get outs for self employed people, so nope, not for me.

Dave20046

08-05-11, 09:32 AM

fair enough just don't go through one of those bloody vulturous no-win-no-fee--we-sleep-upside-down-in-a-cupboard companies.

dizzyblonde

08-05-11, 09:36 AM

fair enough just don't go through one of those bloody vulturous no-win-no-fee--we-sleep-upside-down-in-a-cupboard companies.

What, like the person mentioned in the post above! They may have got back 13k but the 'no win no fee' merchant got the rest(which was 20% of the actual figure):pale:

No, I shall be having a peep into it this week, then going from there. TBH, pretty certain if you take your time, you can get the bottom of it yourself without much fuss.

WeegieBlue

08-05-11, 09:40 AM

Weegie

what the legality around PPI and Credit Cards?
I've got no issues here as never had a credit debt for more than 50 days. I'm really wanting to know the score as a may cancel mine at my next review

It's all legal. The only thing you can't do these days is sell front loaded single premium PPI. It's very easy to cancel it and if I were you I would. PPI very rarely pays anything out and the terms and conditions are very onerous.

LTSB put aside £3.2bn this week to handle their ppi mis-selling and I think the majority of banks will follow suit. The good thing about this ruling is that your bank will write to you if it's been sold badly so you may get a random cheque through the door. I still recommend complaining though. There's a few key points to put in your complaint letter to guarantee success.

Firstly, if you have medical condition, such as diabetes or back trouble and you were never told you wouldn't be able to claim for these, you're on to a winner.

If you were never told it was being sold to you, or if you were told you wouldn't get the finance unless you took the ppi, thats another stick on success.

If you took a loan for say 10 years but the ppi only ran for say 5, you have a term mismatch so again, you'll win there too.

Another major one is where people fill in a leaflet to get a credit card and there's a tick box for ppi. If you have to tick to opt out, you win! If you had to tick to opt in, but you were never given sufficient information to make an informed choice, you win!

These are just a few scenarios. Happy to talk folk through any potential complaints. DO NOT USE A CLAIMS MANAGEMENT COMPANY!! They'll take about 30% off you for doing naff all, so steer clear and just PM me if you want some help.

andrewsmith

08-05-11, 08:01 PM

Cheers mate

Looked back the other day and the PPI totals about £5 in 4 years :lol: (The bank despises me as make sod all out of me, except the services I pay for through them)

dizzyblonde

09-05-11, 09:06 AM

Well, there you go, the lot of them have backed down.

I've called the Halifax this morning told them what I thought was relevant, which accounts are current, those closed, even my mortgage I want looking at to make sure its all above board
They're looking into all my accounts I've got, and had with them, send me a letter to acknowledge that, and they should get back to me at a maximum of 8 weeks.

WeegieBlue

09-05-11, 09:19 AM

Great news for me - should keep me in work for the next 2-3 years I reckon! :)

pben47

11-05-11, 08:20 AM

I hope this goes a long way back.

anyone know how far you can go back, 10yrs?

cheers, Paul

SoulKiss

11-05-11, 08:36 AM

anyone know how far you can go back, 10yrs?

cheers, Paul

I believe its 6 years.

pben47

11-05-11, 08:42 AM

I believe its 6 years.

Thanks SoulKiss.

I remortgaged in 2002 so does that mean that I can make a claim for the last 6 years or not claim at all because my loan was older than 6 years.

TIA.

dizzyblonde

11-05-11, 09:27 AM

2006. You can claim for anything you may have started prior to that, which was running after 2006. If that makes sense. TBH, you can claim for anything that finished before 2006, but its more difficult, and would take longer.

WeegieBlue

11-05-11, 08:17 PM

dizzyblonde

05-10-11, 12:09 PM

wooooooooooooooop if anyone is wondering if it works to get your money back..........................

some big fat cheques have just started falling on my door mat:rave:

After 22 weeks of waiting they finally started to cough up the lot!

Bri w

05-10-11, 01:22 PM

Argued the toss with Egg. They said "no," so passed it to the Ombudsman and got a cheque for just under £7.5k. Then they started being a little awkward so I'm now with BCard.

_Stretchie_

05-10-11, 01:38 PM

If anyone is unsure, write to the financial institution concerned with a letter explaining that you believe you were sold PPI by them in whatever year and ask them to investigate as you believe it was mis-sold.

I wrote to mine, 5 year loan from April 2008, £456 a month I pay them, they took the full 16 weeks to reply to the letter sent and the offer they came back with....

£38.33

:(

robh539

05-10-11, 01:58 PM

I wrote to mine, 5 year loan from April 2008, £456 a month I pay them, they took the full 16 weeks to reply to the letter sent and the offer they came back with....

£38.33

:(

Yeah sounds about right, now forward to Ombudsman, dude, like dizzy watch cash come back. Same as what they tried with me. My PPI was sold with a few loans from the same company claimed for one and got three claims made for me as Ombudsman they ask for all records. LLoyds still like me too :)

_Stretchie_

05-10-11, 03:08 PM

The strange thing is, there was a second offer but for the normal bank account I also have with them, not a loan a normal bank account and there was an offer for this account for £197???? There is no PPI on that account?!?!?!

robh539

05-10-11, 04:06 PM

dizzyblonde

05-10-11, 05:20 PM

I wrote to mine, 5 year loan from April 2008, £456 a month I pay them, they took the full 16 weeks to reply to the letter sent and the offer they came back with....

£38.33

:(

If you haven't already done so, you can query that within 6 weeks of you getting an offer IIRC...you can ask them for a breakdown of calculations, and get them to do it again.
This website has some geniuses on it, and they can calculate stuff, and tell you if the bank is way out.....EGG are w4nkers for not doing things right, as I have seen on there lately. Knock your socks off with the stories and lies these banks reel off!!
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

I did everything myself, and rather a lot of patience has just got me a total of 6.5k back from various accounts.....however its been 22 weeks from start of claim, to only just getting 2 of the 5 cheques owed. They have a 16 weeks timescale for upholding or declining, then after they receive your acceptance, can take anything up to 8 weeks to cough up.
I'm on week 6.....and they have the cheek to send cheques when it could go in one of their own accounts in my name Each bankers draft takes upto five days through their own banks system....should be flippin automatic!:smt013

I should get commision from everyone I've told to claim....my parents are just about to receive a right old brick of wonga, both my brothers too, and a few mates!!!