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Reclaiming PPI

Discussion in 'CycleChat Cafe' started by buggi, 27 Oct 2007.

  1. buggi

    buggi Bird Saviour

    Location:
    Solihull
    did anyone see this on tv last night about reclaiming missold PPI insurance on loans/credit cards and stuff?

    i'm gonna try my luck. recently i had a balance transferred to a credit card with 0% interest.

    6 months later after paying £50 a month i realised only a nominal amount had come off my balance. (yes, i am bad at checking statements!) anyway turned out i was paying £46 a month PPI!!!!

    eh??????????????

    well, i saw this last night on tv and they reckon if you were missold it you can claim it back. well, i don't remember them selling it to me, and i knew nothing about it. also, when i rang to cancel it they were not only very reluctant but then ran through a pile of components of the insurance that i could have removed to reduce the amount i was paying. Hmmmm. very dodgy if you ask me.

    anyway... check here for the example letter you can send:

    www.moneysavingexpert.com

    so, now i'm gonna check my other cards/loans too.
     
  2. Smokin Joe

    Smokin Joe Legendary Member

    The guy on the link you provide, Martin Lewis, was on Radio 2 a couple of weeks ago banging on about that very thing. He was adament that you should insist on your money back, and one of those who phoned in (it was the Jeremy Vine Show) was a former bank employee who told how they deliberately hoodwinked customers into unknowingly taking out PPI. He also said that the companies refunded the money but you had to be persistant and not take no for an answer.
     
  3. buggi

    buggi Bird Saviour

    Location:
    Solihull
    yea, he said last night, when they write back and say no (which obviously they will) then you need to reply, well if you don't i'll complain to the financial ombudsman. then if they still don't pay up, complain to the ombudsman, which costs you nothing and the worst that can happen is you're no better off.

    there was also an ex bank worker on the program last night who said exactly the same thing.

    i reckon i have a case because the only people that ever told me i was taking out PPI is my bank when i took a loan. no credit card company has ever told me.

    the people on there last night got refunds that ranged from about £1,000 to £20,000!!!
     
  4. Noodley

    Noodley Guest

    <Zammo>

    Just say NO!

    <Zammo>
     
  5. Bigtallfatbloke

    Bigtallfatbloke New Member

    I saw that programme and watched with glee...boy are the fatcat banks gonna be squirming!

    I hav ebeen banging on about this for years. I was an IFA and worked for 10 years out of a lot's of high street branches. The Bank was/is heavily targeted to seel PPI, it is there Numero uno target on their PDP's because th ebank makes the biggest profit out of it. The pressure the staff were under to sell this product (and others) was immense and unrelenting. The two reasons the bank existed in reality was to sell personal loans and PPI. They were nothing but a loan shop.
    This wa sin direct conflict to what i believed to be best advice for my clients(who were often the banks clients as well). I was subjected to serious pressure from the bank to stop telling my customers to ditch the PPI and to refer my clients to them so they could sell them PPI. PPI is for th emost part a poor value product for the customer and in many cases unecessary. Indeed in many cases it was/is sold regardless of the customers circumstances/needs.

    I have ZERO sympathy for the shite the banks now find themselves in. I hope they suffer. For to long they have ripped off th einnocent client in th epursuit of their own greed.

    If you have a PPI product I strongly suggest you listen to what this guy is saying.

    JMHO