Minicooper
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| posted on 3/5/12 at 12:31 PM |
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PPI Compensation
PPI compensation claims are everywhere at the moment, I don't have a claim but I'm interested to know which bit is the compensation
element of a claim.
As far as I can see, you get your premiums refunded and a small amount of interest, so where is the compensation?
Cheers
David
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owelly
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| posted on 3/5/12 at 12:57 PM |
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If you were told exactly what your PPI was for and you agreed to it, then you have no claim. If you bought PPI without realising it, you still bought
'a product' even if you didn't know. You could have used that product if you had needed to, if you knew it was there so you actually
got what you paid for. The 'compensation' bit is the financiers letting you have a refund because they mislead you or you didn't
understand what was written in the bit of paper you signed. Thats how I see it. IMHO and all that.
http://www.ppcmag.co.uk
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jamesbond007ltk
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| posted on 3/5/12 at 01:10 PM |
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Compensation in financial terms is about not being out of pocket, not getting money for being wronged.
For PI claims compensation is divided between special and general damages. The former being quantified losses actual incurred, travel to appointments,
treatment costs etc and can include future loss of earnings. The latter being a measure of your losses with respect to faculties, body function, not
being able to play sport again, quality of life etc.
It the case of PPI the payements you recieve are such that your loan/mortgage/credit card etc. are return to the exact state it would have been at the
current date if you had not taken out the insurance.
The interest is then paid on your premium contributions paid to date as you could have earned money on that if it remained in your bank account.
You are then returned to the situation you wouod have been in if you had not been sold PPI.
Rich
[Edited on 3/5/12 by jamesbond007ltk]
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chrisxr2
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| posted on 3/5/12 at 01:12 PM |
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apart from the muppets
Apart from the muppets who use one of the agencies to do the paperwork for them then take a big cut from money they would have gotten anyway if they
had waited for their bank.
Life moves pretty fast, if you don't stop and look around once in a while, you could miss it.
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big-vee-twin
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| posted on 3/5/12 at 02:22 PM |
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Bought myself a new set of Smiths guages with my payout from a Loan I had.
Now trying to get Mortgage PPI done may be able to get some nice seats LOL.
My PPI was cancelled for the Mortgage last year following advice from my Morgate company that it did not offer me the protection I thought it did,
during an annual review in branch, so think I've got a good case -We shall see!!
Duratec Engine is fitted, MS2 Extra V3 is assembled and tested, engine running, car now built. IVA passed 26/02/2016
http://www.triangleltd.com
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mds167
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| posted on 3/5/12 at 06:03 PM |
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quote:
Originally posted by jamesbond007ltk
It the case of PPI the payments you receive are such that your loan/mortgage/credit card etc. are return to the exact state it would have been at the
current date if you had not taken out the insurance.
The interest is then paid on your premium contributions paid to date as you could have earned money on that if it remained in your bank account.
You are then returned to the situation you wouod have been in if you had not been sold PPI
[Edited on 3/5/12 by jamesbond007ltk]
+1
The term for this is redress, not compensation. Compensation is mis-used by CMCs and the media to whip up public anxiety.
If you knew you had it, agreed to it and were eligible for it, don't complain.
If you didn't know you had it or weren't eligible to benefit, complain.
If you do claim, don't use a CMC.
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craig1410
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| posted on 3/5/12 at 11:50 PM |
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I got a payout of £3970 just a couple of days ago which was the "gesture of goodwill with no admission of liability" offered by RBS for
mis-sold PPI on a loan I started in 2002 and paid off in 2006. The loan was for £13500 and at the time I was offered two different APR rates, one was
lower than the other. Back then I believed that APR was king (I know better now) so I took the lower APR. It turns out that this was only lower
because a PPI policy was being sold and at the time they didn't need to include the PPI premiums in the APR calculation (they do now). The
actual PPI was around £2600 but with interest (8% from time of each installment) added it came to £3970 or so. All it cost me to make the claim was a
10 minute phone call to the RBS PPI hotline. No letters or other correspondence until I got the offer of settlement the other day. They then paid
within a few days.
A couple of things to point out:
1. I almost never take out extra insurance products other than the mandatory stuff like car insurance or home insurance related to mortgage. My
attitude to risk is that I will deal with whatever life throws at me and don't need a comfort blanket of insurance.
2. I'm not the sort of person to abandon responsibility for decisions made in good faith just to make a few quid. I honestly didn't know I
had PPI until RBS offered me a refund. I just remembered the thing about the different APR rates and wondered if I had been duped into buying PPI
which I didn't need or want. I would have been content if they had come back and said that I didn't have any PPI because that was what I
thought was the case.
3. I didn't need PPI at the time of the loan as I was in a secure job which I held until I resigned 5 years after the loan ended.
So, my advice is to seriously look at any loans you have had in the last 10 years and if you may have been mis-sold PPI then make the phone call or
write the letter to your lender. A good way to start is to do a £2 credit check on yourself through experian or credit expert. This will give you
details of the loans and credit cards you have had. I didn't even have any paperwork and couldn't remember much about the loan details but
I still got refunded. It's well worth a shot.
We'll be spending our money on a holiday for the family this summer. Boosting the economy and all that.... 
Cheers,
Craig.
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fesycresy
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| posted on 4/5/12 at 07:35 AM |
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Have a shifty here.....
Money Saving Expert PPI
-----------------------------------------------------------------------------------------------------
The sooner you fall behind, the more time you'll have to catch up.
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JoelP
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| posted on 4/5/12 at 07:19 PM |
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PPI claims annoy me tbh. In the past when ive got loans, ive been offered it and declined because i didnt want it. Now it seems people pretend that
they didnt know they had been charged, enjoy the benefit of it for years, then get all their money back plus silly interest.
Im sure there are loads who genuinely didnt want it, or who couldnt have claimed, but i bet most are just jumping on the bandwagon and essentially
ripping the banks off.
Yours, devils advocate. 
Beware! Bourettes is binfectious.
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Agriv8
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| posted on 12/6/12 at 09:01 PM |
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after the above post and the other PPI thread I decided to go though the filling system ( a plastic box in the loft ) and to my supprise i have been
paying PPI on my Baclycard visacard. I have never accepted PPI on any loans (Cars to get married ect. )
So what do you recon is best policy to reclaim it ( I never asked for it by the way )
I have the card for 10 or so years and peaked at arroud 4.5 k on spending while on honeymoon 8 years ago ( well we were in NZ for 4 weeks !! ) now
payed of but how should I angle my claim do you recon ? dont remeber being given any details about the PPI what it covered me for I thought you had to
have it to get the card.
not expecting anythiong back but an hour filling in a form and a stamp aint going to cost me anything
thanks Agriv8
Taller than your average Guy !
Management is like a tree of monkeys. - Those at the top look down and see a tree full of smiling faces. BUT Those at the bottom look up and see a
tree full of a*seholes .............
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