PPI Claims - don't give up.

[Tricky Dicky]

I recall people trying to sell PPI to me on numerous occasions, they were appalling value. The blame culture in this country gets worse and worse, we;re becoming more and more like the States..

Not the point at all. Sounds like you were offered it and turned it down, so it wasn't mis-selling. I had no choice, it was rolled in to my mortgage product, and then continually over-charged for it, even though it could never have paid out. That is completely mis-selling, so I quite rightly got MY money back.

 

[Midfield Minton]

So I've contacted bank and they have asked me to complete the complaint forms,found said loan agreement and there is no mention of PPI in this,the bank think I was covered by PPI and so far have been apologetic as to being told I was covered by advantage gold,small print in loan says I need to be an advantage gold account holder to gain the loan,this was sold to me as this was an extra to cover me against missed payments,but it never just a load of stuff I didn't need

 

[Midfield Minton]

Just a little update,has taken just over two weeks but nat west agreed I was miss sold advantage gold account and repayed me £600,

 

[Super Steve Earle]

Just a little update,has taken just over two weeks but nat west agreed I was miss sold advantage gold account and repayed me £600,

You're welcome. And thanks to the twunt who gave me a thumbs down for helping you get your head round the fact that you not only had a potential missell of PPI, but also Advantage Gold, two separate issues!

 

[Westdene Seagull]

You're welcome. And thanks to the twunt who gave me a thumbs down for helping you get your head round the fact that you not only had a potential missell of PPI, but also Advantage Gold, two separate issues!

And with horror that appears to have been me .... I can only assume that I was on my mobile at the time and that fat finger syndrome took hold as usually I would never have down thumped that sort of post. Apologies.

 

[Barham's tash]

what you had to take a loan? you had to buy a house, right then, for that amount? this is nothing to do with the PPI mis-selling, there is a valid point made that people want to blame others for decisions they made. i took out PPI on a loan because it seem to me a good idea at the time. im pretty sure i wasnt mis-sold it, just misjudged the likelihood of actually needing it. most people probably did too.

I did exactly the same. The irony being that now I work in the industry and recommend investment products etc and know the correct way to explain additional items such as PPI I KNOW that it was miss-sold to me as the person arranging the facility didn't understand it or record any of the details at the time.

It's staggering that the banks let this happen in the first place but thankfully that's exactly what sort of role the FCA and their predecessor the FSA were established for.

Even more staggering are the metrics involved with PPI. I know of one company set up in the early 2000's that currently has over 850 staff placed with Lloyds via an outsourcing contractor firm who's job it is just to respond and sort out PPI claims for the UK arm of their business. Think of the multiples in that - 850 staff probably billed out to Lloyds at roughly £300 per day and they've been there for over two years.

All of the major banks have set up war chests to cover these impairments that sit off their balance sheets that is effectively cash that they EXPECT to pay away to claimants so if you even have half an inkling that you weren't clear what you were being recommended, or like me, you think the staff weren't competent in their own understanding or sales process then bloody well claim. It's fill your boots time!

 

[Vegas Seagull]

I did exactly the same. The irony being that now I work in the industry and recommend investment products etc and know the correct way to explain additional items such as PPI I KNOW that it was miss-sold to me as the person arranging the facility didn't understand it or record any of the details at the time.

It's staggering that the banks let this happen in the first place but thankfully that's exactly what sort of role the FCA and their predecessor the FSA were established for.

Even more staggering are the metrics involved with PPI. I know of one company set up in the early 2000's that currently has over 850 staff placed with Lloyds via an outsourcing contractor firm who's job it is just to respond and sort out PPI claims for the UK arm of their business. Think of the multiples in that - 850 staff probably billed out to Lloyds at roughly £300 per day and they've been there for over two years.

All of the major banks have set up war chests to cover these impairments that sit off their balance sheets that is effectively cash that they EXPECT to pay away to claimants so if you even have half an inkling that you weren't clear what you were being recommended, or like me, you think the staff weren't competent in their own understanding or sales process then bloody well claim. It's fill your boots time!

Wording is misleading...'let this happen' 'didn't understand it' are both incorrect...It was incentivised from top to bottom and as a senior member of staff that trained Area Managers on a different subject wherever I turned up across the UK I would come across staff that proudly boasted of their 100% sell rate ie Loans With PPI v loans without and showed me photos of their prize trip to Barbados as their quarterly prize.

 

[Barham's tash]

Wording is misleading...'let this happen' 'didn't understand it' are both incorrect...It was incentivised from top to bottom and as a senior member of staff that trained Area Managers on a different subject wherever I turned up across the UK I would come across staff that proudly boasted of their 100% sell rate ie Loans With PPI v loans without and showed me photos of their prize trip to Barbados as their quarterly prize.

It's possible they could still sell said product with a 100% conversion rate without understanding it right?

Agreed the incentive scheme has a lot to do with it and thankfully has mostly been replaced with an annual performance related discretionary bonus calculated on pure performance metrics AND behavioural ratings which leads to a much more sensible/realistic risk reward culture in my opinion.

 

[Hampster Gull]

I remember going to a bank in the 90s to esquire about a mortgage, what would have been my first. The sales woman kept pushing endowment mortgages When I asked abut repayment she was extremely dismissive and would present me the options. I didn't like here style and went elsewhere. The same happened to my wife (who I wasn't with at the time) and she got one on an endowment. She was of course worse off and has since been paid the difference back by the bank, plus some.