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samscafeamericain

PPI Mis-selling

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Seems the banks have thrown in the towel and are setting aside £billions to repay customers payment protection insurance they wrongly charged customers. The banks were up to two things:-

1) Calculating the total cost of the insurance over the length of your loan, adding it to your capital sum and charging you interest on that; and

2) simply selling a bad product they knew had so many exclusions (self employed, anyone ill, any getting made unemployed, etc).

The FSA and the banking Ombudsman have told the banks to start paying this money back. So if any of you have had a loan or a cradit card in the oast 6 years and you are paying PPI, its well worth considering a wee claim. Average payout is expected to be £2,000 - £3,000. :lol:

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Seems the banks have thrown in the towel and are setting aside £billions to repay customers payment protection insurance they wrongly charged customers. The banks were up to two things:-

1) Calculating the total cost of the insurance over the length of your loan, adding it to your capital sum and charging you interest on that; and

2) simply selling a bad product they knew had so many exclusions (self employed, anyone ill, any getting made unemployed, etc).

The FSA and the banking Ombudsman have told the banks to start paying this money back. So if any of you have had a loan or a cradit card in the oast 6 years and you are paying PPI, its well worth considering a wee claim. Average payout is expected to be £2,000 - £3,000. :(

Thanks for the heads up, samsc. I've never had that myself but will check with my sons and brothers. Who knows they might cut me in if they have a windfall. :lol:

Good to see some justice regarding this particular rip off.

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About 6 weeks ago I printed off the standard complaint letter from the WHICH website and sent it to a company I had a loan with several years back. Within one week received an acknowledgement letter and yesterday came home to a letter stating my complaint had been upheld and here's £5,000 for your trouble :D (sadly missus Sam has been spending the evening plotting how to spend my loot :( ).

Honest to goodness folks, if you have had a loan from a bank in the past 5 - 6 years and had PPI insurnace its worth the cost of the stamp.

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About 6 weeks ago I printed off the standard complaint letter from the WHICH website and sent it to a company I had a loan with several years back. Within one week received an acknowledgement letter and yesterday came home to a letter stating my complaint had been upheld and here's £5,000 for your trouble :D (sadly missus Sam has been spending the evening plotting how to spend my loot :( ).

Honest to goodness folks, if you have had a loan from a bank in the past 5 - 6 years and had PPI insurnace its worth the cost of the stamp.

Good shout, Sam. :)

Does this cover mortgages?

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