Reply With QuoteI used one. It turns out that if I'd just contacted the original seller and claimed, they'd have probably just paid out but instead I paid a solicitor £400 to do it for me.
Hi
Never thought to investigate this but met with friends last night and several had been paid out circa. £3k each for endowment policies they took out years ago.
I have 3 endowment policies and wondered if anyone else had used one of these many companies offering to go into battle for you.
Cheers
I used one. It turns out that if I'd just contacted the original seller and claimed, they'd have probably just paid out but instead I paid a solicitor £400 to do it for me.
As he says ^^^^ it costs you nothing to contact the companies and ask them to check...they have to do so. If in any doubt whatsoever,do the same thing for any loans/credit cards etc you have had. It takes very little time to make the request.
Do you believe that you were genuinely mis-sold the policies?
Would you not have bought them if you'd known all the small print?
If so, then feel free to claim.
From what I've been told its only the banks that are blindly paying out, finance companies are fighting back, as a lot of these claims are more than six years old they are claiming that they have destroyed the records, unless the claimant has bank statements etc, they are rejecting the claim, an other one is that the shop that sold the PPI has gone bust so the insurance company is saying they didn't do it, so no claim and they are not paying out, several people I know have come up against this.
I did a short stint IT contracting at a major bank helping them pull out archive data on PPi claims from the 80s and 90s. They are happy to pay out as all the money has already been set aside - just takes one email to their complaints department with all your previous addresses and they'll go find your old PPi. Draft up a std email and send it to all the major banks - let them do the work. All you have to say is you may have been sold PPi, no more details required.
Ignored this for ages and then a few years back I called into my bank and said I'd like to submit a claim for PPI.The lady asked me why I thought I had been mis-sold PPI!,I said just follow your rules for my claim please as they are obliged to do.And not more than 9 weeks I had a cheque for just over 8k.So to say we were happy was an understatement.
So get to your bank and get them to initiate the claim,and DON'T opt for the people that say they will chase it for you,theirs NO chasing to be done by anyone other than your bank perhaps.
Your bank send you a form {a simple one @ that} to fill in and sit back and wait,oh they did make me an offer,I refused and the next offer was as above.And tbh when they sent me the cheque they also gave me the working out as to how they arrived at the figure which begger's why they low balled me if they have to go by actual figures I paid,but hey I'm happy we pursued it.
Last edited by P9CLY; 13th April 2013 at 20:55.
Is it endowment misselling or PPI misselling?Originally Posted by pilch23
You should have had warning letters about endowments. You may be too late now.
If its PPI, head over to moneysavingexpert forums - there's a good section on PPI claiming.
surely this is part of the "compensation culture" which a lot of you would decry. I know that on the whole the banks are a corrupt bunch of thieves and con men, but I would think that there are a lot of cases where PPI WAS a useful protection. If it was, and you are now claiming only because you can then you fall in ot the same catagory I place the banks.
PPI and endowments are two very different financial products.
Interestingly, there are customers who are very grateful that they were mis-sold PPI - as they are/have been happily receiving the benefits of the policies.
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
Which is what I've always thought.
You take out insurance, you don't claim on it then you want your money back?
Are people so stupid that they sign up for stuff they don't want?
I'm afraid it is just another sign of the compensation culture that has engulfed our country and puts up the price of stuff for everyone.
The years I have paid for car insurance without a claim........I want my money back now!
Cheers,
Neil.
I wonder if i can claim compensation for the mental anguish all the PPI compensation calls i get are causing me.
I do hope so....shouting F**k off to a recording after the 5th on today is not very gratifying and i feel cheated.
Don't use one of those companies. Have a look here for more info regarding PPI:
http://www.moneysavingexpert.com/rec...loan-insurance
Would PPI on your mortgage be able to be claimed against?
I think mine costs me £22 a month and been paying it for past 10 years. Was just going to call up this week and cancel it.
I could not agree more. If you knew there was PPI attached to the deal and you went ahead with it you were NOT mis sold. If you are now claiming then you are, as Red has said, no better then the bankers you choose to moan about. Your crime is not victimless as somebody is paying for your claim in increased charges. If you have claimed then feel ashamed and don't come here crowing about it.
Appologies if this offends and feel free to PM me with your bile and invective so that the thread stays in the G&D.
I never had PPI on any loans, I read the conditions and there was such a limited chance of it ever paying out I always declined. However, if you were told something when sold a policy that wasn't true or correct then you should be able to claim.
Nope, you've missed the whole point, the miss selling is about dodgy salespeople telling customers that they cannot have the finance without the insurance.
I've been a company director since 1990 so not eligible as technically I would have to fire myself to claim, I have had three loans since then, they all tried to sell me PPI and were certain it would pay out.
Or if you were sold it but couldn't have claimed if you needed to, eg certain self employed people etc.
I took out PPI on my mortgage when I bought my first house. Mortgage advisor explained it to me and I thought it would be sensible protection. I changed my mind a few years later and cancelled it, but I knew what I was signing up for and have no intention of reclaiming anything.
I love explaining that to the PPI cold callers
Yes, it is possible. It is much less likely that MPPI was missold compared to PPI though. The success rate of MPPI claims is lower.
Sorry but I really don't think I have missed the point. If you know you are not able to claim on a PPI policy you simply tell the "salesperson" the facts. If they insist on you taking the insurance then there might be a case for mis-selling. However if you are a sensible adult with an awareness of his or her consumer rights then surely you'd get up and leave the store or bank and find one who was a little more honest in their dealings? If you entered into the arrangement to secure a deal you could not get elsewhere and accepted the conditions then bad luck. I have never been forced by a bank to take PPI and the two chain stores that tried quickly found I was an ex customer and lost the business.
I have zero sympathy for anybody who blunders into a deal being unaware of their position legally. It's really simple to acquaint oneself with the facts in this day and age. This is what really gets me. The very thing that Red mentioned - the compensation culture i.e. it's somebody elses fault. You'd expect that sort of reaction from a five year old not an responsible adult.
Again appologies I'll stop commenting in this thread now.
I don't think that is the whole point at all. A part of it, yes: but there are many grounds for claiming that a policy was mis-sold: eligibility, health conditions, suitability, necessity, failure to explain conditions/exclusions.
Furthermore, I'd say the blame lies more with the financial institutions than the point-of-sale salespeople: the latter were trained to sell the PPI along with the loan it was protecting and they earnt more money doing so, but the fact is the lenders made most of their profit off the PPI element and they factored their staff's training and remuneration accordingly in order to achieve their own objective.
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
A colleague in work showed me a letter this morning, he's getting back £9 short of £16,000. I nearly soiled myself when I read it.
I agree it's not the whole point, an ex girlfriend was a branch manager for lloydstsb, she got no points or commission for the loans, only the PPI
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