have you had your PPI money back ?

[DigDog]

so, i realized just now that nobody's been talking about this, here.

i've been working for a while now in a remediation center - a department of a bank that deals with reinbursing customers. Specifically, we are part of the machine that refunds people for this missold PPI.

This is in EU, so i'm not sure how bad it was stateside, but here a maaaassive number of people have had PPI added on to their accounts without consent, from the late 80s to early 2000.

So... get yer mony back.

If you had any *substantial* accounts (one where you wouldn't notice a few bucks missing), you might have had a policy added to your account.

Because of the massive scale of misselling, every financial institution that has ever missold PPI *has* to have a system in place where they investigate for you, free of charge, whether you had PPI and if it was missold. If it was, you'll get a nice chunk of monys, as they pay back normally at 8% interest.

I don't profit from reinbursing PPIs. My company (that i work for, not own) is not privately owned or in any way makes a business to reinburse people - they need to do it because otherwise teh FCA would shut them down.

So, go grab yer monys. Call whatever bank you banked with in the past 30 years and ask them to do a fuill investigation into any PPI products you might have had. It's their responsibility to find them, not your to prove it.
You do not need a Claims Management Company to do this, the bank will do everything for free. CMCs will NOT affect the outcome of your complaint, it's totally decided between the bank and you.

Policies are reimbursed if you were Not Eligible (self-employed, in the army, under 18, over 65, not a resident, etc), Not Suitable (you had other cover, be it from your employer, or through other means, that would have covered you without the need for PPI), or Without Consent (no proof that the policy was discussed with you and not offered as optional).
generally you will be asked a set of questions regarding your personal situation when the policy was sold to you, and these are generally taken at face value.


#blingbling

 

[VirtualLarry]

I'm from the USA... what's "PPI"? I thought that you were talking about Paypal at first.

Does this have to do with bank accounts, or insurance?

 

[dullard]

For those of us who are clueless, which PPI are you referring to?

 

[[DHT]Osiris]

Looks like 'Payment Protection Insurance'? Common thing in the UK I guess. Also known as Credit Card Repayment Protection (CCRP), Mortgage Payment Protection Insurance (MPPI), or Accident, Sickness and Unemployment Cover. I'm unsure of what the original point of this was, but it looks like a fairly typical scuzzy/scammy insurance racket, akin to 'extended manufacturers warranty' tack-ons at Best Buy.

 

[DietDrThunder]

I'm making a guess that he's probably talking about payment protection insurance? Like on an auto loan, etc?

 

[DigDog]

basically it was a series of various insurance packages that were often "sold" to people who couldn#'t claim on it, and also sometimes just added on to people's accounts. back in 2007 i used ot hear a lot about "claim back your PPI ! " and i also thought it was a scam. People still today think so, we're sending the bank letters saying "please call us, this might result in a boatload of money to you" with the official bank logo n' everything, and we're getting back like 10% of callbacks.

try it, it won't cost you anything.

 

[dullard]

basically it was a series of various insurance packages that were often "sold" to people who couldn#'t claim on it, and also sometimes just added on to people's accounts. back in 2007 i used ot hear a lot about "claim back your PPI ! " and i also thought it was a scam. People still today think so, we're sending the bank letters saying "please call us, this might result in a boatload of money to you" with the official bank logo n' everything, and we're getting back like 10% of callbacks.

try it, it won't cost you anything.

Why not just do it and send a check instead of requiring the customers to do work with someone they might not trust?

 

[DigDog]

well, they have had to agree to the procedure with the FCA. The policy owner has to state that they believe they might have been missold, as there is nothing wrong with the policy itself, just that .. kinda like the recent market crash, bank agents were being given bonuses depending on how many of these they sold, so they "sold" it to people by just adding it to their accounts. Or, they would tell you "if you don't take PPI, you won't get this loan". Even if the person could not claim on the policy, say, because they were self-employed. You can't claim on a policy that pays you when you are unemployed, if YOU are the person who decides if you are employed.

 

[DaveSimmons]

I just say no to all those payment insurance scams, so I've never paid for them. I also balance my bank account every month and read my CC statements so I'd catch it if one of them added it without asking.

 

[PlanetJosh]

The title really grabbed me because it seemsed a scandal involving computer equipment like if people got ripped off in the purchase of monitors. I thought the PPI was pixels per inch. And there have been threads about that kind of PPI on the site.