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PPI...off

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Grumpi
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PPI...off

#248250

Postby Grumpi » August 31st, 2019, 4:40 am

Well that's that.
Now the deadline date for PPI claims has passed I can welcome the cessation of TV commercials exhorting me to claim before it was too late.
It seemed unending. I was beginning to wonder if I hadn't actually taken out PPI at some point in the past.

Now the banks presumably know the extent of their liability they might start rebuilding their position of trust by the public.

Mind you the last time I bought shares in a bank was with Northern Rock and that didn't turn out very well.

bungeejumper
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Re: PPI...off

#248285

Postby bungeejumper » August 31st, 2019, 9:07 am

Grumpi wrote:It seemed unending. I was beginning to wonder if I hadn't actually taken out PPI at some point in the past.

It was never that difficult to find out, of course. Even if you didn't use the FCA's own fast-track method. I did it the hard way, enquiring online from four banks, and it took me all of forty minutes for all of them. Three weeks later, two of them had paid up. Nearly £2,500 after tax. No regrets. Just sayin'. ;)

Agreed, though, that the Big Arnie ads were getting just a tad too ubiquitous, even though they were really quite clever (and probably very expensive to make). So now it's back to watching the usual enchanting ads from the online casinos, and the takeaway delivery firms whose scooters fly right through the air from the shop to your door, and the incomprehensible shiny hair shampoos made with special fulemol that's been lovingly distilled from soft dumbo flowers and fragrant unicorn extracts in a tropical jungle clearing just north of Milton Keynes.

BJ

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Re: PPI...off

#248290

Postby Snorvey » August 31st, 2019, 9:17 am

I wonder how retail spending will do now the PPI bonus has ended.

There was a lot of new televisons, holidays etc bought with PPI refunds...

dealtn
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Re: PPI...off

#248326

Postby dealtn » August 31st, 2019, 11:36 am

Snorvey wrote:I wonder how retail spending will do now the PPI bonus has ended.

There was a lot of new televisons, holidays etc bought with PPI refunds...


And less profit and capital ratio building within banks as a result of those payouts. You can argue appetite and ability to lend was lower as a result too, so it's not as simple as that.

At least, I guess, we get a chance to move on and find out, now that the deadline for claims (although not payouts) has passed.

supremetwo
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Re: PPI...off

#248328

Postby supremetwo » August 31st, 2019, 12:21 pm

Grumpi wrote:Well that's that.
Now the deadline date for PPI claims has passed I can welcome the cessation of TV commercials exhorting me to claim before it was too late.
It seemed unending. I was beginning to wonder if I hadn't actually taken out PPI at some point in the past.

Now the banks presumably know the extent of their liability they might start rebuilding their position of trust by the public.

Mind you the last time I bought shares in a bank was with Northern Rock and that didn't turn out very well.

The claims industry is already turning attention to pensions.

https://www.ft.com/content/2abb8482-c9b ... 69401ba76f

Some of the most valuable mis-selling claims of all are likely to come from the largest investments — namely, pensions.
The pension freedoms of 2015 were designed to give those approaching retirement more choice, but the changes have opened up a number of mis-selling opportunities.

Snorvey
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Re: PPI...off

#248332

Postby Snorvey » August 31st, 2019, 12:28 pm

The claims industry is already turning attention to pensions.

It's a complex area though and I wonder if a no win no fee company would be interested - unlike PPI where the banks were just paying out regardless.

Besides, isn't there a (free!) complaints system already available? Why pay a claims company?

AleisterCrowley
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Re: PPI...off

#248333

Postby AleisterCrowley » August 31st, 2019, 12:33 pm

I'm rather glad it's all over, as I often felt guilty about not checking if I was due any refunds !
I guess I should have done, but I haven't had debt of any sort since 1991 so I doubt I would have got much.

Now it's too late I can relax...

UncleEbenezer
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Re: PPI...off

#248334

Postby UncleEbenezer » August 31st, 2019, 12:35 pm

supremetwo wrote:Some of the most valuable mis-selling claims of all are likely to come from the largest investments — namely, pensions.
The pension freedoms of 2015 were designed to give those approaching retirement more choice, but the changes have opened up a number of mis-selling opportunities.


Sounds good. Guess I should think about blowing the pension now, in good time to benefit.

bungeejumper
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Re: PPI...off

#248339

Postby bungeejumper » August 31st, 2019, 1:32 pm

UncleEbenezer wrote:
supremetwo wrote:Some of the most valuable mis-selling claims of all are likely to come from the largest investments — namely, pensions.
The pension freedoms of 2015 were designed to give those approaching retirement more choice, but the changes have opened up a number of mis-selling opportunities.

Sounds good. Guess I should think about blowing the pension now, in good time to benefit.

I think the issue with pensions was about all those people who were persuaded to transfer their defined-benefit (final salary) pensions into defined-contribution schemes. And in each individual case there's a judgement call as to whether it was the right move or not for that person? Either way, the advisers who "helped" them make their decisions are being held accountable for the outturn.

Mind you, a lot of advisers would have had trouble dissuading their clients from going for the cash jackpot. If somebody was faced with the choice between (a) getting £30,000 a year at 65 or (b) getting a million quid straight away, they might just have made up their minds before they ever walked into the adviser's office. ;)

And then there's the hindsight. Oh, glorious hindsight! So you took your million quid and invested it all on China, and a classic car, and the three thirty at Wincanton, and Neil Woodford - and four years on, your decisions don't look quite so clever. So you shout foul and start a legal claim against your adviser for not telling you that it was harder than it looks, and that you're so stupid that you'd have done better to stay with the company scheme.

Not such a clear-cut matter as PPI, then?

BJ

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Re: PPI...off

#248352

Postby swill453 » August 31st, 2019, 2:52 pm

bungeejumper wrote:Not such a clear-cut matter as PPI, then?

But then at the start of the PPI "mis-selling" thing, you actually had to genuinely show it had been mis-sold. Over time so much pressure was put on the lenders/insurers that eventually they more or less refunded everybody who'd ever had PPI just for asking.

Already the ambulance chasers are advertising "Have you transferred a pension to a SIPP? You may be due a refund. We'll help you with the claim." In time, this could snowball in the same way...

Scott.

bungeejumper
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Re: PPI...off

#248359

Postby bungeejumper » August 31st, 2019, 4:18 pm

swill453 wrote:Already the ambulance chasers are advertising "Have you transferred a pension to a SIPP? You may be due a refund. We'll help you with the claim." In time, this could snowball in the same way....

I don't doubt for a moment that you're right. Ambulance chasers will always be with us. It's just that these pensions ambulance chasers will have to be better informed than the PPI brigade, because they're not just chasing a slam-dunk payout.

Instead, they'll have to make their own assessments of whether or not the transfer was right for Mr X and his family, and then presumably present it to an adjudicator for a decision that might or might not go their way?

Either way, I shall shed no further tears for the PPI claimants who paid 25% (or more) of their winnings to the ambulance chasers when they could have done the whole thing for free. :lol:

BJ

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Re: PPI...off

#248362

Postby supremetwo » August 31st, 2019, 4:45 pm

bungeejumper wrote:It's just that these pensions ambulance chasers will have to be better informed than the PPI brigade, because they're not just chasing a slam-dunk payout. BJ

They are already advertising for staff with experience working in pensions and there are plenty of those disgruntled at their treatment by ex-employers.

https://www.thisismoney.co.uk/money/mar ... eover.html
Aviva shuts three offices as part of Friends Life £5.6bn takeover --- an uncertain future for 780 employees across the three sites. The closures will happen by the end of 2016, with negotiations with staff taking place in the coming weeks. There will be more job losses in Dorking, Exeter and central Manchester over the next 18 months.

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Re: PPI...off

#248403

Postby Clitheroekid » August 31st, 2019, 11:48 pm

What really annoyed me about PPI claims was that the people who were too stupid / lazy / feckless to consider whether or not they needed PPI were rewarded incredibly generously with not just a refund of the premiums but 8% p.a. interest on top.

I, like, I suspect most fellow Fools, always refused PPI, but in retrospect I should have snatched their hand off, as there are precious few of my investments that have appreciated at 8% p.a.!

bungeejumper
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Re: PPI...off

#248421

Postby bungeejumper » September 1st, 2019, 9:34 am

Clitheroekid wrote:What really annoyed me about PPI claims was that the people who were too stupid / lazy / feckless to consider whether or not they needed PPI were rewarded incredibly generously with not just a refund of the premiums but 8% p.a. interest on top.

I, like, I suspect most fellow Fools, always refused PPI, but in retrospect I should have snatched their hand off, as there are precious few of my investments that have appreciated at 8% p.a.!

On two occasions, I refused PPI, only to have it forced upon me because it was 'company policy'. The reason I refused it was that I was self-employed, which meant that the supposed protection against redundancy wouldn't have been a scrap of use to me. But they steamrollered me into accepting it, just the same. It was either that or not get the loans. :|

Thirty years on, it seems hard to believe that the banks and credit card companies could ever have behaved in such an unscrupulous fashion. :lol: :lol: :lol: :lol: :lol: But blaming the customers themselves for not being more attentive doesn't quite cut it. Let's also remember that a lot of them wouldn't have been able to read the yards of tight legal small print that usually accompanied PPI "agreements". Not even my two degrees gave me any protection!

8% per annum interest? (Taxable, naturally.) Thoroughly appropriate. Opportunity cost, and all that.

BJ

Grumpi
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Re: PPI...off

#248580

Postby Grumpi » September 2nd, 2019, 12:47 am

supremetwo wrote:
Grumpi wrote:Well that's that.
Now the deadline date for PPI claims has passed I can welcome the cessation of TV commercials exhorting me to claim before it was too late.
It seemed unending. I was beginning to wonder if I hadn't actually taken out PPI at some point in the past.

Now the banks presumably know the extent of their liability they might start rebuilding their position of trust by the public.

Mind you the last time I bought shares in a bank was with Northern Rock and that didn't turn out very well.

The claims industry is already turning attention to pensions.

https://www.ft.com/content/2abb8482-c9b ... 69401ba76f

Some of the most valuable mis-selling claims of all are likely to come from the largest investments — namely, pensions.
The pension freedoms of 2015 were designed to give those approaching retirement more choice, but the changes have opened up a number of mis-selling opportunities.


Just don't mention Equitable Life.

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Re: PPI...off

#248626

Postby stewamax » September 2nd, 2019, 10:10 am

<tongue-in-cheek>
I am deeply disappointed by the tenor of the preceding posts: has no-one given any thought to the thousands - perhaps millions - of 3p-for-each-success phone-grafters whose job it was to let the automated calling system ring and ring and ring and... Ah ... someone has picked the call up and...
"DID YOU KNOW THAT YOU COULD BE ELIGIBLE..."
and not slammed it down again.
In the UK it will be street-corner Big Issue time for them.
In Bangalore, it will be destitution. Or pushing pension transfers. Or DID YOU KNOW THAT YOUR MISGUIDED PENSIONS TRANSFER ...
</tongue-in-cheek>

It was annoying but at least more or less honest.
I reserve my ire for those pretending to be from BT or Microsoft to whom I routinely ask if these is any difference to their attempting to rob old ladies on the street.

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Re: PPI...off

#248634

Postby Arborbridge » September 2nd, 2019, 10:42 am

Well, thank goodness that's all over. Goodbye to a charter for cheats and ne'er-do-wells and the feckless - no doubt paid for by the rest of us.

Arb.

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Re: PPI...off

#248668

Postby bungeejumper » September 2nd, 2019, 12:31 pm

Arborbridge wrote:Well, thank goodness that's all over. Goodbye to a charter for cheats and ne'er-do-wells and the feckless - no doubt paid for by the rest of us.

As far as I know, the banks are paying for the whole thing. And yes, they'll probably be looking for a way to pass the cost on to their customers.

Although that wouldn't change the fact that they shouldn't have done it in the first place. And that their profits were inflated for twenty-odd years by the extra dosh that their nice little wheeze was bringing in. Rather than complaining about the feckless customers, maybe we should focus on the sharky lenders?

BJ

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Re: PPI...off

#248672

Postby Slarti » September 2nd, 2019, 12:50 pm

bungeejumper wrote:On two occasions, I refused PPI, only to have it forced upon me because it was 'company policy'.


I refused PPI only to be told that it was company policy, to which I replied that in that case I'd go elsewhere for my finances.

They backed down.

Slarti

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Re: PPI...off

#248704

Postby Arborbridge » September 2nd, 2019, 2:40 pm

bungeejumper wrote:
Arborbridge wrote:Well, thank goodness that's all over. Goodbye to a charter for cheats and ne'er-do-wells and the feckless - no doubt paid for by the rest of us.

As far as I know, the banks are paying for the whole thing. And yes, they'll probably be looking for a way to pass the cost on to their customers.

Although that wouldn't change the fact that they shouldn't have done it in the first place. And that their profits were inflated for twenty-odd years by the extra dosh that their nice little wheeze was bringing in. Rather than complaining about the feckless customers, maybe we should focus on the sharky lenders?

BJ


No. People didn't have to agree and there's one born every minute. The world is full of mugs and whilst I agree it would be nice if companies didn't take advantage of the fact, that's the nature of capitalism.
I have some sympathy for inadequately informed people or those who were who were deliberatly mislead, but over and about those, I have a feeling that there were a lot of chancers out there jumping on the bandwagon to make spurious claims. And they are the ones all of us are paying for, whether through our shareholders of costs being passed on the customers in some other way. There's no free lunch - one lot takes the pxxxx out of us and we lose.

You only have to look at the unbelievable total claimed for compensation to realise it was one huge scam on the banks, on us.

Arb.


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