Result!

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brynpoeth
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Re: Result!

Postby brynpoeth » 12 Aug 2017, 5:01pm

Or a Scot living in Yorkshire :wink:

Thing is I think, Al got wise and clever over time and by making mistakes

I am glad I am getting old, I will get wiser through experience without trying
Cycling? Of course, but it's far better on a Gillott.

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Paulatic
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Re: Result!

Postby Paulatic » 12 Aug 2017, 5:19pm

al_yrpal wrote:
Paulatic wrote:
al_yrpal wrote:I don't look at Moneysavingexpert nowadays any more either. I think I know most of the tricks. I am certainly no financial expert. I hate paying over the odds for anything especially so called financial advice from so called experts. Martin Lewis and working with a collegue who was incredibly tight taught me a lot. I certainly didnt used to be so careful but have learned how to make the most of my savings without 'experts' taking their cut. It makes me weep to see people handing over hard earned cash to sharks.

Al


If you'd been born in Yorkshire, like me, there's no need to learn it. You'd have been born with it. :D


A Yorkshireman living in Scotland, the ultimate tightwad! :lol:

Al


A Yorkshireman is likened to a Scotsman who's lost his generosity. :D
if you just stand still you can never lose your way

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JohnW
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Re: Result!

Postby JohnW » 12 Aug 2017, 5:52pm

Paulatic wrote:
JohnW wrote:
Paulatic wrote:Al says


In my book you've already had my 10%. You've admitted you weren't savvy and what bewilders me is you and millions more made a mistake and we all have to pay for it. I distinctly remember the time when it was rife. I recall pressure from the bank trying me to take out things with PPI costs within it. I saw it and spurned it and this is the reason I have difficulty with sympathy those who took the bait.
I've made mistakes in my life which has cost me money but I very much doubt anyone here feels they should chip in and compensate me for it.


.................er - I think al was having a laugh!


Err yes I know .............................


I'm glad e've cleared that up :lol: :lol: :lol: :lol: :lol: :lol:

Paulatic wrote:......................
I'm serious though all these payments has come from someone's pockets.


And since the liberation of banking, it'll not come from directors of banking companies, nor their shareholders A certain woman's name comes to mind............................

PH
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Re: Result!

Postby PH » 12 Aug 2017, 5:59pm

Paulatic wrote:...what bewilders me is you and millions more made a mistake and we all have to pay for it. I distinctly remember the time when it was rife. I recall pressure from the bank trying me to take out things with PPI costs within it. I saw it and spurned it and this is the reason I have difficulty with sympathy those who took the bait.
I've made mistakes in my life which has cost me money but I very much doubt anyone here feels they should chip in and compensate me for it.

There's a difference between paying for your own mistakes and being subject to fraud and one of the reasons PPI claims are so high is just that, it was a fraud. I took out a loan in the mid 80's when there was no choice, if I wanted the loan I had to have it. I needed the loan so I accepted it even though I was aware there were limited chances to make a claim. I got a refund of the money I'd put in, plus interest that that money would have been earning. How was any of that your money?

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Paulatic
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Re: Result!

Postby Paulatic » 12 Aug 2017, 6:36pm

PH wrote:
Paulatic wrote:...what bewilders me is you and millions more made a mistake and we all have to pay for it. I distinctly remember the time when it was rife. I recall pressure from the bank trying me to take out things with PPI costs within it. I saw it and spurned it and this is the reason I have difficulty with sympathy those who took the bait.
I've made mistakes in my life which has cost me money but I very much doubt anyone here feels they should chip in and compensate me for it.

There's a difference between paying for your own mistakes and being subject to fraud and one of the reasons PPI claims are so high is just that, it was a fraud. I took out a loan in the mid 80's when there was no choice, if I wanted the loan I had to have it. I needed the loan so I accepted it even though I was aware there were limited chances to make a claim. I got a refund of the money I'd put in, plus interest that that money would have been earning. How was any of that your money?


We've all be sold fraudulent things. The immediate i can think of is meat. I am very aware of some of the fraudulent practise that has happened for years that I know of. I doubt we are going to get compensation for it.

You say there was no choice but I disagree you could have not taken out a loan. No you made the choice of taking the loan and accepted it on the terms offered. Despite it seems knowing of the poor value offered.
Whilst the compensation you've been paid has not come directly from my account. Indirectly the amounts held back, to cover it, from the banks is been heralded as one of the reasons banks have , so we are told, been performing badly. I realise there are lots of other factors too but nevertheless it is one.
It was drilled into me as a child
Neither a borrower nor a lender be,
. I now know Shakespeare was referring to friends but my parents didn't tell me that bit. :lol:
if you just stand still you can never lose your way

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PH
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Re: Result!

Postby PH » 12 Aug 2017, 6:54pm

Paulatic wrote:Whilst the compensation you've ben paid has not come directly from my account. Indirectly the amounts held back, to cover it, from the banks is been heralded as one of the reasons banks have , so we are told, been performing badly. I realise there are lots of other factors too but nevertheless it is one.

No, I haven't been paid any compensation, I've had my money returned to me, plus the interest the bank has earned form having it, my money. In my case it came from Barclays, who made £3.2 bn last year, certainly not your money.
Neither a borrower nor a lender be

I always thought it was a daft saying taken out of context. I've always tried to avoid unnecessary borrowing but there have been times when not borrowing would have been financial stupidity.

reohn2
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Re: Result!

Postby reohn2 » 12 Aug 2017, 7:22pm

PH wrote:.......
Neither a borrower nor a lender be

I always thought it was a daft saying taken out of context. I've always tried to avoid unnecessary borrowing but there have been times when not borrowing would have been financial stupidity.

Especially when I bought my Genesis Longitude and was offered an interest free loan and £100 off list price,no contest,and I left £900 in my account to make a very modest interest whilst I paid the loan off over two years :)
---------------------------------------
My heart starts to press on my bulletproof vest,
and my highs turn out to be lows,
GImme my guitar,I'm gonna go far,
I'm playin' in a Rock n Roll band......

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Psamathe
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Re: Result!

Postby Psamathe » 12 Aug 2017, 7:24pm

axel_knutt wrote:I'm not sure I'd even heard of PPI until it all hit the fan, nobody's ever tried to sell me any.....

I had some once and it was worthwhile whilst I had it. But then my status in the company changed and I wondered if I would still be covered so I read the small print and it seemed I would not. The ban concerned told me I would be until I pointed out their T&Cs so I stopped the policy.

To me the contract is based on the small print (and what you sign), does anybody really believe the words spoken by a salesman desperate to sell you something?

Ian

thirdcrank
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Re: Result!

Postby thirdcrank » 12 Aug 2017, 7:52pm

Long before the whole thing went septic, there were warnings in the personal finance pages, pointing out that the unemployment protection was illusory and only 100% certain for anybody who never lost their job, such were the escape hatches in the small print. One problem with so many consumer contracts is that the onus is on the individual to contract out of these additional features, rather than contract in after a proper explanation. Signing up people without employment but a guaranteed income eg state retirement pensioners is IMO utterly wrong.

old_windbag
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Re: Result!

Postby old_windbag » 12 Aug 2017, 8:14pm

I can understand Paulatics view regarding PPI. Many of those taking out financial agreements did know what was contained in the costs. I worked with someone when the big PPI compensation process had started. The conversation went as follows-

workmate: "I've had somone contact me saying I may have been misold PPI"
me: "really, what did you take on"
workmate: "oh it was a loan from my bank, lloyds"
me: "but you knew you were paying payment protection"
workmate: "oh yes, but thats beside the point they reckon they can get me compensation and its better in my bank account"

He got about £3500 he reckoned a few months later. Sadly I think there has been a lot of people playing that selective memory game throughout the PPI situation. Morally they are no better than the staff of the miselling organisations.

Yet throughout the PPI compensation MIG's were never viewed the same. I and many who took out a 95% mortgage had to pay a MIG to insure against the bank having to foreclose on the mortgage and the financial amount beween 75% and 95%. The trouble was I was paying an insurance for the bank to get the money back but I was still liable for that shortfall amount to the MIG provider. I was paying for a product for the mortgage provider with no benefit to me, a great waste of £500 if ever there was.

mercalia
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Re: Result!

Postby mercalia » 12 Aug 2017, 8:45pm

al_yrpal wrote:Just received my first £500 odd from a PPI claim. :) I paid £222 and received £426 interest. You have to pay 20% tax. :(

It was free to do via Moneysavingexpert.com http://www.moneysavingexpert.com/reclai ... e#resolver no fees to pay, no dodgy companies involved.

Have a look...

Al

Please send me 10% !


on yer bike :!:

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Mick F
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Re: Result!

Postby Mick F » 12 Aug 2017, 9:21pm

We've had bank loans in the past for cars and mortgages, but as I was in the RN and had a secure salary, we were never offered PPI, or if we were, it was crossed out on the application form.

From what I remember, my boss had to sign a document to confirm my status and security of salary. This was for bank loans and mortgages.
Last bank loan for a car we had was in the mid 1980's and we paid our last mortgage off in 1996. I those days, you had to have a personal interview with the bank manager for a loan.

No PPI ever, though it wasn't called PPI back then. Can't remember what it was called though.
Mick F. Cornwall

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al_yrpal
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Re: Result!

Postby al_yrpal » 12 Aug 2017, 10:38pm

Apparently the insurance companies paid as much as 2/3 of the premiums back to the banks as commission. No - one was told their premiums were lining the banks pockets, it was a fraudulent insurance, 67% is not a reasonable commission. A test case in the courts established this.

Now the banksters and their shareholders have got to pay (me included)

Al
Touring on a bicycle is a great way to explore and appreciate the countryside and towns you pass through. CTC gone but not forgotten!

JohnW
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Re: Result!

Postby JohnW » 13 Aug 2017, 12:10am

al_yrpal wrote:............Now the banksters and their shareholders have got to pay............
Al


..............Serves 'em right too - that wunch of Bankers............but the system is set up so that the ornery punters'll be the ones that pay in the end.

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Redvee
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Re: Result!

Postby Redvee » 13 Aug 2017, 1:35am

2 yeas ago I had a PPI claim company phone me up and ask which banks I had loans or CCs with and told them Lloyds, they asked if they could claim on my behalf but before I committed my self either way I asked how much they'd take and had to ask 4 times as he kept talking over me. Eventually I said that I had asked a question I wanted answering which with some reluctance he told me 30%. In the initial stages of the call he did say Lloyds had their own PPI claim line and did I want to be put through which rang alarm bells as I was guessing it was part of his company. Once the call was ended I googled the Lloyds PPI claim line and got a number which I called and after an hour of my time spread over 4 months and several phone calls I had a cheque from Lloyds for £4200.


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