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Banking industry gives up on PPI


Portal11

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yes this is is fantastic news they owe me quite a lot..

link text

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interzone55

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Not fantastic news, it only goes back 6 years, and the only loan I've had with PPI was taken out in 2001

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Portal11

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alan its right back ten years! ive got a claim in and its taken right back to 2001?? the claim is been made from back then and its been accepted! i had a Credit card back then i am also claiming from!

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n47.

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Good news for some. Not very good news for the majority of bank customers.

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interzone55

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Portal11

I'll look into this - the FSA can only force a bank to repay PPI on loans taken out after Jan 2005. Before that you have to make the claim yourself.

My loan was a car loan from General Motors finance - I really don't hold much hope of getting any money out of them...

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wee eddie

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When I took out my Mortgage, in the mid 80's, I was a Self Employed Restaurateur.

When my Mortgage Broker offered me such an Income Protection Plan, I pointed out that, it was pretty obvious from Terms and Conditions, and that it would not Pay out if anything went wrong. He replied that the Deal would not be available if I did not take out the Policy. I tried another Broker and got a very similar story. From memory, the Premium was about 4% of the Mortgage.

I was angry but unable to proceed without it.

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wids001

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Already got a full refund with interest from one bank in 2009, although they didn't accept liability. I was asked at the time of the application if I wanted PPI and I actually insisted on it because of an ongoing back problem for 30 odd years which I pointed out to the lady. She never told me the PPI would not payout on this, just that I would have a better chance of securing the loan if I took out PPI. When the bank paid out they refuted any of the above stating that their staff were fully trained but said given my back problem the PPI was of no benefit so returned all payments with 9% interest - without ever asking for any medical proof!

Does this ruling only apply to Banks, what about the likes of say Marks & Spencer Financial Services.

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