I really don't think it should take 6 years to decide whether or not you were missold PPI!
Personally I think anyone who tells their IP that they weren't missold should therefore sign away the right to claim for it if they (conveniently) change their mind after the IVA has concluded.
Totally agree Skippy. The whole thing stinks of greed...and I'm not talking about the banks!!! It really is bringing out the lowest instincts in people.
My issue is where someone who wasnt there when the ppi was taken out deciding that I am an idiot and didnt know what I was paying for!!!
I honestly can say that we always got offered ppi,fully explained to us,and always said no thank you,and that was an end to it so I have no idea how so many claims can go in for mis-selling!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Nobody is saying that Paul - what we have said is that you cannot say you haven't been missold PPI and then go back a few years later and say that you have as sponge was suggesting.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think we're agreeing in different ways...but agreeing that if you don't have a claim, don't make a false claim and also if you do have a claim, don't wait until the iva is finished for the purpose of defrauding your creditors.
Paul - I was not having a go at you at all. If you don't have a claim then fine - fight them all the way.
I was mainly talking to sponge - you cannot say I wasn't missold and then claim you were further down the line.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You see, I took out a secured loan back in 2005 which I guess we could say was missold as we were told the premiums would be paid back to us after 5 years if we didn't claim, but I didn't appreciate that the interest would be added on for the entire 25 years of the mortgage, and that protection would stop after the first 5 years anyway. It was all done over the phone and to be honest I was that desperate for a solution to reduce our debts at the time I would have agreed to pretty much anything.
I guess all these claims companies would say I was missold but to be honest, I can't say for definite I was, I still had chance to read through the papaerwork when it came through and I still signed the damn thing so it was my own stupid fault for not looking into it properly as I would then have realised what a waste of time it was.
I think this is where the problem lies now, PPI insurance has been shown to be not worth the paper it was written on and I think this is why the floodgates have opened and the banks have been forced to put aside money to pay everybody back as the product was not fit for purpose, does this mean it was missold though? at the end of the day just because a product was crap, if we signed up to it I don't think you can say it was missold if you had the opportunity to read what you were signing up for
I think really the only person that knows if it was mis-sold is the buyer,but given the timescales involved I cant remember last week never mind 5 years ago!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Agree with you both. Lots of insurance is a waste of time in hindsight! The whole point is to pay out for something you're hoping never to use!! That's not to say there weren't a few naughty boys out there selling it, just that not claiming on it doesn't mean it was useless or mis-sold. Too many fraudsters jumping on the bandwagon. This whole thing irks me now.
I agree with you Bol. I knew it was useless taking it out, but the bullying tactics of saying I wouldn't get the loan if I didn't and my desperation for finances 6 years ago led me to agree to it.
Still think it's a bit rich claiming you were mis-sold when you weren't just to get money back for creditors. I am well aware my claim, if successful will be eaten up in my HSBC debt but that's fine by me.
Don't think what we say will help to change things and the only thing I hope is that the IP companies following this route are now doing this at the start of the process and not at the end when people are desperate for closure of their IVA's. Same with the non-closure due to vat refunds. Otherwise I can see their reputations could be tarnished and that will be a shame as they seem otherwise great companies.
I have a claim for the same reason...being told credit was dependent on taking out insurance...I'm 90% sure. But i will fill in the forms myself rather than be bullied into it by my IVA provider. Besides, they want me to sign a letter saying I was defo mis-sold, I would rather ask Egg to determine whether it was mis-sold. That makes a world of difference in a legal document!
