Kallis3 I should have put it another way. I am just paying it, in the belief that it provides me with protection. So no to my mind it was not mis-sold, in fact I value it a great deal. However one day I might have to make a claim and if it didn't payout then clearly I would complain, but of course I won't know that until that day comes, if it does at all.
The whole PPI issue kicked off not because it was mis-sold per se but because some didn’t pay out and that's why people got so ratty. Same as endowments they didn't pay out.
The current burning question as I understand it, is it a windfall at all, as it wasn't foreseeable.
If you are paying it happily and believe it is giving you protection then I don't tbink.you have been missold and I don't tbink.you can go back at a later date and say you have been. I tbink.that is totally wrong.
As to windfalls, surely most of those are unexpected? Anything claimed back should go to the creditors.
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'm told but it is heresay, the FSO has made a ruling with endowments that the compensation payouts are not treated as windfall, it was tested in court and failed a windfall test. Maybe in the near future PPI payouts will be treated in the same way.
If i remember rightly the court ordered the banks who missold ppi to contact the relevent customers to compensate them in some way.I stand to be corrected it may have been the banks proposals,but i hav,nt heard of anyone been contacted in this way that arnt aware of being missold or hav,nt bothered making a claim.
Last edited by MRBLUESKY on Thu Dec 15, 2011 4:59 pm, edited 1 time in total.
