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Posted: Sat Mar 07, 2015 12:38 pm
by Jean.74
Can someone explain to me about ppi's i had ppi on my credit cards how do i know if they were mis sold i assumed i had to have it.
Posted: Sat Mar 07, 2015 2:35 pm
by Foggy
If you were lead to believe you had to have it it was mis sold. If you didn't really need it ( even if you asked for it) it was mis sold. If they didn't ask about your medical history, it was mis sold (many policies have extensive conditions when they wouldn't pay out anyway).
Posted: Sat Mar 07, 2015 7:40 pm
by Jean.74
Thankyou foggy
Posted: Sat Mar 07, 2015 8:05 pm
by Michael Peoples
The fact that you thought you had to have it means it was probably missold. There are numerous reasons for misselling and now the banks just seem to pay out.
Posted: Sat Mar 07, 2015 9:13 pm
by Jean.74
Hi Michael could you tell me please how they would work out how much to pay back as it would be nice to think something extra was going into iva.
Jean
Posted: Mon Mar 09, 2015 9:39 am
by Michael Peoples
I am not sure how the rebate is calculated but it does include interest for what was wrongly paid. Other than that I am in the dark.
Posted: Mon Mar 09, 2015 10:33 am
by Foggy
I thought it was simply a refund of premiums paid plus interest.
Posted: Mon Mar 09, 2015 3:17 pm
by Michael Peoples
I think some solicitors argue that if the PPI payments had been used to reduce the balance then the client would not have had as much interest to pay on the outstanding credit card balance. They would then argue the interest repaid should be at the rate of the interest charged but that is for lawyers to fight!