Rant alert. The insane fuss over PPI "refunds"

[Harlesden]

The TV commercials pertaining to PPI refunds clearly, in my view, imply that PPI was something nobody knew about until the publicity about PPI refunds began.
This is not the case.
I have been around a good few years.
Firstly, PPI was totally legitimate insurance against certain unavoidable events preventing normal payment of the monthly statement.
Secondly, on all loan/credit card applications I saw post-2000 (the period referred to in the commercial), clear reference was made to PPI on the application form and also on the credit agreement. All the customer had to was either check or uncheck a box if PPI was not required.
Thirdly, PPI was clearly listed as an extra charge on each and every monthly statement. If it appeared and the customer decided that they didn't want or no longer wanted PPI, all they had to do was pick up the phone and cancel the PPI
There is no valid reason now, in my view, for anyone to be "claiming" a refund in respect of PPI. The whole thing is a scam to me - surprisingly, a scam against the providers themselves. Something cooked up to benefit morons who either
(a) could not be bothered to read their credit agreement
(b) could not be bothered to full check their monthly statement
(c) could not be bothered to pick up the phone to cancel something that is not required.
Even at the point of receiving the fifth or sixth monthly statement, if the customer "did not know" about the PPI and "suddenly discovered it" on his/her monthly statement, all that was needed was a phone call to cancel the PPI.
I honestly feel that there could not be one mature adult holding a credit card or loan post-2000 who genuinely "did not know" about the PPI component of their credit agreement.

 

[passmore]

Rubbish.

I'm sorry but I have a good friend who would scoff at your 3 points about people not bothering to read their credit agreement and monthly statement and their conditions. Banks and other brokers have missold PPI for years, and when challenged, they are told almost what you have ranted at: that the customers did not read the small print and thus were deliberately unaware of the PPI on their credit agreement.

My friend has challenged one of the high street banks about the misselling of PPI on a loan that he has outstanding. Not once would they admit any degree of responsibility or at least consider refunding him. He is perfectly aware of the PPI compo9nent when he took out the loan a couple of years ago, but was also aware that the bank in question missold it to him. He is still in financial difficulty and the chances of him getting another loan, because of this debacle, are zero. He is neither a benefit's cheat or, as you would say, a 'moron' but an honest customer of a bank using a service advertised on television but to no avail.