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Chewing Grass

Compo Culture - Gimme Money

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Mickey & Julie a couple of thicko chancers try it on and get rumbled.

http://www.independent.co.uk/travel/news-and-advice/holiday-illness-fake-claims-thomas-cook-lavelle-legal-costs-compensation-a7836091.html

Mickey had filled in a survey rating most aspects of the trip as “good” or “excellent” later explaining this by saying it was a result of his having drunk six pints of beer before the flight and believed that favourable responses win him a prize. Chimp.

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9 hours ago, dgul said:

So they've lost based on a disagreement on how ill they were.  How about perjury?

The below case was actually the first I heard of the practice, word must have been getting around in the pubs.

 

British couple face losing their home after five-star Greek hotel countersues them for £170,000 because they made a 'fake' £10,000 claim that the resort's food and drink made them ill 

http://www.dailymail.co.uk/news/article-4548686/Hotel-sues-fake-holiday-bug-pair-170-000.html

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18 minutes ago, Frank Hovis said:

The below case was actually the first I heard of the practice, word must have been getting around in the pubs.

 

British couple face losing their home after five-star Greek hotel countersues them for £170,000 because they made a 'fake' £10,000 claim that the resort's food and drink made them ill 

http://www.dailymail.co.uk/news/article-4548686/Hotel-sues-fake-holiday-bug-pair-170-000.html

Well they both look intelligent. 

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Good, should be a lesson to all the compensation chasers including the companies that will 'sue on your behalf' My dads car was recently bumped (all sorted through insurance policies) but he was phoned by at least 4 companies encouraging him to claim - when he told them he didn't need to because he wasn't injured in the slightest, he was told they could get him thousands for stress/ pain etc - he told them all he was not going to lie to claim money!

 
It looks like Karma even works in the insurance world.

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35 minutes ago, 201p said:

Good, should be a lesson to all the compensation chasers including the companies that will 'sue on your behalf' My dads car was recently bumped (all sorted through insurance policies) but he was phoned by at least 4 companies encouraging him to claim - when he told them he didn't need to because he wasn't injured in the slightest, he was told they could get him thousands for stress/ pain etc - he told them all he was not going to lie to claim money!

 
It looks like Karma even works in the insurance world.

I speculatively made a PPI claim as I was sick of being bombarded with calls - I thought beginning the process with one would stop the others. Anyway, I was wrong, but.... turned out I might have been entitled to a few quid from a credit card I had years ago. But, essentially, they wanted me to lie. They said they would "coach" me through filling in the claim forms.

In theory the thing is still up in the air but I've been ignoring them for about two years now. They still ring every day.

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3 minutes ago, eight said:

I speculatively made a PPI claim as I was sick of being bombarded with calls - I thought beginning the process with one would stop the others. Anyway, I was wrong, but.... turned out I might have been entitled to a few quid from a credit card I had years ago. But, essentially, they wanted me to lie. They said they would "coach" me through filling in the claim forms.

In theory the thing is still up in the air but I've been ignoring them for about two years now. They still ring every day.

Can I ask (as I daren't ask them for the reason you note) how having a credit card means you paid PPI?

I ask because I had a NatWest Access card but didn't pay any interest and the only fee was the £10 annual fee they brought in for a while.

I was wondering if there was some margin within the interest that qualifies but as I didn't pay any I'm out on that score.

 

The one thing I did pay was a Mortgage Indemnity Premium but I have checked and that isn't covered.

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10 minutes ago, Frank Hovis said:

Can I ask (as I daren't ask them for the reason you note) how having a credit card means you paid PPI?

 

Well it was a long time ago (10 years plus) and the card was a bit sub-primey. I think co-opting into PPI was normal, unless you ticked out. There may have been an implication that your application was more likely to be successful if you opted in. The point is, I can't remember. The claims company are telling me not only that I do remember, but they are going to tell me what I remember. I'm minded to leave well alone, as I have been doing.

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1 minute ago, eight said:

Well it was a long time ago (10 years plus) and the card was a bit sub-primey. I think co-opting into PPI was normal, unless you ticked out. There may have been an implication that your application was more likely to be successful if you opted in. The point is, I can't remember. The claims company are telling me not only that I do remember, but they are going to tell me what I remember. I'm minded to leave well alone, as I have been doing.

Oh right, insufficient records argument.

I wouldn't condemn anyone for doing this given the sharp practices of banks.

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18 minutes ago, Frank Hovis said:

Oh right, insufficient records argument.

I wouldn't condemn anyone for doing this given the sharp practices of banks.

I knew someone who worked out at life company who sold loads of low cost endowment mortgages - expecting their genius invest returns to bail them out

Ahyhow, as all the hoohaw of projections missing by 80-90% rolled in the in the early 2000s, the compnay kicked off a paperwork review - stuff they were legally required to keep on file. Basically 'I <idiot> have read the T+Cs and understand the risk. Paperwork theyd need to stand a chance of facing he regulator.

50% of the records did not exist.

Of the 50% that did, most had been signed by the salesguy.

 

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6 minutes ago, spygirl said:

I knew someone who worked out at life company who sold loads of low cost endowment mortgages - expecting their genius invest returns to bail them out

Ahyhow, as all the hoohaw of projections missing by 80-90% rolled in the in the early 2000s, the compnay kicked off a paperwork review - stuff they were legally required to keep on file. Basically 'I <idiot> have read the T+Cs and understand the risk. Paperwork theyd need to stand a chance of facing he regulator.

50% of the records did not exist.

Of the 50% that did, most had been signed by the salesguy.

 

People have forgotten all about these.  I remembered a family friend being caught by one of these in the 90s and having to take out another mortgage to pay most of the first one off.  If it was in a tax free vehicle they actually woudl have worked brilliantly over the last ten years as long as the money was going into equities rather than bonds.

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22 minutes ago, spygirl said:

I knew someone who worked out at life company who sold loads of low cost endowment mortgages - expecting their genius invest returns to bail them out

Ahyhow, as all the hoohaw of projections missing by 80-90% rolled in the in the early 2000s, the compnay kicked off a paperwork review - stuff they were legally required to keep on file. Basically 'I <idiot> have read the T+Cs and understand the risk. Paperwork theyd need to stand a chance of facing he regulator.

50% of the records did not exist.

Of the 50% that did, most had been signed by the salesguy.

 

I remember overhearing a conversation a colleague had with their endowment provider about 10 years ago (in the open plan office.  I didn't want to listen).  It went something along the lines of:

'I'm furious. What are you going to do about this mess.  I took out an endowment in 1988 to pay off my mortgage and now you tell me there is this shortfall.  You must be kidding me' ...'No I'm not going to accept that.  You said that it would cover the mortgage and then some, and now you tell me I've got a shortfall of £1,500 off the £25k mortgage I need to repay.  This is a disaster. ' ...  'I've got to somehow find this money over the next 5 years otherwise...  what is going to happen exactly.? ... 'No, I not only want the £1,500 but also the extra that you said I'd get.'

The guy was about 55 and on about £50k a year.  I remember thinking 'oh, that is the nature of the endowment mis-selling problem'

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11 minutes ago, dgul said:

I remember overhearing a conversation a colleague had with their endowment provider about 10 years ago (in the open plan office.  I didn't want to listen).  It went something along the lines of:

'I'm furious. What are you going to do about this mess.  I took out an endowment in 1988 to pay off my mortgage and now you tell me there is this shortfall.  You must be kidding me' ...'No I'm not going to accept that.  You said that it would cover the mortgage and then some, and now you tell me I've got a shortfall of £1,500 off the £25k mortgage I need to repay.  This is a disaster. ' ...  'I've got to somehow find this money over the next 5 years otherwise...  what is going to happen exactly.? ... 'No, I not only want the £1,500 but also the extra that you said I'd get.'

The guy was about 55 and on about £50k a year.  I remember thinking 'oh, that is the nature of the endowment mis-selling problem'

You work mate was lucky.

A woman I worked with had a repayment mortgage for ~40k. She was 'convinced' by a neighbor, who was working as a LI salesman to switch to an endowment which 'would payoff the mortgage and have a bit left over for a good holiday or new car'. This was 1988ish, with 20 years left or so.

Roll ahead 20 years time and the mortgage had a shortfall of 20k. Shed have enared more by putting cash under the matress and letting mice nibble it.

She was panicing. I told her to go to the FCA or whoever and complain. She did and awarded the 20k shortfall. Wisely shed kept the paper and the idiot had put the down what he said. The fact that they had a repayment in place was taken as an indicator that they were risk averse and that the policy had been missold.

 

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Just to buck the trend, I had a relative who ended up with a big surplus on their endowment mortgage but suspect they must have been 'in on the ground floor' so to speak.

Is it miss-selling or miss-naming and over time all investments tip into Ponzi schemes with wide enough take up amongst the public.

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1 minute ago, SNACR said:

Just to buck the trend, I had a relative who ended up with a big surplus on their endowment mortgage but suspect they must have been 'in on the ground floor' so to speak.

Is it miss-selling or miss-naming and over time all investments tip into Ponzi schemes with wide enough take up amongst the public.

My parents *just* scrapped a hihger payout in 2000-ish.

After that, the overpayment of previous policies and the returns investment brought the fraud quickly to ahead.

WP endowments could literally make up the returns (smoothing they called) to get up the tables.

UK LI as an investment, rather than plain LI, was a massive fraud. People really should have gone to jail over it.

LI used to employ 1,000s. Maybe 1,000,000s. I cannot think of one LI left now.

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2 hours ago, SNACR said:

Just to buck the trend, I had a relative who ended up with a big surplus on their endowment mortgage but suspect they must have been 'in on the ground floor' so to speak.

Is it miss-selling or miss-naming and over time all investments tip into Ponzi schemes with wide enough take up amongst the public.

Yes, I ended up with a surplus on one taken out in '98. Just over 50% of the original sum.

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2 hours ago, SNACR said:

Just to buck the trend, I had a relative who ended up with a big surplus on their endowment mortgage but suspect they must have been 'in on the ground floor' so to speak.

Is it miss-selling or miss-naming and over time all investments tip into Ponzi schemes with wide enough take up amongst the public.

nah,  there were endowment stand alone policies, these were quite pricey.

then, for the mortgage market, there were the new shiney Lo-Cost Endowments....see the difference....low premiums to piggy back on to IO mortgages.

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6 minutes ago, BLOOLOO said:

nah,  there were endowment stand alone policies, these were quite pricey.

then, for the mortgage market, there were the new shiney Lo-Cost Endowments....see the difference....low premiums to piggy back on to IO mortgages.

Bit like the pure IO mortgages.

back then, to make high house pries affordable, LI just made up returns on a ~60/m premium to repay a 100K 20 year mortgage.

 

Low-cost endowments were a bigger driver of the late 80s house prices.

Just like raw IO were i nLodnon, til they banned them fr OO.

 

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