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  • FIRST POST
    • Wightknight
    • By Wightknight 13th Jul 17, 3:39 PM
    • 1Posts
    • 0Thanks
    Wightknight
    Staff Loan
    • #1
    • 13th Jul 17, 3:39 PM
    Staff Loan 13th Jul 17 at 3:39 PM
    This is complicated, but the more I think, the more I think I have a valid claim.

    I worked for a national chain of banks in the late 90's and early 2000's.

    I took out a couple of loans and a credit card during this time.

    Now during this time, myself and other members of staff were under a huge amounts of pressure in order to sell PPI as it had a direct impact on your performance rating and therefore bonus payments. It was a points system, and whilst we earnt 1 point per £1000 loaned, we'd receive an additional 25 points for selling PPI.

    When I applied for the loans and the card, I now consider myself pressurised to take PPI (even though I didn't necessarily need it) in order to assist my colleagues in achieving their target and achieve their bonus. In addition I also received the points, which relieved any pressure I was feeling from management around performance (until the next month!).

    I really don't know whether I should make a complaint or whether it will be thrown out, as I have no proof that these practices were happening.

    Any advice would be greatly appreciated.

    Many thanks,
Page 1
    • zx81
    • By zx81 13th Jul 17, 3:41 PM
    • 12,516 Posts
    • 12,681 Thanks
    zx81
    • #2
    • 13th Jul 17, 3:41 PM
    • #2
    • 13th Jul 17, 3:41 PM
    It seems you mis sold it to yourself.
    • Moneyineptitude
    • By Moneyineptitude 13th Jul 17, 4:57 PM
    • 18,872 Posts
    • 9,017 Thanks
    Moneyineptitude
    • #3
    • 13th Jul 17, 4:57 PM
    • #3
    • 13th Jul 17, 4:57 PM
    I now consider myself pressurised to take PPI (even though I didn't necessarily need it) in order to assist my colleagues in achieving their target and achieve their bonus.
    Originally posted by Wightknight
    That's an interesting definition of mis-selling, one which I doubt would succeed in any complaint.
    • -taff
    • By -taff 14th Jul 17, 8:23 PM
    • 7,217 Posts
    • 4,623 Thanks
    -taff
    • #4
    • 14th Jul 17, 8:23 PM
    • #4
    • 14th Jul 17, 8:23 PM
    You make a complaint saying that but also that it was single premium on the loans.
    • Moneyineptitude
    • By Moneyineptitude 14th Jul 17, 10:16 PM
    • 18,872 Posts
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    Moneyineptitude
    • #5
    • 14th Jul 17, 10:16 PM
    • #5
    • 14th Jul 17, 10:16 PM
    also that it was single premium on the loans.
    Originally posted by -taff
    I doubt that a staff member could complain that he or she didn't know what single premium meant. I also suspect that a staff loan would not have had PPI top loaded anyhow..
    • McKneff
    • By McKneff 14th Jul 17, 10:52 PM
    • 35,406 Posts
    • 45,567 Thanks
    McKneff
    • #6
    • 14th Jul 17, 10:52 PM
    • #6
    • 14th Jul 17, 10:52 PM
    It seems you mis sold it to yourself.
    Originally posted by zx81
    Love this ha ha....
    • jonesMUFCforever
    • By jonesMUFCforever 14th Jul 17, 11:53 PM
    • 23,837 Posts
    • 11,040 Thanks
    jonesMUFCforever
    • #7
    • 14th Jul 17, 11:53 PM
    • #7
    • 14th Jul 17, 11:53 PM
    Whilst they can no longer take disciplinary action against you if you no longer work for them, I think it only right that they trawl through their records and take into account the bonuses you got through this deception.
    You might get a bill not a refund!
    I also didn't think staff loans had PPI and certainly did not count against any targets.
    What goes around - comes around
    give lots and you will always receive lots
    • -taff
    • By -taff 15th Jul 17, 12:54 AM
    • 7,217 Posts
    • 4,623 Thanks
    -taff
    • #8
    • 15th Jul 17, 12:54 AM
    • #8
    • 15th Jul 17, 12:54 AM
    I doubt that a staff member could complain that he or she didn't know what single premium meant. I also suspect that a staff loan would not have had PPI top loaded anyhow..
    Originally posted by Moneyineptitude

    Read the OP where she says she felt pressurused into taking it, therefore she had it.

    Not everone who works for a bank is financially savvy. And we could all do with lessons in that, no matter where we work.
    • dunstonh
    • By dunstonh 15th Jul 17, 12:44 PM
    • 88,341 Posts
    • 53,558 Thanks
    dunstonh
    • #9
    • 15th Jul 17, 12:44 PM
    • #9
    • 15th Jul 17, 12:44 PM
    I also didn't think staff loans had PPI and certainly did not count against any targets.
    Sometime in the 90s, most banks moved away from staff loans as you and I remember them (and they couldn't have PPI) and used a discounted version of the retail product. Same with mortgages.

    When I applied for the loans and the card, I now consider myself pressurised to take PPI (even though I didn't necessarily need it) in order to assist my colleagues in achieving their target and achieve their bonus. In addition I also received the points, which relieved any pressure I was feeling from management around performance (until the next month!).
    Yes, the banks were well known for their heavy sales pressure on staff. However, you have effectively played the system to get bonuses. The problem for you is that you mis-sold yourself for financial gain. So, whilst we can have sympathy for the sales pressure you were put under to sell to consumers, you cannot allege that you did not know about PPI as you were selling PPI yourself.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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