Staff Loan

Options
Wightknight
Wightknight Posts: 8 Forumite
First Anniversary First Post
in Reclaim PPI & other insurance
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,

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    It seems you mis sold it to yourself.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Wightknight wrote: »
    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.
    That's an interesting definition of mis-selling, one which I doubt would succeed in any complaint.
  • -taff
    -taff Posts: 14,505 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    You make a complaint saying that but also that it was single premium on the loans.
    Shampoo? No thanks, I'll have real poo...
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    -taff wrote: »
    also that it was single premium on the loans.
    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
    McKneff Posts: 38,825 Forumite
    Name Dropper First Anniversary First Post
    Options
    Deleted_User wrote: »
    It seems you mis sold it to yourself.

    Love this ha ha....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    Options
    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.
  • -taff
    -taff Posts: 14,505 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Moneyineptitude wrote: »
    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..


    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.
    Shampoo? No thanks, I'll have real poo...
  • dunstonh
    dunstonh Posts: 116,379 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards