Who pays out ???

t-mids

Hi folks,

After successfully reclaiming my PPI payments from two personal loans that were misold (HSBC and Egg) I was wondering who actually pays out here regarding the bank and the actual insurance company... I assume it would be the bank as they are the ones who actually sold me the policy.... can anyone confirm this or correct me if I'm wrong. Also due to the amount of people reclaiming their misold policies, have relationships with banks and insurance companies been affected ???

Rafter

t-mids,

Bank would normally pay out as they did the selling and it is them that makes most of the money out of these policies. In any case most of the banks own their own insurance companies who are the providers.

Not sure what you are asking about relationships. I'm sure the banks and insurance companies get along fine. The banks aren't making as much out of selling loans though so expect higher prices or less generous loan amounts.

R.

t-mids

thanks for clarifying that...