PPI Advice - legal requirement?

Crap_with_money.com

Just a quick question, I called my bank the other day (on a premium rate number) - to apply for a loan to re-finance my existing debt. All went well, but apparently she HAD to read my out the advice re: the PPI - 20 mins later she was still going - is it absolutely necessary that she had to go through all of that - even though I explicitly stressed at least 5 times that I definitely wasn't interested regardless of what she said?

(Then much to my annoyance, she says at the end of her 20 minute blurb - so will I just go ahead and add that on for you then?! Tsk!! :rolleyes: :mad:)

xx

Rafter

Not a legal requirement unless you request it.

Problem is the agent will be paid about 10x as much sales commission for selling a loan with PPI than one without and may even lose her job if she doesn't sell enough PPI in a month.

Simply say that you can get the same cover by buying direct from an insurance company for a fraction of the cost - that usually shuts them up and makes them realise you know what you are talking about.

R.

melorablack

Most of them aren't paid commission - telephone sales advisors for loans/credit cards are normally bottom level employees on the lowest wages - but they do normally have targets they have to meet so if they don't sell enough PPI they get in trouble because their productivity is down.

Crap_with_money.com

The thing is - I actually work for the bank that I got the loan through - you'd think that'd be enough to stop her putting the hard sell on me! :rolleyes: