TV taking on poor PPI - want to be involved?

MSE_Martin

Loan Insurance: Have you had problems or ever sold it?

I'm about to start a major investigation into the PPI business for a Tonight with Trevor MacDonald I'm presenting. We're looking at 'how its sold', 'whether it works' and the 'OFT investigation'.

We'd really like three types of case study for the programme.....

• PPI didnt pay out? Have you made a PPI claim that was unfairly turned down/inappropriately sold? If so we'd like to look into it
• Bank worker who was pushed to sell PPI? Did you ever work for a bank and were rewarded heavily to sell
  PPI? If so are you willing to talk about it on TV?
• Got expensive loan with PPI you want to get cheaper? Have you got a loan with PPI that you now realise is expensive? Would you like help to see if we can cut its cost?

If you did please contact [EMAIL="Rick.goodwin@granadamedia.com"]Rick.goodwin@granadamedia.com[/EMAIL] or call him during office hours on 07917 559117

Thanks,

Martin

I_was_a_fool

Go Martin!!

About time this issue was "outed" so many people are signing up for it & do not even know & have no chance of claiming on it.

Tootsie_Roll

Seems like another completely one sided and biased bit of journalism - are you interviewing the thousands of people for whom it has paid out and saved them the worry when they need the time to recover or find a new job ? My experience is that the insurance pays out more often than not - over 90%.

The only thing I agree with is the cost is too high when taken out with a loan and should be brought more in line with stand alone products.

ZTD

Tootsie_Roll wrote:

Seems like another completely one sided and biased bit of journalism - are you interviewing the thousands of people for whom it has paid out and saved them the worry when they need the time to recover or find a new job ? My experience is that the insurance pays out more often than not - over 90%.

The only thing I agree with is the cost is too high when taken out with a loan and should be brought more in line with stand alone products.

http://www.citizensadvice.org.uk/index/campaigns/social_policy/evidence_reports/er_consumerandebt/protection_racket

Although PPI clearly plays an important role in protecting many borrowers against indebtedness, CAB evidence suggests that it fails a significant number of our clients. CAB enquiries about PPI include a disproportionately high number of complaints about claims being turned down. A survey of CAB debt clients in 2001 found that 85 per cent of those that had claimed on PPI had been unsuccessful. In constrast industry figures show around 85 per cent of claims are successful. As CAB clients are often subject to financial and social exclusion, this suggests that PPI is a particular problem for the most vulnerable borrowers who are also the people at greatest risk of facing financial difficulties

lynzpower

I was given/sold a loan from Lloyds tsb, despite being temporarily employed at the time. When I broke my leg a few months later and couldnt work and couldnt get sick pay & lost my temp job, did lloyds tsb pay out? No. they said I shouldnt have taken it as I wouldnt be covered as I started the loan as a temp & it doesnt cover temps.

Thanks

luckily my parents bailed me out- and bought me out of the loan and I know pay them back. But it was a scam and lloydstsb knew it.

Laurenbelle

Seems like another completely one sided and biased bit of journalism - are you interviewing the thousands of people for whom it has paid out and saved them the worry when they need the time to recover or find a new job ? My experience is that the insurance pays out more often than not - over 90%.

The only thing I agree with is the cost is too high when taken out with a loan and should be brought more in line with stand alone products.

I have to agree with you Tootsie Roll and have seen the same stats - infact the stats that i have seen on paper show 95% pay out rate. So i have to agree, expensive - yes, a waste of time - i don't think so!

MSE_Martin

Seems like a one-sided bit of journalism

Which journalism is that? This is a request for case studies.

Case studies are always difficult - we have many people to champion PPI, this isn't a knocking piece about it as a product, yet it is systemically being missold - there's an OFT investigation into that. We will of course be talking to both sides, yet to explain the issues we need case studies.

So do me a favour - wait to 'judge the journalism' until you've seen the programme!

Martin

regularsaver1

I think banks and lenders have had to change their methods of selling recently anyhow - by recording details of customers existing insurance and the discussions that were made

mariafrombedford

I used to work for a bank, and you would get 'points' when financial products were sold, with a daily target to meet. The difference between a 10k loan with insurance or without was 3 quarters of your daily target. A 25k loan with insurance was a day and half's target met and you were hailed as the best thing since sliced bread. No insurance was basically a waste of time and you had to justify why insurance was not sold, and prove you had gone down every avenue to try and sell it. On the other hand, if you did sell it, you had to be clear what it covered and what it didn't, and justify that the customer should have it in the first place, but this only got introduced a couple of years ago.

While I think PPI is in many circumstances a very good idea, the banks do pressure its sales team to sell it and this is where misselling occurs. Take away targets and account managers might start offering services that are actually beneficial for the customer and not just profitable for the bank.
I would have endless discussions with my manager every day as to why I did not sell a particular service to various customers. I refused to sell things I didn't think the customer needed. If the customer still wanted it, then it was up to them.

Eventually, my role as an account manager, became less and less about cusomer service, but more and more a sales role and in the end I left.

lost_but_looking

i was totally mis-sold a very expensive ppi. the cost of the ppi worked out at a fraction over £200 p/m!!!!
it took me 2 yrs to get northern rock to remove it and virtually admit they were in the wrong.
i was given my loan on condition of the ppi was taken.
they even had it on file of my many requests to remove it and they couldn't explain why this had not been done.
i finally gave up on complaining and wrote a letter telling them i would be taking them to court when they decided to reply to me in writting explaining that they were sorry if i was mis-sold the plan and that they would re-do do my loan had it never had the ppi on it.
what really worries me is if i had given up and not wrote the letter, i'd still be paying! how many other people just give up and pay???

golddustmedia

I've mailed in regarding my sister in law.

Sold a PPI when she had 2 jobs. Lost the main one and the 2nd one was not enough to pay the loan. Refused her claim when she had to move to a managed loan to stop debt collectors/court summons.

Seems daft that her taking action to prevent things getting worse (i.e. trying to manage the debt properly rather than just not pay) resulted in her being told she has to waive her rights to claim on the PPI.