I hope the FSA do win, i'm owed about 3k plus interest, i was mis-sold with welcome finance, they're on the rocks now, what happens if it puts them under, obviously someone else would by the debt but who would pay me out?
You would be paid out by the Financial Services Compensation Scheme like all people who were miss-sold by welcome.
however it takes time and they will investigate thoroughly.
NB - you have to have a genuine miss-sale reason!
We've spent decades teaching people about their rights, but nothing about their responsibilities.
if that is true, then if the FSA lose, then you can always go to the police!
Now there is an idea or the serious fraud squad perhaps. Joking aside here. (and that post was to dunstonh who likened PPI missales to smoking in pub. I hardly think the two are comparatives. Just my view.)
From what some posters on here had posted in the past about how they were sold their insurance it often borders this type of crime.
Only time will tell today and hopefully justice will be had. That is all folks are wanting isn't it. Yes, there are some false claimants but mostly it has been proven that PPI single premiums were rip offs for consumers and only sold to profit the finance companies. Shouldn't insurance ALWAYS be sold in good faith and when people are taking out loans they are mostly in debt. How can more needless debt help.
From the FSA website.
Fraud is a type of financial crime that has an effect on all parts of the economy. It commonly involves the perpetrator making personal gains or avoiding losses through the deception of others.
the banks are scaremongering again .... why can't they pay when they're happy to take? So what if they have to repay billions, they had enough money to use in financial casinos and lose.
was told at a hearing in January that the regulations could cost the industry £4.5 billion.
told the judge the FSA estimated implementation of the proposals could amount to £3.2 billion.
this could lead to 35 insurance companies failing with the resulting refunds to borrowers falling on the Financial Services Compensation Scheme.
But they forgot to say how many billions the same banks have borrowed from the taxpayer.
Martin Lewis of MoneySavingExpert.com said: "The banks have behaved abominably. They've deliberately mis-led reclaimers by telling them everything is on hold and used the memory of the bank charges hold to make it seem legitimate.
"The hold has not been agreed by the FSA or the ombudsman, who have both lambasted it, and has potentially left hundreds of thousands of people – each trying to reclaim thousands of pounds – wrongly in limbo and the ombudsman over-stretched.
"If this goes to appeal, as expected, they cannot be allowed to continue. I believe they should be fined for the way they have tried to manipulate the system to consumers' detriment.
"It is time we had a system of collective consumer redress. The fact the banks can deliberately reject claims to put people off taking it further, even though the vast majority who go to the ombudsman win, is against natural justice and needs to stop." http://www.guardian.co.uk/money/2011/apr/20/fsa-wins-ppi-battle-banks
Does anyone know when banks will start to tell their customers what will happen with their complaints?
I have just been informed by a man reading a script at HFC bank that the judicial review outcome today meant that the complaint would be looked at once his bosses decided what to do, and that the FSA had advised HFC to put the complaint on hold. He didn't seem to like it when I said he was lying and the FSA had not ordered the hold. A few holes in his script!
He also said that my paperwork had been sitting in a drawer for 8 weeks. The could have at least looked at my complaint and started the ball rolling a bit, even if they weren't prepared to give me a decision.
I was mis-sold, conned and lied to when I took out my loan, and now the same thing is happening again. At least I'm older and wiser this time round.
Replies
You would be paid out by the Financial Services Compensation Scheme like all people who were miss-sold by welcome.
however it takes time and they will investigate thoroughly.
NB - you have to have a genuine miss-sale reason!
if that is true, then if the FSA lose, then you can always go to the police!
From what some posters on here had posted in the past about how they were sold their insurance it often borders this type of crime.
Only time will tell today and hopefully justice will be had. That is all folks are wanting isn't it. Yes, there are some false claimants but mostly it has been proven that PPI single premiums were rip offs for consumers and only sold to profit the finance companies. Shouldn't insurance ALWAYS be sold in good faith and when people are taking out loans they are mostly in debt. How can more needless debt help.
From the FSA website.
Fraud is a type of financial crime that has an effect on all parts of the economy. It commonly involves the perpetrator making personal gains or avoiding losses through the deception of others.
http://www.telegraph.co.uk/finance/personalfinance/insurance/8462864/PPI-banks-lose-battle-against-FSA.html
But they forgot to say how many billions the same banks have borrowed from the taxpayer.
"The hold has not been agreed by the FSA or the ombudsman, who have both lambasted it, and has potentially left hundreds of thousands of people – each trying to reclaim thousands of pounds – wrongly in limbo and the ombudsman over-stretched.
"If this goes to appeal, as expected, they cannot be allowed to continue. I believe they should be fined for the way they have tried to manipulate the system to consumers' detriment.
"It is time we had a system of collective consumer redress. The fact the banks can deliberately reject claims to put people off taking it further, even though the vast majority who go to the ombudsman win, is against natural justice and needs to stop."
http://www.guardian.co.uk/money/2011/apr/20/fsa-wins-ppi-battle-banks
I have just been informed by a man reading a script at HFC bank that the judicial review outcome today meant that the complaint would be looked at once his bosses decided what to do, and that the FSA had advised HFC to put the complaint on hold. He didn't seem to like it when I said he was lying and the FSA had not ordered the hold. A few holes in his script!
He also said that my paperwork had been sitting in a drawer for 8 weeks. The could have at least looked at my complaint and started the ball rolling a bit, even if they weren't prepared to give me a decision.
I was mis-sold, conned and lied to when I took out my loan, and now the same thing is happening again. At least I'm older and wiser this time round.