MSE News: Banks throw in the towel on PPI

th3_duckst3r

beamerguy wrote: »

It is one thing that banks have at long last seen the error of their ways but for many who were sold PPI's under false pretences, being lied to etc etc, it actually is covered by


Fraud Act 2006 Section 2
Fraud by false representation
(1)A person is in breach of this section if he— (a) dishonestly makes a false representation, and (b) intends, by making the representation—
(i) to make a gain for himself or another, or (ii) to cause loss to another or to expose another to a risk of loss.
(2) A representation is false if— (a) it is untrue or misleading, and b) the person making it knows that it is, or might be, untrue or misleading

For those who were told that the product they were buying albiet a credit card or a loan would only be available to them if they take out a PPI is covered in section 2
For those who claimed only to be told that they were not covered, ie being self employed, even though they had been told by you, are covered by section 2 and section 1

I am self employed and the box was ticked on the credit card application. When the PPI salesman contacted me, he was already aware that I was self employed and continued to offer me a PPI on the basis I would be able to claim. Also covered in section 2

At no time did the salesman advise me he enjoyed a commission or that the bank would also profit from the sale of a PPI.
It has already been ruled that this was a breech of the Unfair Relationships and Unfair Consumer Credit Act Section 78
(case of Lynne Thorius in Sunderland)

By accepting the PPI and its explanation by the representative of the bank, it forms part of a total contract which includes the credit card and if the bank reject your claim
Covered here : (i) to make a gain for himself or another, or (ii) to cause loss to another or to expose another to a risk of loss.

For those who have fought this, no doubt you have had debt collector letters and this is blantant harassment. As the banks are now accepting that they must now repay for mis selling / fraudulent PPI's, then you have more than just refunds to look forward to.
If they harassed you, claim for this. If they attempted to harm your credit rating due to fraudulent mis selling, this is very serious and deserves a substantial amount in compensation

I am claiming substantial damages from the RBS and charging them with fraud under the "Fraud Act 2006 Section 2"

I will post their replies here. The time has now gone whereby the banks can be arrogant and ignorant.

been watching what goes on regulary.
and my credit card are being a right pain in the !!!!.they are harrasing me daily with phone calls.after i have asked for bank charges and ppi to be repaid back to me ,they have what i would class as threatning behaviour towards me,ive had letters saying that they will pass my debt on to a collection agency and i have had over a period of 7 days 31 calls from them.and they deem this to be not excessive???.after i have verbally and written a letter asking them to cease phoning me.
if some one could perhaps share a template of what they would say regarding all this cause its causing me alot of stress.id appreciate it.


gazza@iddod.co.uk

alx1680

GillHx wrote: »

I agree - this is only a victory for those stupid enough to sign on the dotted line without taking time to understand what they are signing. There are some of us who make sure that we need something before we sign for it. We are the ones who will be funding all the claims - not the banks.

Hmmmmm - this is a little harsh. I was 18 when I was sold the PPI that I've complained about. Lloyds told me I needed it when I took out my first credit card (coincidentally they did this at the very same time that I opened my student bank account as I was off to uni). They threw about every product imaginable at me that day.

Wouldn't have said I was 'stupid' - naive certainly. I trusted the bank that I'd been with since I was 13. Would never believe a word they say now - but that's being a bit older and wiser than I was.

Everyone's circumstances are different - over-generalisation doesn't help anyone

J_i_m

Well indeed being "stupid" and/or "naive" doesn't make it ok for a bank to take advantage of that person's vulnerability.

westend_lass

I have a loan with Black Horse and started my claim back in Feb I have rang them today to find out what is happening and they have told me if I do not hear anything within a month to contact them again. They stated that they had over 12,000 claims and have had to take on extra staff to deal with the claims.. its a case of just waiting but in the long run I will get more back from them the longer it takes them to sort it out, so look on the bright side.

westend_lass

I dont think stupid is the word, I would not consider myself to be stupid but I was told that i needed it to get the loan so please dont call me stupid.