Payment Protection Cover Aggressive Selling

M.A.

Just spoke to a major mortgage lender and loan provider and just felt I needed to vent my anger. Took my details and put me on hold for a short while. Came back to me and said that he was recommending me for the highest level of cover with the loan to which I told him I did not want it. He then basically started (in an aggressive way) to tell me that I would not be able to pay the loan back based on the information and tried to scare me into what would happen if I lost my job. I did ask him if I did not take the cover would it affect my loan decision? He said no but continued on. He was very cleaver and had an answer for everything. Finally managed to get him off my case by telling him that I would sell my house to pay the loan back! He did mutter at some stage that they would not be a responsible lender if they did not ask people these sorts of questions. I've just come off the phone feeling that I have had a massive battle.

Sorry guys there are probably a hundred of these posts but I didn’t search first.

rsykes2000

I had same with, and I will name them, Northern Rock. The loan rate from the person over the 'phone (at the time average APR 6.9% as was a year or 2 ago) went up to around 12.9% when I eventually managed to convince him I did not want the PPI. So I told him to stick it.

SparciaM

Problem is the Payment Protection is a big earner for banks as most Insurance wont pay out and actually get you into more debt.

I've worked in sales banking trying to sell PP and in collections trying to collect on people who were trying to claim and it's bad.

In sales the biggest push was PP, if you didn't get a loan with PP then you got a really black mark against your name. It's all !!!!!!, I used to explain the policy for legal reasons and say this is what you get and how you claim if it suits you take it, if not don't bother. I used to mention that I don't have PP as I don't think it's worth it for what I wanted and some people choose to take it on this basis as it suited them and I was honest, but most said no - but I'd never push, no matter how much they pestered me to. I ended up quitting my sales banking job due to it and haven't looked back since!

Magic_Dragon

I am looking for a loan anow and have applied with Halifax and then A+L. Halifax asked me about PP I explainied I didnt want it and had procedures in place if anything went wrong. Fine

A+L totally different. He would not take no for an answer. I am in the Army, know I have a secure job and get full pay if I am sick. I told him to stick the loan as I did not like his agreesive sales pitch. He said they have already done the credit search so will have to send out all the details anyway.

Will never deal with them again. I know they have to ask some questions, but they do seem to have an answer for everything and try to presure you into buying PP when you dont want or need it

Rant over :mad:

Claire

prudryden

Here is a question to ask. If I am made redundant, but my company offers me more money to voluntarily resign - am I stll covered?

The reason many companies offer slightly more for you to resign is that it gives them flexibility to hire someone else should business improve or they change their mind. If they make you redundant, they are unable to hire anyone for the same position for a period of time (I don' know what the time limit is.)

Magic_Dragon

Just got an email from A+L saying my loan has been approved and send the paperwork back to them.

Just goes to show that by not answering thier questions has no impact on your application.

Dont know if I want to give them my money now!

Sarahsaver

Similar happened to me today with A+L they implied very strongly that I would not be able to get the loan if I did not get thePPI, than my application was more likely to be refused if I didnt take the insurance!!! Surely they cannot do this?
Even funnier I am practically uninsurable anyway because I have had a stroke, tried telling them this but they kept on pushing the PPI.

Xbigman

prudryden wrote:

Here is a question to ask. If I am made redundant, but my company offers me more money to voluntarily resign - am I stll covered?

The reason many companies offer slightly more for you to resign is that it gives them flexibility to hire someone else should business improve or they change their mind. If they make you redundant, they are unable to hire anyone for the same position for a period of time (I don' know what the time limit is.)

You are not covered if you resign, take voluntary redundancy or are sacked for disciplinary reasons. With some policies you are also not covered in the first year of employment, so if you change jobs you can invalidate your PPI and not know it.
Regards


X

prudryden

Xbigman wrote:

You are not covered if you resign, take voluntary redundancy or are sacked for disciplinary reasons. With some policies you are also not covered in the first year of employment, so if you change jobs you can invalidate your PPI and not know it.
Regards


X

Actually, that was my point. Many people are told they are being made redundant or sacked, only to find out that because they accepted ex-gratia payments are actually resigning by signing the compromise agreement.

Sarahsaver

A+L accepted my loan application WITHOUT PPI even though they tried again to push and push it in the branch. I am actually happy to have a loan because I am planning to pay it off early and I will be credit card free for the first time in about 10 years