“ppi The Biggest Financial Scandal Since Endowments!”

medman

Headline in the Sunday Times Money Section today. “millions of people who were sold dodgy insurance by banks, high street stores and car dealers could be due compensation amounting to £10bn.”

“Last week The Financial Services Authority (FSA) slapped a record fine of £610,000 on GE Capital, which runs many of the store cards with the highest interest rates, over the sale of payment protection insurance”

The FSA described these policies as “expensive and riddled with exclusions”. I’m sure this will sound familiar to many on this thread.

The move against GE was part of an investigation, which is expected to result in fines for other big companies. Watch out the high street banks!

The main thrust of the article is suggesting that people who feel they have been mis-sold these policies should write to the lender asking for redress; if no satisfaction is forthcoming then it recommends writing to the financial ombudsman.

I think that mis-selling of these policies has been widely reported on these threads. People often sign up thinking that it is a pre-requisite to the loan being accepted. Very often policies have been sold to people where the cover simply provides no protection for their circumstances such as self-employment.

A decision by the Office of Fair Trading to refer the market to the Competition Commission is expected within the next two months. The investigation will look at the automatic inclusion of PPI in loan repayment quotations.

Very interesting reading and could be the start of another wave of complaints and claims against lenders and CC companies.

Much more detail at http://timesbusiness.typepad.com/money_weblog/

Watch this space! :money:


MM

clarab_3

got mine back last week with 2 phone calls -

Ive called cahoot every name uner the sun in the past 2 years, but one 5 minute phonecall and they were very professional and dropped it in 5 minutes - means I am repaying my loan £65 a month faster!

Egg were, if anything, better - immediately removing my policy and as the PPI was preloaded, asking whether I would rather reduce my payments or pay it up over a shorter term - a five minute call to remove £1700 from my loan and over 18 months from the term... I was delighted!

hazzie123

What did you say when you phoned them? I`m going to ring Barclays tomorrow to see if I can get mine taken off my bank loan,dunno what to say though?

emmaroids

i have a 9k secured loan with endeavour but i dunno if it has ppi (i know im stupid cos i should know )

if i phone them and ask,

1, will they tell me and,
2, will they remove it or would it be contractual?

Broken_hearted

Have to say GE capital were the first to pay out when DH got ill and if we hadn't had it we would be in a worse mess than we are now. They should be doing liverpool victoria who didn't pay out.

clarab_3

hazzie123 wrote:

What did you say when you phoned them? I`m going to ring Barclays tomorrow to see if I can get mine taken off my bank loan,dunno what to say though?

I just said that I was trying to tackle my debt problems, and one of my targets was to reduce outgoings on things like insurance, when I can take a seperate policy to cover all my loans and credit cards.

To be honest, they hardly let me finish the sentence before it was gone! I'm not stupid enough to think that all banks will work in such a helpful way, but its worth a go.

I did get asked what my new policy would cover, could they help out with my debt reduction problems ("no thanks - I'm really trying to do this without taking on new debts in the process") etc, but seriously - being polite, sincere but obviously having considered it before phoning was all it took.

Bunnyinthelights

I've really been procrastinating about this-mainly because I'm on a DMP and feel cheeky:o (stupid I know!) telling them to take off PPI on my £25k:eek: Lloyds loan...
Although I WAS mis-sold! I am self employed and would never have been able to claim...
(Best bit of this whole sad story is that it was my 'best' friend who I bought loan from who worked for lloyds at the time:mad: )
Anyone do this whilst on a DMP?
Bunny

james32_uk

Getting it taken off a current loan is great. Thought about demanding compensation for amount already paid on top of this?

james32_uk

Bunnyinthelights wrote:

I've really been procrastinating about this-mainly because I'm on a DMP and feel cheeky:o (stupid I know!) telling them to take off PPI on my £25k:eek: Lloyds loan...
Although I WAS mis-sold! I am self employed and would never have been able to claim...
(Best bit of this whole sad story is that it was my 'best' friend who I bought loan from who worked for lloyds at the time:mad: )
Anyone do this whilst on a DMP?
Bunny

You especially! If you're self employed Lloyds knew that and STILL sold you PPI. Ask for your PPI payments to be refunded.

Nothing to lose. Go on, I dare you!

Bunnyinthelights

James!
Never thought of that...
I have considered suing Lloyds over the identy fraud over the stress and problems we have had since then...
Bunny

medman

Bunny

James is right you have never had any cover from that policy. They should refund all the past payments.

Give them a call and if they fob you off, ask them for the number for the Financial services Ombudsman.

Good Luck

MM