Payment protection rip-off.

jaggie_2

i have a major issue with one of the main high street banks over a payment protection policy which they sold me as part of a secured loan. the policy was sold on the basis that after five years of monthly payment you recieved a cash back sum. i asked when i took it out if there were any penalties for redeeming within five years; their answer was that there was only approx two months interest; in fact the penalty is nearer £9000. this is because its not an insurance policy at all but was in fact the bank adding this sum onto the top of the loan and charging interest on it. their answer when challanged is 'you signed up to it and its all in the small print'. i'm not dumb and my wife worked in financial service and the 'small print' went past both of us. We intent to fight this all the way throught the FSA as it is totally unfair, unreasonable, was misold and is, quite frankly, sharp practice.

does anyone else have a similar experience or advice on how to get our money back ?

dunstonh

We intent to fight this all the way throught the FSA as it is totally unfair

FSA arent interested at an individual level. They review issues like this at a corporate level.

does anyone else have a similar experience or advice on how to get our money back ?

You put a complaint into the bank and follow the complaints process.

jonesMUFCforever

After 5 years how much were you expecting back and have you received anything?
All payment protection is sold in this way ie if you opt in a premium is added to the capital borrowed and you repay in monthly instalments with interest charged on both. Does your copy of the agreement not show this?