MSE News: Vote 'yes' for CPP redress

Crabman

veryintrigued wrote: »

Then you may fall into the final para I posted (which you seem to have left out in the quote).

I never bought a policy from CPP because I saw through their lies. My point is that CPP brought this upon themselves. It's therefore not appropriate to lay any blame at the door of consumers who may have been lied to and misled by CPP.

veryintrigued

Crabman wrote: »

I never bought a policy from CPP because I saw through their lies. My point is that CPP brought this upon themselves. It's therefore not appropriate to lay any blame at the door of consumers who may have been lied to and misled by CPP.

And my point is (I wont labour it anymore after this post):

'CPP's management is wholly responsible' as you quoted. MSE themselves have themselves stated this:


CPP and these high street banks and credit card issuers have agreed to be part of the scheme:

• Bank of Scotland
• Barclays
• Canada Square Operations Limited (formerly Egg)
• Capital One
• Clydesdale Bank
• Home Retail Group Insurance Services Limited
• HSBC
• MBNA
• Morgan Stanley Bank
• Nationwide
• Santander
• The Royal Bank of Scotland
• Tesco

http://www.moneysavingexpert.com/news/cards/2013/08/card-protection-mis-selling-are-you-due-share-of-1-3-billion

Also if any organisation fails its normally more than the management of this company which suffers.

Maybe am cynical but I feel there are 'wrong uns' on both the 'missold' and 'missellers' in most of these CPP/PPI cases.

Right where's that bandwagon and give me a heave ho to get on it please.

Have a good weekend

BC_KT

CrashJPMorgan wrote: »

Out of curiosity, why have they decided to have a vote on the issue of redress/compensation?

1) they are not sure if people were mis-sold hence asking the people?
2) they know many will not reply or receive the letters thus limiting the payout, if it happens?
3) some other reason?


Have they done this before?
Seems odd to me.

Due to the nature of the scheme, it requires High Court approval. To get that they'll need the approval of those affected.

daffie

I received one of these letters this morning. As far as I can remember, I haven't actually taken out a Card Protection Policy, but I do remember phoning to 'activate' a card and someone trying to persuade me to take out CPP then. They suggested that all kinds of horrible things could happen if I didn't take out the policy and they were very persistent. I told them that they were using scare tactics and that this could be very upsetting for some people - it was quite upsetting for me and I did begin to think that maybe I was being reckless by not taking out the policy.

I do think the consumer holds some responsibility, and know I won't be in line for any compensation, but because of the horrible 'selling' techniques I was subjected to, I'll vote for the scheme when the time comes. It's time banks and financial institutions started behaving themselves and not being so greedy.

Leanne200

I got this letter today... I am now a bit worried as I moved house June 2012 and they wrote to me at my new address! If I have taken this out in the last 15 months then I certainly don't know about it and I have never seen payment for this coming out from anywhere...

Strangely I recognise the logo and am certain I have had this before, but I don't know what for (I think I binned some documents for this when I moved house).

I just got a PPI refund from MBNA but they sent all correspondence to my old address (my parents house).

Does anyone have any ideas how they would know my new address if it was prior to me moving!? Thanks

Mobius1

veryintrigued wrote: »

Maybe am cynical but I feel there are 'wrong uns' on both the 'missold' and 'missellers' in most of these CPP/PPI cases.

You're probably right, but honestly, how would you propose that redress be approached differently?

For instance take PPI. Since that scandal an entire culture has been born and it has in and of itself created an industry. That industry preys on people's lack of knowledge with TV and print adverts pressuring consumers into claiming their PPI back "before it's too late". The whole point of PPI mis-selling is that it was mis-sold. Aren't the companies who are selling the legal assistance to these PPI 'victims' just as guilty of pressuring those people to use their services as the banks were of selling the policies in the first place? Many people did not want or need PPI. Most people do not need a 3rd party in order to claim on mis-sold PPI.

It's a complete mess, and the funds reserved for PPI amount to hundreds of billions of pounds. Of course, it won't be the management, share holders, investors or top CEOs that will be feeling the sharps of that financial mistake, it's everybody else. If you want to blame something, blame rampant capitalism in a system that doesn't allow for the true repercussions of a free market economy.

In order to financially responsible, the ball has to start rolling at the top, not at the bottom with the consumer. The only thing that most consumers are guilty of is trusting the banking world. Placing in them trust that they have not earned, have never earned and are clearly not deserving of even now.

CPP have written to me and by my own estimation they probably owe me all of 30 quid with a bit of interest. I'm going to get my 30 quid though because I'm owed it and I certainly won't be made to think twice about it just because there are 'bad uns' amongst the so called victims. So what? On their side the bad deeds was systemic whereas on my side it isn't. As a customer who was sold something wrongly I don't understand why I should be concerned that there are individual's looking to profit from this immorally. The same systems I "expected" to be in place to protect me from being sold something useless should protect CPP as well. And if not, tough cheese.

jooboo

I have just moved and have had my mail redirected. I had informed CPP of my change of address and had a confirmation letter from them. How come then the letter advising me about the mis-selling went to my old address, even though it was dated later than my confirmation letter. I phoned them and they still had my old address on file. Everyone who has moved double check they have your right address!

camsoft

I took out a Virgin Money (MBNA) credit card in 2008 and was sold CPP Identity Protection and Card Protection when I attempted to activate the card.

I've not received a letter nor have I moved out so my address will be up to date, though I'm no longer a Virgin Money or CPP customer.

Am I entitled to take part in this redress scheme?

chrisfreelander54

Has anyone received the 2nd letter yet, as it say that you have untill 5pm on 31 December 2013 to return your voting form, as I've not received mine yet?

BC_KT

Letter 2 is not due to go out until later this fall, possibly around November time.