Is there anything banks havn't missold?

matttye

atush wrote: »

Nor have i that I can think of. I've bought things I should not have, but no one 'sold' them to me.

I can remember people trying to sell me PPI, warrenties and the like. I just said no. I recall going to Natwest, our bank back in the 90's for a mtg, they told me 'we only sell endowmet mtgs'. I said, 'sorry I only buy repayment mtgs' lol.

I said no to PPI with my old credit card. It wasn't even brought up with either of my current cards - they're probably too scared to ask. :rotfl:

I wonder if I can claim I've been mis-sold alcohol when I've been left a bit worse for wear afterwards :beer:

bigadaj

gadgetmind wrote: »

So, if they sell a product that makes them money, they are evil, but if they sell a product that benefits the customer, they are incompetent?

I can see that they aren't going to win this one!

Depends on whether the taxpayer has to bail them out if they continue to sell products that benefit customers!

atush

Well, I have CCs that are older than a decade, and yes they tried PPI. But I have never been stupid, so I nver tookthese things out.

Would I have been better off, saying yes once or twice and collecting my pay off? I expect not.

But I'd like to know, having never fallen afowl of these schemes why I get calls for PPI misales as I never took one out.

gadgetmind

cepheus wrote: »

What balance are we talking about here?

The fact that not everyone demonises every financial company company as you choose to do.

No I don't like the bias because I no longer feel this board is acting in the best interests of the consumer but the banking industry.

Unhelpful distortions help no-one, but I'm sure you know that.

You are effectively blaming junkies for being stupid enough to take drugs

No, I'm not, and again, I'm sure you know that.

PPI is not addictive (other than for the scumbag claims companies and their equally despicable clients) and those who bought it had a choice. I was offered it, researched it, and chose not to take it out. If I'd instead chosen to use this insurance, then I'd have lived with this decision.

As you're starting to sound really stupid, why don't you give it a rest?

gadgetmind

Here is another example of how evil the UK financial industry is.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10279612/UK-banks-pay-1bn-to-rescue-Iceland-savers.html

chewmylegoff

There was definitely some misspelling of PPI. For instance, some lenders were quoting APRs of, say, 10% if you took out PPI or 30% if you did not. Of course the cost of the PPI pushed the real cost up to more than 30% but 'unsophisticated' people were still taking it out even if they were ineligible to claim on the policy (e.g. self employed) because they were persuaded by sales staff that it was cheaper when in fact it was not. I know this happened as I have seen the evidence of staff at lenders having told people to buy PPI knowing they could not ever claim on it with my own eyes (well, I heard it with my ears actually...).

However, I would be surprised if this sort of sales technique represented more than 1% of the successful claims that have been made against the large banks.

grey_gym_sock

atush wrote: »

Well, I have CCs that are older than a decade, and yes they tried PPI. But I have never been stupid, so I nver tookthese things out.

Would I have been better off, saying yes once or twice and collecting my pay off? I expect not.

i'd expect you did better by not paying the insurance premium and investing the money instead.

but i suppose that, for ppl who tend to spend all their money, paying the PPI premium and getting compensation has worked as a form of accidental saving scheme. not a very good savings scheme, but better than having no savings at all.

But I'd like to know, having never fallen afowl of these schemes why I get calls for PPI misales as I never took one out.

presumably they aren't working from lists of ppl who've taken out PPI, but are fishing by calling a non-PPI-related list of numbers (or even dialling numbers at random).

ERICS_MUM

I never mis-bought a financial service.

Money-Saving-King

bigfreddiel wrote: »

.....and is there any other industry that has missold as many products as banks

or insurance

or.....

fj

Is there anything left the legal industry hasn't attempted to get us all to claim compensation for?

eskbanker

chewmylegoff wrote: »

There was definitely some misspelling of PPI.

Those pesky PIP sellers....