PPI facts?

dudz

I was always pretty sure whenever I took any finance agreements that i specifically asked insisted not to have any insurance cover.Again, I am also sure I checked this on all documentation.Are we saying that banks still did this"under the radar" as I have had numerous credit cards/loans/mortgages etc?

Insider101

dudz wrote: »

I was always pretty sure whenever I took any finance agreements that i specifically asked insisted not to have any insurance cover.Again, I am also sure I checked this on all documentation.Are we saying that banks still did this"under the radar" as I have had numerous credit cards/loans/mortgages etc?

No. If its not on your paperwork it doesn't exist.

societys_child

Are we saying that banks still did this"under the radar"

Just a myth perpetuated by the cold callers from the claims co's

WatchMan

If you have PPI, it should show up on statements or in the original paperwork.

If it isn't there, then chances are you don't have it.

I am not sure what you mean by doing it "under the radar". It is certainly the case that some people were sold PPI without their consent. However, even then, the payments would show up on statements.

[Deleted User]

dudz wrote: »

Are we saying that banks still did this"under the radar" as I have had numerous credit cards/loans/mortgages etc?

No, it's a myth sponsored by claims companies that PPI was routinely added by financial institutions without the knowledge and permission of the customer.

Anyone who finds they had PPI has simply forgotten about it or failed to read the documentation they signed.

For credit cards, PPI appears on every monthly statement when the account has a balance.

For loans, PPI appears on the agreement paperwork (which the customer signs).

On mortgages, it similarly appears on paperwork and is also generally set up with a separate direct debit each month (though if it isn't, this is a good mis-selling reason).


If, as you say, you always specifically refused PPI and never signed for any then the chances of having had PPI are slim indeed.

[Deleted User]

WatchMan wrote: »

It is certainly the case that some people were sold PPI without their consent.

I'm not sure I've seen any evidence of this. PPI was certainly mis-sold to people by being mis-represented or to people who never needed it. It was also sold to people (like students, the unemployed or the retired) who could never claim on the insurance. Some pre-existing medical conditions were not covered and often the terms of the insurance were too onerous for the self-employed. I've not seen anyone sold it against their will, however.

WatchMan

Moneyineptitude wrote: »

I'm not sure I've seen any evidence of this. PPI was certainly mis-sold to people by being mis-represented or to people who never needed it. It was also sold to people (like students, the unemployed or the retired) who could never claim on the insurance. Some pre-existing medical conditions were not covered and often the terms of the insurance were too onerous for the self-employed. I've not seen anyone sold it against their will, however.

Take a look at some of the published FOS decisions.

I don't think it is as widespread as the claims companies make it out to be - for sure the most common mis-sale reasons are those you outlined. But it certainly does happen.

I wouldn't call it a 'myth'.

[Deleted User]

WatchMan wrote: »

I don't think it is as widespread as the claims companies make it out to be - for sure the most common mis-sale reasons are those you outlined. But it certainly does happen.

It would be interesting to see such upheld complaints expressed as a percentage of the overall total. I think it would be extremely tiny.

The myth is that it was routinely added without the knowledge and permission of customers.

roonaldo

I've reviewed a gazillion policies over the last few years. Pressured sales yes, mislead customers yes, incorrect information given yes, unsuitable sales yes. I've only seen 1 or 2 with no customer consent.