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GAP insurance mis sold
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Buying poor value GAP and then asking for a refund years later is like buying bread from Waitrose and then complaining it's sold for 1/4 of the price in Aldi
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Buying poor value GAP and then asking for a refund years later is like buying bread from Waitrose and then complaining it's sold for 1/4 of the price in Aldi
Except, of course, that it was exactly the same with all the other poor value insurance based products that were mis-sold by commission hungry sellers.
And they've all resulted in huge payouts for customers who were ripped off.
This is just another example, and it will, sure as eggs, go the same way once people have woken up to the potential to claim.0 -
Except, of course, that it was exactly the same with all the other poor value insurance based products that were mis-sold by commission hungry sellers.
And they've all resulted in huge payouts for customers who were ripped off.
This is just another example, and it will, sure as eggs, go the same way once people have woken up to the potential to claim.
Dunstonh has already explained in your other post why you're wrong, please refer to that. Plevin only refers to a small number of cases sold and active in a certain period of time. Outside of that the commission is not an issueSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Dunstonh has already explained in your other post why you're wrong, please refer to that. Plevin only refers to a small number of cases sold and active in a certain period of time. Outside of that the commission is not an issue
We'll have to disagree, won't we. There's no of predicting which way claims like this will go, and there's nothing whatever to be lost by following Paul Lewis's advice.0 -
Except, of course, that it was exactly the same with all the other poor value insurance based products that were mis-sold by commission hungry sellers.
No its not. Plevin existed due to a ruling based on section 140a of the consumer credit act. So, it could only apply to insurance linked to credit agreements. The FCA ruled that it only applied to PPI.
If the GAP was bought via a third party then its not linked to the credit agreement and an unfair relationship cannot exist as s140a of the CCA cannot apply.
If the GAP was bought at the same time as the credit agreement then there is the potential for a court to rule similar to Plevin but as its a different type of insurance, it may not do so. That is an unknown.
However, the FCA made it clear that they are only applying the plevin ruling to PPI.
no they haventAnd they've all resulted in huge payouts for customers who were ripped off.There's no of predicting which way claims like this will go, and there's nothing whatever to be lost by following Paul Lewis's advice.
There is with the FOS as there is no rule breach and the FCA position is published and clear.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
But that is pricesley what thousands of ppi claiments have done!
No they haven't.
They have complained they were miss-sold the policy, not that they wanted the policy but a bit cheaperSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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