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Help needed
Nafu
Posts: 2 Newbie
When I took out a loan in 2005, I was unable to afford the bank’s ppi rate and was strongly advised by the bank to search around (the bank advisor told me to look in the FT) and take out a ppi against the loan. I followed this advice and took out the ppi. Has anyone been in a similar situation and advise if I am eligible to claim my ppi from the company? My other difficulty is that I only have a few of the bank statements showing the company I paid the ppi to and the loan amount from the bank on a statement; unfortunately I don’t have any other paperwork. Can anyone give some advice please.
Sorry for this long first post
Sorry for this long first post
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Comments
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No. You mis-bought, rather than being mis sold.0
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What makes you think you were miss sold.,,what complaint do you have and what evidence do you have to back it up...make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Has anyone been in a similar situation and advise if I am eligible to claim my ppi from the company?
yes they have and no you are not.
If you buy the product via a different retailer, then the bank has no liability for the complaint.
A similar situation happened with Endowments. The Consumers Association (now Which) used to recommend Standard Life Endowments. However, they told people to buy them on execution only basis to reduce commission. This meant Consumers Association had no liability as they didnt sell them and as people bought them without advice, they couldnt complain the advice was bad.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 -
Such a shame that vulnerable people (and bank advisors are in a good position to recognise this) are given fearful scenarios they may end up in if they don’t consider insuring their debt! And so, all that ppi that we are told will never get claimed.0
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Such a shame that vulnerable people (and bank advisors are in a good position to recognise this) are given fearful scenarios they may end up in if they don’t consider insuring their debt! And so, all that ppi that we are told will never get claimed.
Or it's a good thing you never suffered ill health or loss of job that meant you needed to claim...
The bank staff did their job properly and advised you of the policy and impact of not being able to pay your debts. You chose to go buy a policy elsewhere when you could have chosen not to. There is no miss-selling here, not sure what the problem is?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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Such a shame that vulnerable people (and bank advisors are in a good position to recognise this) are given fearful scenarios they may end up in if they don’t consider insuring their debt! And so, all that ppi that we are told will never get claimed.
"disturbance" is allowed and quite correct to do.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
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