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Can you trust what the lender says
Alloneword
Posts: 368 Forumite
I have been reading some of the FAQ and pages Martin & Co have set up on PPI etc and they say if your unsure ring the bank/card company and ask them if you had it, given the money they have paid out and no doubt will still have to pay out how can we trust what they say?
For example i had a loan with Argos and know we had insurance on it as the paperwork states this yet speaking to Argos today they still wanted to check (i have not told them i have paperwork on it) so in theory they could come back and say you have no claim and i'd have to produce the paperwork, the reason i'm asking is we have several other cards/loans that we will have to trust what they say as we only have account numbers to go on, and given past history i don't trust them much.
All1
For example i had a loan with Argos and know we had insurance on it as the paperwork states this yet speaking to Argos today they still wanted to check (i have not told them i have paperwork on it) so in theory they could come back and say you have no claim and i'd have to produce the paperwork, the reason i'm asking is we have several other cards/loans that we will have to trust what they say as we only have account numbers to go on, and given past history i don't trust them much.
All1
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Comments
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It's not worth the consequences for them to lie, so yes, you can trust them.0
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OK thanks zx81, sorry but i just don't trust them given their history
All10 -
Seriously... if it were as simple as just saying people didn’t have it how would anyone have received any refunds?!
The penalties that would be imposed for committing fraud far outweigh any merger redress you could potentially be entitled to.0 -
What history is this?
Please note that could well respond and say they hold no records of you having insurance... they are not required to hold records indefinitely and as such would be making a statement of fact, if you have evidence to the contrary you provide it and it is assess accordingly0 -
Deleted_User wrote: »It's not worth the consequences for them to lie, so yes, you can trust them.
Not quite. Back in 2013 Clydesdale Bank told me and FOS that I did not have PPI even though I had bank statements which proved otherwise. It took an investigation by the FCA before mine, and many other customers, single premium complaints were upheld.
I had a similar experience with another bank, so I regret to say I do not believe the banks are very forthcoming when customers phone or send in requests for information. They may not be lying, more a case of not searching their archives thoroughly.0 -
Alloneword wrote: »OK thanks zx81, sorry but i just don't trust them given their history
All1
So why ask the question if you've already decided on the answer?Not quite. Back in 2013 Clydesdale Bank told me and FOS that I did not have PPI even though I had bank statements which proved otherwise. It took an investigation by the FCA before mine, and many other customers, single premium complaints were upheld.
I had a similar experience with another bank, so I regret to say I do not believe the banks are very forthcoming when customers phone or send in requests for information. They may not be lying, more a case of not searching their archives thoroughly.
Clydesdale (and other lenders) have been given huge fines for not dealing with complaints properly, the regulatory system clearly works and deals with firms who don't. Other firms would see no benefit to lying or covering up PPI issues given they will get found out and they will pay fines.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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I’m fairly sure I already said if the OP has evidence to provide it.
Let’s also be clear, Clydesdale were not found to be acting fraudulently... it was decided that the way they handled consumer complaints wasn’t up to scratch - given the size of these firms and the number of people employed it would only take one person to blow whistle on fraudulent activity hence way they don’t.0 -
Jesus some folks on here need to take a chill pill.
"History" lets be honest the financial system in this country is far from being squeaky clean, THAT is what i mean by history, as you can see sun73 has already been lied to/given wrong info/mislead or just a simple mistake made so my initial worry has some legs.
However i did have Argos come back to me today and they told us we had NO protection on our store card but we did on the loan and i had proof for both of these facts so in Argos's case they got their information right.
My whole worry is/was the financial institutions in this country cannot be trusted and i just wanted some sinple feedback.
All10 -
Alloneword wrote: »Jesus some folks on here need to take a chill pill.
"History" lets be honest the financial system in this country is far from being squeaky clean, THAT is what i mean by history, as you can see sun73 has already been lied to/given wrong info/mislead or just a simple mistake made so my initial worry has some legs.
However i did have Argos come back to me today and they told us we had NO protection on our store card but we did on the loan and i had proof for both of these facts so in Argos's case they got their information right.
My whole worry is/was the financial institutions in this country cannot be trusted and i just wanted some sinple feedback.
All1
You asked the question if they could be trusted. Someone said yes, you said you didn't believe they could be trusted. So again, what is the point of the question if you dismiss the feedback you get and only want to hear people telling you what you want.
The cases above all prove that firms who either lie or made silly mistakes get fined lots so there is every incentive for them to not make large mistakes or lie.
Your initial worry has no legs because a completely unrelated firm has made a mistake.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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Alloneword wrote: »...
My whole worry is/was the financial institutions in this country cannot be trusted and i just wanted some sinple feedback.
Isn't that exactly what you got?
Cripes! How do people put it, take a chill pill?:)0
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