Greybeard Posted January 17, 2008 Share Posted January 17, 2008 While we're waiting on the court decision on bank charges the banks have found themselves facing another quagmire of claims. This time it's over mis-selling of Payment Protection Insurance policies that most banks insist are taken out to protect the borrower from loss of earnings due to sickness and redundancy. For more info see http://news.independent.co.uk/business/news/article3345155.ece http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance "According to the personal finance campaigner Martin Lewis, half of the 20 million policies currently in force may have been mis-sold, amounting to £10bn." Link to comment Share on other sites More sharing options...
JoeP Posted January 17, 2008 Share Posted January 17, 2008 If the Banks lose on these sorts of things I think we can all expect a lot more 'products' to be fee based - expect Mortgages to include 'financial services consultancy' at £50 an hour for paperwork filing, etc. I remember being sold this years ago by one of the Big 4, shortly before they screwed me like a Phillips head screw. Unfortunately too long ago now, and I've actually dealt with the debt I incurred and signed a 'full and final' document with Crapwest. Link to comment Share on other sites More sharing options...
swordfish1 Posted January 18, 2008 Share Posted January 18, 2008 Look on this site for details http://www.moneysavingexpert.com/ Plenty of info on there Link to comment Share on other sites More sharing options...
nikita Posted January 18, 2008 Share Posted January 18, 2008 I put in a claim to claim back ppi on a car loan we had,not expecting to get anything,got a call christmas eve to say we were getting it all back as well as ppi payed on a previous loan.this amounted to nearly.£2000 Found ppi on internet for £7.00 a month a fraction of what we were paying. You cannot claim it back if you have made a claim on it at any time. Link to comment Share on other sites More sharing options...
Greybeard Posted January 18, 2008 Author Share Posted January 18, 2008 I put in a claim to claim back ppi on a car loan we had,not expecting to get anything,got a call christmas eve to say we were getting it all back as well as ppi payed on a previous loan.this amounted to nearly.£2000 Found ppi on internet for £7.00 a month a fraction of what we were paying. You cannot claim it back if you have made a claim on it at any time. Good for you ! What the FSA have to do is stamp out the practise of lenders suggesting that a loan offered is conditional on the borrower taking their PPI. PPI can be very useful if you shop around for an independent provider. Another thing that wants stamping on is having the 'Terms and Conditions' printed in 6 point - they should be as legible as the rest of the documentation. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted January 18, 2008 Share Posted January 18, 2008 If the Banks lose on these sorts of things I think we can all expect a lot more 'products' to be fee based - expect Mortgages to include 'financial services consultancy' at £50 an hour for paperwork filing, etc. Its comments like this which need adding to the bank charges mega thread, I am constantly shouted down when I try and add a alternative point of view to a thread so one-sided its unreal. Link to comment Share on other sites More sharing options...
woggle Posted March 31, 2010 Share Posted March 31, 2010 Update on payment protection I was contacted by a company last week saying they could claim any payment protection I have, back for me, as I was mis sold it. Due to being self employed they wouldnt pay out anyway, so if your self emplyed its worth looking in to, mine is a pretty hefty return. Its not only for mortgages its for anything I have payment protection on. and no Mort we cant spend it on cake Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.