Epic win against bank

[Goksly]

Apparently as they didn't paint people an actual picture, its mis-sold.

 

[Freakbro]

How are people mis sold? I keep debating doing this as I've had numerous loans and credit cards over the years and I'm sure on some of them they have said "Do you want insurance?" and I've just said yes.

As already said above, it's when it was sold to/taken out by someone who would not have been eligible to make a claim if the need arose, like the self-employed or having a pre-existing condition.

 

[Ahleckz]

If you must know, I had a medical condition that was pre-existing, so I would not be able to claim if I had to take time off work for that reason in the future.
It was also made clear that it would help my application if I took the PPI (this is against FSA rules).

My PPI cost a lot more than £2.50 per month.

Why take it then? This is one thing I don't understand, do people not read the documents provided when they are signing over money for a product/service?

I've looked into insurance things before, and there are cases where I wouldn't be able to make a claim. Instead of signing on the dotted line, and giving them x amount of money every month for something I know is pointless because I completed due diligence, I declined the service.

 

[robgmun]

I've always said no when they asked. Maybe i should have been a sucker

 

[cHk4]

They need to explain the T&C's to you etc etc.
And for some people, they say PPI has to be taken to get the loan.

This is a bit different to the bank loan charges a few years back, as the courts have ruled that banks did act incorrectly.

Yea on my £2.5k and £7k loan I was told taking the insurance gives a greater chance of getting it.

Just worried about losing my over draft as without that I would be screwed.

 

[Strife212]

Time to get suckered into some blatant rip offs so I can make a profit on it later!

 

[-BA-]

My wife was missold PPI by HSBC on a loan and a credit card. She was a freelancer and wasn't covered. She was also told that she had to take out PPI.

Lots of incidents like this.

Yup this is pretty much what I was told. I remember the woman saying that my application for the loan would almost certainly be unsuccessful if I did not take out the PPI.

 

[cHk4]

Time to get suckered into some blatant rip offs so I can make a profit on it later!

Thing is in hindsight it's great, at the time I was young, impressionable and really needed to loan.

 

[mame]

Why take it then? This is one thing I don't understand, do people not read the documents provided when they are signing over money for a product/service?

I've looked into insurance things before, and there are cases where I wouldn't be able to make a claim. Instead of signing on the dotted line, and giving them x amount of money every month for something I know is pointless because I completed due diligence, I declined the service.

A big part of it is loan companies saying your credit search was just on the line and that they will only give you the loan if you take out the PPI. They aren't allowed to do this. They are two seperate things.

 

[krooton]

A big part of it is loan companies saying your credit search was just on the line and that they will only give you the loan if you take out the PPI. They aren't allowed to do this. They are two seperate things.

Exactly what happened to me, told me my loan would be declined if I didn't take the insurance, and being 22 at the time, I trusted they were telling the truth.

Got £2k back end of last year.

 

[arekgreenman888]

PPI is a a knock and not needed. Guess who will be splashing out on new hardware... hehe Well done. God bless

 

[Martini1991]

how is it mis-sold? i have PPI since 2003, it costs about £2.50 a month. i dont really understand how i or other people can make a claim ???

My mams PPI was a condition of her loan.
That's forced.

 

[Tefal]

Don't have one of those (or a GF for that matter!)

buy one?

 

[Tefal]

How are people mis sold? I keep debating doing this as I've had numerous loans and credit cards over the years and I'm sure on some of them they have said "Do you want insurance?" and I've just said yes.

if say you'd needed it and they turned around and said "sorry mate you're not covered" because of some clause they never told you about, or if they said you ahd to buy it knowing it still wouldn't cover you.

 

[antijoke]

My mums PPI was a condition of her loan.
That's forced.

A loan I took out was sold on the basis I needed PPI for my age before the loan was approved.

Scumbags.

Oh well, I cancelled it one month after the first payment.

 

[Deleted member 66701]

Don't have one of those (or a GF for that matter!)

well you what to spend it on then

 

[Alpherah]

My mams PPI was a condition of her loan.
That's forced.

Same with my parents.
Bank replied with a snotty letter that basically said "prove it"..

So off to the Ombudsman we go.

 

[spudbynight]

My wife after being mis-sold PPI on her credit card called to have it removed on several occasions. Each time she was told it could not be removed.

The banks were really acting like hoodlums when it came to PPI. Acting outside the law to rip people off.

 

[Pawnless Endgame]

I know there's been a fetish with PPI over the last year, but how do I know if I've had one in the past? People keep contacting me about it even though I'm registered on TPS, so I don't know if it's cold calls or not.

Congrats OP though, just in time for the Ivebridge release

 

[The Halk]

It is cold calls. Your bank may write to you, Monserrat. Never ever deal with a claims handling company.