i was called into Lloyds a while back .... basically it was a sales tactic..
anyhow ended up with protection on my CC, told i may as well take it as its free

turns out it wasnt free and after a few months id get charged aa % on the CC balance...
now i didnt tend to have much if anything on there at the time
but i'll admit i was stupid not to cancel it straight away..

anyhow it was like that for quite a while, eventually decided to do something about it and sent them the PPI claim stuff and sure enough it all went thru fine and the money appeared in my bank account with out any real trouble, i didnt think id have alot of joy to be honest.... but as i was told "its free you should just take it" i was abit peeved.

cant remeber how much i got back, wasnt a great deal, maybe 360 ish
got it back though, did take quite a while to appear in my bank mind

 

That's the problem I had. I was told it was a condition of the loan but also found out it would have never paid out due to my employment.

 

If that was the case, why are they offering a refund? Surely if it was clearly in the terms and conditions, they wouldn't need to be refunding a penny, so why would they?

If they in fact lied when this lad tried to get his loan just to cash in on PPI payments, then he deserves to get it back as he shouldn't have been paying it. That's just blatent deception.

On another note, I get sick of hearing people getting called thick, stupid etc. because they get caught out during the course of their lives. Stupidly or not, people often rely on people in certain postions not deceive them. Sadly, those people in said positions take advantage of those slightly less savvy (and outright lie to some), nice world we live in, eh?! If this was a case of the selling of PPI being honest and explained clearly to customers, then none of this would even be being discussed, and if there wasn't some wrongdoing, banks/CC companies wouldn't be being made to pay people back.

 

They are offering refunds as it is cheaper than investigating.

 

It would honestly cost almost £800 to look at this lad's loan agreement to see if it was a condition of his loan to pay for PPI?

Fair play, it would be difficult now to prove one way or another what he was actually told, but a simple look would confirm whether or not that was a condition of the loan. I can only assume, when he claimed, they looked into that anyway and saw that it wasn't and decided in his favour. Remember, you were the one to suggest it may have been a condition and while looking into what he was owed, I find it hard to believe they wouldn't double check the agreement. To just assume he was telling the truth about what he was told suggests to me, that alot of mis-selling has gone on and ultimately it is maybe easier/cheaper just to payout. I mean, even if he could give details of who he dealt with, it's unlikely they would admit they lied.

That in itself doesn't reflect well on banks.

 

Are you saying I am stupid for my bank illegally charging PPI on my credit card when I activated it, where I had no knowledge of confirmation of this, by Halifax themselves? It wasn't even listed separately on my credit card bill, it was added as part of the interest. I would like you to spot this on interest for around £1000!

 

Did you not check your interest and see that it was more than it should be?

 

Checking the agreement is the easy bit...

...maybe...

...however using the scenario I described (which is an example) the investigation is a lot more involved than you describe.

To assess whether the individual had been miss-sold in terms of not being able to use the PPI to claim would also mean checking the individual (independently) in terms of employment status, employment contracts and potential additional insurance.

They also have to factor in potential cost if the claim is rejected and then it goes to court - full due diligence needs to be done.

Also bear in mind much of this work will be outsourced with the investigators probably being paid £600-1,200 per day. So if it takes day to investigate it is just not worth it.

Most banks are just paying - will probably only really investigate if it is over £2,000 (at a guess).

They are relying on people making claims.

 

Are you sure it is illegal?

 

PPI was mis-sold if people didn't need, want or ask for it. It doesn't really matter if he would have been able to claim should he try to, what matters in this case, is that he was lied to and told he had to take it out. If this is what happened, the PPI was mis-sold.

 

Ant, at 21 years old, no I didn't pay attention to cloesly.
On a balance of around £1000 (which change month on month) my apr was around 17% at the time if remember correctly. So about £14 a month depending on what I paid or added on the card that month. But, if it was £15 or £16, would your eyebrows be raised?

At 21, mine didn't. And that is how they caught me out and many others. But as I didn't ask for PPI and my stating that I wasn't paying PPI, I didn't expect Halifax to lie and charge it anyway in a very sneaky way. That is what I have taken from this experience....trust no one!

I have never been caught out on anything else and most of the time, I am the one calling companies up complaining of being over/under charged. I am on top of my finances these days, something that naturally comes with age and maturity I guess.

 

I am not sure we are going to agree on this.

If I give a loan to a young person I am perfectly within my rights as a bank to insist that PPI is taken. If the customer doesn't like it they are free to take their business elsewhere.

Making a young person take it when they are not able to claim - i.e. I did not carry out appropriate 'know your customer' - then they are miss-sold as it is an inappropriate policy.

Secondly, bad selling is not the same as miss-selling. Halifax typically use inertia sales for their add-on insurance policies. Somewhere in the reams of paper you receive there will be an opt out - but most people don't realise.

Miss-selling or bad selling? It is only miss-selling if the customer cannot benefit from the policy or they specifically asked not to have it.

Banks like Lloyds are erring on the non-argumentative side and pretty much paying up when asked.

 

And why do you think that is?

So if what happened to me is not miss-selling, what would you call it? Deception?
You seem to paint a nice rosy picture of the banks, almost as if they have done no wrong.
If this is the case, why are so many claims going through?

They didn't tell me, at any point (original contract, over the phone, or on my statement as a seperate item) that they were charging me PPI.

 

Because for small cases it just isn't worth the effort.

You say they said nothing - I am 100% confident that the call centre script or the contract or terms and conditions would have covered this. Of course given your comments I take it you read every single page of usual 50-100 page terms and conditions that came with your card? Yes?

Would have been in language that was obvious - maybe not - but it would have been there.

Maybe the call centre person didn't say it, maybe you didn't follow what was being said. It is unlikely they will still have the call tape.

So it would be your word against theirs - and for small amounts it just isn't worth the hassle.


As for painting a rosy picture and they have done no wrong - I take this is Scoobynet speak for letting facts get in the way of a good slagging.

Miss-selling has a specific meaning and it is assumed that every sales practice people do not agree with is miss-selling.

 

 

Good for you. I am 100% confident that whenever I was asked if I wanted PPI, I said no.
My contract has a little box to tick if I had wanted PPI. Guess what, it wasn't ticked.
Then my statements didn't state that I was paying PPI, just the amount that I owed showing how much of it was interest. NO PPI.

I agree that this is slightly unbelievable to say the least, as I couldn't believe it myself.
That is why I asked for a copy of my original contract and old statements from Halifax themselves to be sure.

Halifax charged me for something I had clearly stated that I didn't want and then hid the charges with the interest. Fact. They even admitted this on the phone.

What more do you want me say?
To be honest, i don't care if you don't believe me. I know what happened, Halifax confirmed it and paid back what was owed with interest. I never tried to claim as I never knew I had it. So Halifax didn't refund me because of a failed claim. They paid it back as they couldn't prove that I had accepted PPI.

I suppose you are correct in a way. It wasn't a case of mis-selling, more like day light robbery.

 

GH,

If, in your case things happened exactly as you state then yes, you were mis-sold PPI. But I can guarantee that the vast majority of claimants weren't mis-sold it.

Most of those were just to stupid not to check their T&C's when signing whatever contract they were going into. Many who have claimed they were mis-sold PPI had even had a previous claim on their policies which shows just how feckin stupid they are.

Banks have had a lot of bad publicity these past few years and are now just paying up to be seen to be doing the right thing even though in most cases they do not have to.

Myself, I have always had good service from my bank and never had any problems whatsoever.


Chip

 

I agree that a lot of people would have just said yes to PPI without checking the t&c's.

It just seems a little odd that the banks pursued the over-draft charges case and won (which I completely agree with - their money, their choice) but gave up on the PPI case and basically, accepted defeat.

 

Is there anywhere on your CC statement that states if you have PPi or not?

I've had a Lloyds CC for about 10 years now and can't remember if I was asked about PPi or not.


(zip, angling for some free cash... )

 

I would have thought your CC bill would itemise all the things you are due to pay that month or the outstanding balance plus any additional spends (to include ppi).

 

Well, there's nothing else listed apart from what's been spent.

 

Contrary to what I have seen above - when I had CPP (which is the credit card version of PPI) it was obvious from the bill.

 

I've NEVER BEEN MISSOLD ANYTHING.. even ppi... I simply say no thanks and make sure it's not on there... Every load we have had has not been against the house.