Mis-sold Payment Protection Insurance

Discussion in 'Finance, Property, Law' started by killaloe_holiday, May 10, 2011.

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  1. I see that the Banks have now set aside a big wad of cash to cover claims for Mis-Sold PPI. Mrs K got a new Motor a couple of years ago financed by Black Horse Finance. A few days later she was contacted on her mobile and was told that she would be a lot safer if she had PPI. Been a cautious type person she agreed. She has two Direct Debits one to Lloyds Blackhorse & one to this PPI Company. Because she did not sign for PPI at the time of the purchase would she be able to claim that she was mis-sold PPI. I will get her to phone some of these 0800 Ambulance chasers that advertise on Sky but wondered what the learned opinion of ARRSE is ?.....
  2. I don't know what the legal side is, but she wasnt mis sold it was she?
  3. They rang her and told her that she needed it.
  4. I think you are only classed as being mis-sold to if it would have been impossible for you to have ever claimed on the policy.

    e.g: If you were unemployed at the time or self employed. Being gullable unfortunately doesn't count as my missus found a few years back when she took out a loan without my knowledge at 34% Apr:pissedoff:
  5. You didnt say that in your original post you said they said she would be safer with it not that she needed it.
    But I doubt they keep phone recordings for 2 years so fill your boots.
  6. Needed it or had to have it?
    Big difference I'm afraid,
    But if there is any doubt that they did a fully disclosed and informed sale based on her indavidual demands and needs it's probably still worth pursuing but why pay a firm of vultures, sorry claims management?
    Have a look at http://www.blackhorse.co.uk/Motor/PPIComplaints.html
    and remember that Lloyds TSB have given up their resistance to the FSA over miss-selling and have put the funds to one side for compensation which is very positive so spend a bit of time and do it yourself?
    • Like Like x 1
  7. Why didn't she tell them 'no'?
  8. Back in the eighties I took out a loan, I filled out the application and ticked the no box for PPI, the nice lady at the counter said I hadn't applied for PPI, I pointed out it was optional, and it was explained that it was very unlikely that the loan would be sanctioned without it.

    As far as it goes, the banks are losing one revenue stream, so they'll find another, possibly the end of free banking. I think the general public may well end up worse off.
  9. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    It's not going to be 'The Banks' paying this money out.

    It's going to be you, I, and all other bank customers. It's like the bookies taking a hammering - you never, ever, ever, get to grab any of the bookies' money - just other punters'.....