Credit card PPI is a modern day snake oil

July 2, 2009

Which? declare “Credit card PPI is a modern day snake oil”
Despite the torrent of shocking publicity over the past few years, and increased regulatory scrutiny, Payment Protection Insurance (PPI) polices are still being sold extensively.
PPI is designed to ensure that loans, credit card payments or mortgages can still be paid should the customer fall [...]

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Payment Protection Insurance Racket

July 2, 2009

According to Which? many banks and lenders could be profiting in the millions by mis-selling costly Payment Protection Insurance (PPI) policies with their personal loans and credit cards. Which? believes that the Association of British Insurers (ABI) and General Insurance Standards Council (GISC) codes are being contravened. Companies are reluctant to divulge exactly how much [...]

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Mortgage protection could become mis-selling scandal

July 1, 2009

In June City watchdog Lord Turner attacked insurers for threatening to water down unemployment protection on mortgages. He warned her would investigate any attempt to push through price rises due to the recession.
The chairman of the Financial Services Authority warned that companies were risking repeating past scandals such as the mis-selling of endowment mortgages.
There has [...]

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Black Horse Finance of mis-selling Payment Protection Insurance Complaint

July 1, 2009

In 2006 The Consumer Action Group received a detailed complaint accusing Black Horse Finance of mis-selling Payment Protection Insurance (PPI).
The main allegation regarding the mis-selling of PPI was that Black Horse offered the client two entirely separate interest rates at the point of sale for the same loan. If the loan was taken with [...]

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Sainsbury’s Bank has the most expensive PPI out of the major lenders

July 1, 2009

Payment Protection Insurance (PPI) is designed to cover payments on a debt – usually mortgages, credit cards or personal loans should you fall ill, have an accident or become unemployed.
Sainsbury’s Bank has the most expensive PPI out of the major lenders, costing over five times that of a standalone policy from an independent insurer. [...]

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Consumer Credit Act cases at Chester County Court

July 1, 2009

On 19th May His Honour Judge Halbert held case management conferences at Chester County Court in 52 cases, each of which raises a question of the enforceability of a consumer credit agreement under the Consumer Credit Acts 1974 and 2006.
It is thought that a very large number of similar claims may be started over the [...]

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Financial Ombudsman predicts an 18% rise in complaints

July 1, 2009

The Financial Ombudsman Service is predicting an 18% rise in complaints over this year.
he statistic is indicative that the public feels the banks are systematically cheating them with their excessive bank charges, compulsory payment protection insurance, APR hikes, non payouts on life and critical illness insurance and unfair loan agreements.
The FOS told the Tax Incentives [...]

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The Financial Services Authority (FSA) imposed a record £27.3m in fines in 2008/9

June 30, 2009

Out-Law.Com have reported that the Financial Services Authority (FSA) imposed a record £27.3m in fines in 2008/9, compared to an annual average of £14 million in the previous five years
The regulator also tripled the number of senior managers under investigation during the year, fining four of them a total of over £200,000. This follows the [...]

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Royal Bank of Scotland accused of training its staff to mislead customers

June 30, 2009

The Royal Bank of Scotland has been accused of training its staff to mislead customers to prevent them from cancelling their Payment Protection Insurance (PPI) policies. The allegations come from a whistleblower within the bank’s ‘customer loyalty team’, who recently detailed claims of the abuse to the Financial Services Authority.
The whistleblower claims that staff [...]

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Banks fobbing off PPI mis-selling complaints with ‘goodwill’ payments

June 30, 2009

Watchdog issues alert to customers over low settlement offers.
Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.
Nine out of 10 Payment Protection Insurance (PPI) mis-selling claims rejected by lenders are now being upheld by consumer watchdog the [...]

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