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Banking industry gives up on PPI mis-selling battle
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=13597		 Page 1 of 1
Author:  pcernie [ Mon May 09, 2011 10:34 am ]
Post subject:  Banking industry gives up on PPI mis-selling battle
The banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).

The British Bankers' Association, which fought the case, said it would not appeal after losing a court challenge against new rules on mis-selling.

Barclays Bank said it had set aside £1bn to pay compensation, HSBC £269m, while RBS said it too would not contest the court ruling.

http://www.bbc.co.uk/news/business-13330858

Good. Scum :twisted:

Of course now they'll probably really start pushing their 'For just £10 a month you can have insurance that won't cover you for jack sh...' line, and bumping up other costs to cover what they'll lose :roll:
Author:  l3v1ck [ Mon May 09, 2011 10:36 am ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
My missus used to work at a bank. (email customer support for an online bank, not super rich bastard investment banking)
Some bonuses were paid base on them selling so much PPI a week. The wages were crap, but the bonuses could massively improve them.
Author:  Amnesia10 [ Mon May 09, 2011 1:52 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
l3v1ck wrote:
My missus used to work at a bank. (email customer support for an online bank, not super rich bastard investment banking)
Some bonuses were paid base on them selling so much PPI a week. The wages were crap, but the bonuses could massively improve them.

So we might see the banks try and reclaim those bonuses?

I am not affected, but this is a good thing. It has tarnished PPI so badly that you struggle to find it being offered now.
Author:  bobbdobbs [ Mon May 09, 2011 3:50 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
Amnesia10 wrote:
l3v1ck wrote:
My missus used to work at a bank. (email customer support for an online bank, not super rich bastard investment banking)
Some bonuses were paid base on them selling so much PPI a week. The wages were crap, but the bonuses could massively improve them.

So we might see the banks try and reclaim those bonuses?

I am not affected, but this is a good thing. It has tarnished PPI so badly that you struggle to find it being offered now.

have you been on moneysupermarket lately? They seem to have at least 42 offers for PPI. I dont call that struggling to find it, unless you cant atually use the internet.
Author:  Amnesia10 [ Mon May 09, 2011 4:12 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
bobbdobbs wrote:
have you been on moneysupermarket lately? They seem to have at least 42 offers for PPI. I dont call that struggling to find it, unless you cant atually use the internet.

I was just quoting a comment on radio 4 about the PPI mis-selling scandal. On that they said that it was much harder to get PPI. Not that you could not get it. Also 42 providers as opposed to the hundreds or thousands that must have been available before is a big drop.
Author:  cloaked_wolf [ Mon May 09, 2011 7:05 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
I always declined it whenever it was offered
Author:  Amnesia10 [ Mon May 09, 2011 10:13 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
cloaked_wolf wrote:
I always declined it whenever it was offered

Same here plus being disabled I would not qualify anyway. Even so they might have added it and I might not have noticed.
Author:  l3v1ck [ Tue May 10, 2011 8:50 am ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
cloaked_wolf wrote:
I always declined it whenever it was offered
+1
If I couldn't afford to pay it back when I got the credit card(/credit limit), then I shouldn't have got the credit card in the first place.
Author:  veato [ Tue May 10, 2011 9:45 am ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
1. A recent loan application didn't (unless I missed it which I hope I didnt!) offer it at all

2. When I was 18 I got a loan for a car (£1000) with PPI. 6 months later I suffered an injury at work and was out of work for a while. I went to the bank to discuss the PPI and was told I didn't qualify as I'd not been in the same job for over 1 year. I couldn't pay the loan and it was sent to a debt collection agency. I went to Uni later that year and struggled to pay it back at tiny amount a month until years later I was working full time. It was Barclays and I [LIFTED] hate the [LIFTED] for what they did. It wasnt the amount (as it was small) but it was the stress, the unpaid debt, the stigma and all the rest of it all because the bastards mis-sold me PPI
Author:  l3v1ck [ Tue May 10, 2011 10:59 am ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
Have you got the premiums back through all this mis-selling business?
Author:  veato [ Tue May 10, 2011 5:50 pm ]
Post subject:  Re: Banking industry gives up on PPI mis-selling battle
l3v1ck wrote:
Have you got the premiums back through all this mis-selling business?


Was too long ago and too little money to bother unfortuantely. It's the after-effects that were the worst and can never be repaid.
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