Bank Charges: Reclaim Insurance
15/08/09 09:00
MIS-SELLING OF PPI LOAN INSURANCE
"CONSUMERS MUST BE REIMBURSED"
A Payment Protection Insurance consultation document issued by the Competition Commission has been criticised by a UK marketing expert as doing nothing to help up to 12 million policy holders get compensation from PPI payments mis-sold by their banks and loan companies.
"Instead of focusing on returning PPI payments to consumers, the Competition Commission - backed by the Office of Fair Trading and the Financial Services Authority - is adding insult to injury by running free technical briefings this summer to teach banks and lenders how to legitimately market their rip-off PPI policies," said Tim Hunt, a journalist and marketing professional who has advised companies for more than 25 years.
"It's not future remedies that the public need, they want their money back right now for being mis-sold PPIs over the past decade. And, fancy new marketing and sales techniques won't disguise the fact that PPIs are fundamentally flawed. Even Which? agree that PPI is usually a poor deal and the consumer has been stitched up."
Tim's criticism is also levelled at the OFT for choosing not to take action on getting PPI payments back to consumers but instead passing the ball back to the Competition Commission. And, he also points blame at the FSA for making big statements but doing little to intervene, citing a recent speech given by the FSA MD of Retail Markets who admitted that it was abundantly clear that many providers and distributors knew long ago the issues that needed to be resolved, but did little about it.
"Of course the PPI touts did nothing to change ... they were running a successful marketing and sales scam and were allowed to get away with it. The Competition Commission, Office of Fair Trading and the FSA deliver empty bureaucratic gestures that totally overlook the key consumer issue here and that is to get back the money that has already been taken.
Citizens Advice lodged a Super Complaint four years ago on the PPI scam and called on the OFT to do something. But, action was slow and PPI sales and marketing techniques continued to dupe British consumers out of £5 billion annually.
"If a consumer wants to get their PPI payments back, they are forced into a ridiculous charade of writing a string of recorded delivery letters to their lender until there is sufficient evidence to submit each individual case to the Financial Ombudsman Service. This takes months of effort, stress and anxiety on the consumers' part and the PPI touts know that most consumers will simply give up or never try in the first place," said Tim.
"Stepping up to help are companies like The Claims Guys who have the clout to represent the consumer on a no win, no fee basis. However, it still defies belief that, although these authorities agreed that consumers were duped, coerced or bullied into taking PPIs with loans, none has the guts to demand that PPIs are repaid in full to consumers without quibble," stressed Tim.
Unfortunately there are more PPI insults on the horizon for the British consumer as the Telegraph and Guardian have reported that banks and loans companies selling PPI are now pulling further tricks by raising premiums or reducing cover to maintain their profits.
"Cash-strapped UK citizens have been slapped in the face again and left virtually powerless to fight these faceless banks and unsavoury loans companies. Yet, the FOS admit to receiving thousands of PPI complaints making it the biggest single source ever of UK public grievance yet nothing on a collective scale is being done to compensate the consumer.
"The only way to win is to not give up and let these charlatans get away with consumers hard-earned money. My advice is that, if you don't want to fight this alone, contact a Claims Standards Council member company like The Claims Guys who have the skills to drive PPI claims on a no win, no fee basis and will keep the pressure on where it's needed," said Tim.
To ensure the issue of PPI remains on the agenda, Tim has also launched this PPI news portal - http://www.ppinews.co.uk "There is a serious risk that this issue will lose momentum now the Competition Commission has released its plan of action. Yet consumers are still massively out of pocket and this issue must stay on the front burner until victims get their billions back".
If you have any contributions you would like to make to this web site, please send us an email by clicking here.
The first steps to seeing if you have a PPI claim is both simple and free. Just click on the link below, fill out the form and The Claims Guys will send you a compensation pack.
The Claims Guys have a "no win, no fee" approach saving you the anxiety and hassle of trying to seek compensation directly with your bank or loan company. Give it a try, the applications process is free and simple and it could be the start of recovering your PPI payments.
"CONSUMERS MUST BE REIMBURSED"
A Payment Protection Insurance consultation document issued by the Competition Commission has been criticised by a UK marketing expert as doing nothing to help up to 12 million policy holders get compensation from PPI payments mis-sold by their banks and loan companies.
"Instead of focusing on returning PPI payments to consumers, the Competition Commission - backed by the Office of Fair Trading and the Financial Services Authority - is adding insult to injury by running free technical briefings this summer to teach banks and lenders how to legitimately market their rip-off PPI policies," said Tim Hunt, a journalist and marketing professional who has advised companies for more than 25 years.
"It's not future remedies that the public need, they want their money back right now for being mis-sold PPIs over the past decade. And, fancy new marketing and sales techniques won't disguise the fact that PPIs are fundamentally flawed. Even Which? agree that PPI is usually a poor deal and the consumer has been stitched up."
Tim's criticism is also levelled at the OFT for choosing not to take action on getting PPI payments back to consumers but instead passing the ball back to the Competition Commission. And, he also points blame at the FSA for making big statements but doing little to intervene, citing a recent speech given by the FSA MD of Retail Markets who admitted that it was abundantly clear that many providers and distributors knew long ago the issues that needed to be resolved, but did little about it.
"Of course the PPI touts did nothing to change ... they were running a successful marketing and sales scam and were allowed to get away with it. The Competition Commission, Office of Fair Trading and the FSA deliver empty bureaucratic gestures that totally overlook the key consumer issue here and that is to get back the money that has already been taken.
Citizens Advice lodged a Super Complaint four years ago on the PPI scam and called on the OFT to do something. But, action was slow and PPI sales and marketing techniques continued to dupe British consumers out of £5 billion annually.
"If a consumer wants to get their PPI payments back, they are forced into a ridiculous charade of writing a string of recorded delivery letters to their lender until there is sufficient evidence to submit each individual case to the Financial Ombudsman Service. This takes months of effort, stress and anxiety on the consumers' part and the PPI touts know that most consumers will simply give up or never try in the first place," said Tim.
"Stepping up to help are companies like The Claims Guys who have the clout to represent the consumer on a no win, no fee basis. However, it still defies belief that, although these authorities agreed that consumers were duped, coerced or bullied into taking PPIs with loans, none has the guts to demand that PPIs are repaid in full to consumers without quibble," stressed Tim.
Unfortunately there are more PPI insults on the horizon for the British consumer as the Telegraph and Guardian have reported that banks and loans companies selling PPI are now pulling further tricks by raising premiums or reducing cover to maintain their profits.
"Cash-strapped UK citizens have been slapped in the face again and left virtually powerless to fight these faceless banks and unsavoury loans companies. Yet, the FOS admit to receiving thousands of PPI complaints making it the biggest single source ever of UK public grievance yet nothing on a collective scale is being done to compensate the consumer.
"The only way to win is to not give up and let these charlatans get away with consumers hard-earned money. My advice is that, if you don't want to fight this alone, contact a Claims Standards Council member company like The Claims Guys who have the skills to drive PPI claims on a no win, no fee basis and will keep the pressure on where it's needed," said Tim.
To ensure the issue of PPI remains on the agenda, Tim has also launched this PPI news portal - http://www.ppinews.co.uk "There is a serious risk that this issue will lose momentum now the Competition Commission has released its plan of action. Yet consumers are still massively out of pocket and this issue must stay on the front burner until victims get their billions back".
If you have any contributions you would like to make to this web site, please send us an email by clicking here.
The first steps to seeing if you have a PPI claim is both simple and free. Just click on the link below, fill out the form and The Claims Guys will send you a compensation pack.
The Claims Guys have a "no win, no fee" approach saving you the anxiety and hassle of trying to seek compensation directly with your bank or loan company. Give it a try, the applications process is free and simple and it could be the start of recovering your PPI payments.
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