Do you still trust Banks? £1.5 billion in excess profits made from unclaimable Payment Protection Insurance.?

Question

2 million people have been mis-sold policies, because they would never have been able to claim on them.

Competition Commission has alleged that banks make £1.5 billion in excess profits from Payment Protection Insurance.

refhttp://pages.citebite.com/x5t4e8a0fuow

http://www.telegraph.co.uk/news/2075820/Banks-braced-for-damning-report-into-PPI.html

Answer 1

If you or I were to do it we would be prosecuted for fraud. I fail to see any difference.

Answer 2

Most of us stopped blindly trusting the 'authorities' when we find out that Santa Claus is not real :-)

Soon after I got my first job, and had to start paying for things out of my own pocket, when some-one tried to sell me some-thing my first reaction would be 'how is this of benefit to ME ?' ....

.. very soon I stopped asking that question, and asked instead, 'how is this of benefit to THEM ?'

Thus, when I applied for my first Mortgage, and was offered an 'Endowment', I quickly found out that 'they' would be taking most of my first 2 years payments in commission .... and so demanded a 'Repayment' mortgage instead ..

I manged to avoid most types of rip-off insurance on the grounds that to collect I would have to be dead (or nearly dead) .. and found out early on that 'payment protection' protected THEM, not me ..

These days I am so 'cynical' that whatever financial product I am offered my immediate reaction is "no, it's a rip off" .. if I want it I will do my own research (and get multiple quotes) ..

Answer 3

What do you mean still trust banks...I never did trust the robbing sleazeballs!

Answer 4

Banks are one of the things in this life I hate and despise the most. I don't like them and I don't trust them,and yes I do have a bank account,with minimal money in it,Since when did it take 5 days for a cash transfer to happen? Last week for me. P1ss taking fascists.

Don't get me started on this cr+p.

Answer 5

I stopped trusting banks almost 20 years ago when this sucker was mis-sold one of those payment protection insurance plans.

When I became too ill to work I tried claiming on it and, for the first 5 or 6 months, everything appeared to be OK.  Then, all of a sudden I received letter after letter telling me that because I suffered with a pre-existing condition, and they would no longer be paying out on my claim.  It made no difference that I'd talked through this pre-existing condition with the loans officer at my bank, and was assured that the payment protection insurance was there precisely because of that.

Lying b&st*rds, the lot of 'em.

I had to take out another loan, with the same bank, over a longer term simply so I could keep up with repayments, and the stupid tw&ts asked me if I'd like to take out payment protection insurance on it ... as it would be in my favour if I did. i.e., there was a better chance that my loan request would be approved.  Of all the gall.