Sunday, Feb 26, 2012
Because they are bust
Independent: It's appalling that banks are delaying over PPI payouts
UK banks not only can't honour payment protection insurance, and have had to be allowed to return the purchase money, but they don't even have the purchase money.
Posted by stillthinking @ 10:50 AM (757 views) Add Comment
2 Comments
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1. ant said...
you can saying again: the banks are bust. they are only propped up as the "new communist nomenklatura", the bankers, live off it. this will all go tits up. read it here: http://www.opendemocracy.net/ourkingdom/greg-pytel/capitalism-no-longer-exists-its-communism-for-rich
2. enuii said...
PPI was always a scam, only had it once with a Halifax mortgage 24 years ago. The premium was hiked every year from a reasonable amount (£19/month) to a silly amount (£36/month) within 3 years. If you actually read the small print it wasn't worth having i.e. you could only claim after something like 6 months unemployment and then it would only pay out for 12 months. In reality you would be better off overpaying you mortgage by the premium amount or stashing it in a savings account and not touching it to provide a cushion if you needed it.
PPI is for the financially illiterate.