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SleepyHead

Mis-Selling Is The New Homeowner Bailout

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It's not major news until we get to the miss selling of property and how the banks manipulated people into borrowing £300k for a rabbit hutch which was seen as "good value".

+1

how come these mis sold policies dont come under yhe banner...a policy is worth what someone is willing to pay for it.

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It's another stealth fiscal stimulus. Why else would the banks be volunteering to make these refunds? As far as I'm aware they're under no legal obligation to do so.

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how come these mis sold policies dont come under yhe banner...a policy is worth what someone is willing to pay for it.

Becuase the vendor deliberately misled the buyer into taking the policy. These CPP policies are worthless, but most people wouldn't know that.

The CPP policy was specifically sold as protecting you from fraudulent usage of your credit cards, or in the event of card loss, etc. If you asked people on the street, whether they would think such a policy would be useful, I'd bet at least 95% would say yes. Such a policy is, of course, completely worthless because credit cards automatically indemnify the card holder from fraud as required by the consumer credit act, thus the cardholder would never be liable.

Hell, I had one of these for a number of years, and a few years ago, I went through everything after I realised I was mis-sold PPI (bank and ombudsman didn't agree, so I got nothing), I realised that continuing to pay for this policy was nonsensical, as it covered me for a liability which I didn't have.

For physical objects, we have the sale of goods act, which states that goods must be fit for the purpose for which they were sold and of satisfactory quality. The SOGA doesn't specify anything about the price; the price is still set by whatever a willing buyer is can pay. This is no different to enforcing the same rule for financial products.

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Oh God - I wish some member of parliament would stand up every day the PM speaks and ask: "Where are the prosecutions, you ****** wit?"

It's clear that point of view will never be represented.

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Another day another banking fraud- did these people engage in any activity in the last 20 years that was actually legal?

Why is SOCA not all over this? if they are looking for organised crime then the City is the place to start surely.

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We've yet to have the mahoosive 'mortgage misselling scandal'.

Wasn't there a recent report from the Financial Conduct Authority, that they had performed an initial assessment of the mortgage market for IO mortgages, and other high LTV mortgages? I seem to remember that their initial investigation showed "no evidence of mis-selling" and that "consumers new exactly what they were buying".

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It seems I've been far too sensible with all of these mis-selling scandals. I just said no!

+1

why does common sense fly out of the window when some guy in a suit suggests you pay for something that you don't really need.

Have to take issue with the nomenclature of these punters being called 'victims' - they were just not very savvy

it now seems that everyone is entitled to 'compo' even if they 'mis-bought' some of these financial products and were at least partly to blame. not to excuse the bank's sharp practices ;)

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I sometimes wonder if people buy these insurances without actually knowing they have bought them.....all part of something else they have purchased? :unsure:

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I sometimes wonder if people buy these insurances without actually knowing they have bought them.....all part of something else they have purchased? :unsure:

In which case, who cares?

It's like buying frosties, discovering a free toy, and then demanding compensation because you never asked for a free toy.

But, but, I paid for the free toy! The price would have been less without the free toy! No.

Some PPI claims were of this nature, although not all.

Edited by (Blizzard)

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In which case, who cares?

It's like buying frosties, discovering a free toy, and then demanding compensation because you never asked for a free toy.

But, but, I paid for the free toy! The price would have been less without the free toy! No.

Some PPI claims were of this nature, although not all.

Fine but if you don't know you have purchased it...how can you know to claim on it if you need it if you don't know it exists? ;)

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Yet again the Daily Mash reports the truth.

Gullible people hit compensation jackpot yet again

GULLIBLE people are to receive yet another compensation payment after taking out insultingly worthless credit card insurance.

The £1.3 billion windfall for the easily-convinced follows similar rewards for taking out loan insurance, mortgage insurance, insurance protection insurance and other things that sound good if you don't think about them at all.

http://www.thedailymash.co.uk/news/society/gullible-people-hit-compensation-jackpot-yet-again-2013082378895

Edited by DogTired

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In other news it has been revealed that the entire population of the UK has been conducting its business using a money supply that it needlessly and expensively rents from the commercial banks. Unbelievable but true!

It is calculated that collectively they are paying about £192,000,000 per day in interest to the banks for this money supply.

The whistleblowers at Positive Money have pointed out that the impoverished population could collectively, that is publicly, issue its own adequate debt-free money supply at negligible cost.

http://www.positivemoney.org/home/?utm_expid=36573608-1.48CskiOFSQmAfZ8_tRUIng.1

So far no-one has been prosecuted.

More worryingly, most of the population seems quite happy to continue to pay this enormous burden since the perpetrators of what can only be described as the greatest scam of all time are strangely thought to be of crucial value to the whole economy.

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ooh i could be in for a little windfall.

in my younger days i had cardguard through HSBC. cancelled it last year but it seemed to run for years, maybe 5 years.

do i need to do anything?

does everyone receive it or do you have to say you were conned?

dont feel much guilt tbh, not when i pay tax to fund the scrubbers, breeders, scumbag civil servants etc.... im sooo entitled.lol. how much how much?

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ooh i could be in for a little windfall.

in my younger days i had cardguard through HSBC. cancelled it last year but it seemed to run for years, maybe 5 years.

do i need to do anything?

does everyone receive it or do you have to say you were conned?

dont feel much guilt tbh, not when i pay tax to fund the scrubbers, breeders, scumbag civil servants etc.... im sooo entitled.lol. how much how much?

So you're pleased you'll be paying extra tax in the future to repay the money you already paid out in the past.

Paying twice, receiving once.

Shrewd... :)

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