pmcd
09-May-11, 07:44
News today that the British Bankers Association - NOT to be confused with an illegal cartel - have decided NOT to appeal against the decision for them to reimburse those who had been mis-sold PPI insurance for a number of years. Already, Santander and Lloyds had agreed to repay the money they had taken under false pretences: today, Barclays joined the ranks of those "owning up".
We can expect HSBC and RBS to come to their senses sometime today. Now there's only two of the defaulters still standing, they're going to look a bit exposed!
This has all been due to a massive campaign by "Which" magazine, and a number of national newspapers (each of whom will take the total credit for this climb-down!)
The other bit of good news is that it is incumbent on the banks to approach you in order to return any mis-sold PPI money. However, with the trust we all now have in these legal extortionists, it might be a good idea to bang very loudly on their doors.
And yes, I do realise that the banks will attempt to recoup this money back from Joe Public in a variety of ways, so here's a few more to avoid:
a) "Identity Theft Insurance". Suggest you don't bother - credit card and account theft by these means are already covered. At the very least, ask LOTS of questions.
b) Become a "card tart". There are still many balance transfer deals available, whereby a new credit card provider will take on your credit card debt at either a 0% or very low percentage rate until a certain date.
c) Watch out for ISAs and Savings Accounts offering large interest rates IN BIG LETTERS for one year, and thereafter (in small print) teensy weensy rates for the next four years. And be advised that banks take a long time, and drag their feet, if you want to relocate your ISA
d) NEVER buy a product over the phone from your bank. The staff are required to flog the bank's garbage offers, whether or not suitable for you as an individual. They are on commission, so they don't care about you personally. They just need you to buy.
e) Remember always that it is now a bank's first duty to make a profit out of you. If they are offering something attractive, the chances are it'll cost you a lot. Remember that they are guilt of mismanaging their and your funds on a massive scale, and that they have had to put money aside in order to repay people they have conned.
Banks are toxic. Use them carefully. And if they ever DARE to use the word "loyalty" remind them that they lost the right to use that word when they made us responsible for their debts.
Latest 0930 - HSBC has now given in leaving only one bank to announce it wants to do the right thing - ah - that'll be RBS then! The legacy of "Sir" Fred the Shred lives on!
We can expect HSBC and RBS to come to their senses sometime today. Now there's only two of the defaulters still standing, they're going to look a bit exposed!
This has all been due to a massive campaign by "Which" magazine, and a number of national newspapers (each of whom will take the total credit for this climb-down!)
The other bit of good news is that it is incumbent on the banks to approach you in order to return any mis-sold PPI money. However, with the trust we all now have in these legal extortionists, it might be a good idea to bang very loudly on their doors.
And yes, I do realise that the banks will attempt to recoup this money back from Joe Public in a variety of ways, so here's a few more to avoid:
a) "Identity Theft Insurance". Suggest you don't bother - credit card and account theft by these means are already covered. At the very least, ask LOTS of questions.
b) Become a "card tart". There are still many balance transfer deals available, whereby a new credit card provider will take on your credit card debt at either a 0% or very low percentage rate until a certain date.
c) Watch out for ISAs and Savings Accounts offering large interest rates IN BIG LETTERS for one year, and thereafter (in small print) teensy weensy rates for the next four years. And be advised that banks take a long time, and drag their feet, if you want to relocate your ISA
d) NEVER buy a product over the phone from your bank. The staff are required to flog the bank's garbage offers, whether or not suitable for you as an individual. They are on commission, so they don't care about you personally. They just need you to buy.
e) Remember always that it is now a bank's first duty to make a profit out of you. If they are offering something attractive, the chances are it'll cost you a lot. Remember that they are guilt of mismanaging their and your funds on a massive scale, and that they have had to put money aside in order to repay people they have conned.
Banks are toxic. Use them carefully. And if they ever DARE to use the word "loyalty" remind them that they lost the right to use that word when they made us responsible for their debts.
Latest 0930 - HSBC has now given in leaving only one bank to announce it wants to do the right thing - ah - that'll be RBS then! The legacy of "Sir" Fred the Shred lives on!