www.iva.co.uk

http://newsvote.bbc.co.uk/1/hi/business/7028324.stm

Even though not mentioned above...I can't admire CAB enough as they had sent a report to the FSA which preceded these decisions by the FSA -it was entitled 'The 5 Billion ££ protection racket'

very useful link sonyse2ts. I was paying large amounts of payment protection on my credit cards, i called MBNA to cancel the cover, was asked why I was cancelling and told them I didn't need it as if I was made redundant my company would pay me compensation, if I am sick I receive sick pay. I have been paying this payment protection for years. I wonder is it possible to receive a refund if you never needed it?

MBNA are the worse with PP. When i cancelled they soon raised interest on my monthly payment -so only 2% of the ££ I WAS PAYING CLEARED THE DEBT. EVEN THEY ADMITTED IT WOULD TAKE 20 YEARS TO PAY IT OFF.

DO THEY CARE?? NO

Hi Spreadlove - the only realistic chance of a refund is if you could prove that you were mis-sold the insurance. This might for example mean knowingly selling you a product that the salesperson was aware would not pay out to you in the event of a claim. Typical example of this is the sale of insurance to a self-employed person where the policy will only pay out if you're employed. There are other types of mis-selling and the websites of many claims companies include information and tools to investigate whether the product might have been mis-sold to you. Many will also take on a claim on a no-win no-fee basis though you'd be wise to pick the company very carefully (they must be solicitors or approved by the Ministry of Justice).

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Doesnt surprise me at all.. financial companies are in the business of making money , they want the pennies in your pocket.
The Halifax consider their staff to be retail operators ..note retail .. selling .
Its the old let the buyer beware thing, but banks are bad for this , in the past I have been told that if I want a loan that I must have their insurance - otherwise no loan .. now thats blackmail .. now of course its not a problem

Mish

Thank you Andrew, Good morning all. The thing is I can't even remember asking for payment protection!!. Sonyse2t5 when I spoke to the MBNA and asked them to recalculate my payments they couldn't tell me how much it would be reduced to, if at all..I thought it would be pretty staight forward, you just deduct the PP from the total monthly payment right???..WRONG!!
I'll be glad to see the back of them!!

Hi mish1953 and Spreadlove,

Telling you that the loan is conditional on taking out the insurance appears to be clear grounds for a mis-selling claim. It's blackmail and their regulator/the court would be unamused. If you can substantiate your claim in any way it might be worth taking forwards.

Also it must be made clear to you if you are taking insurance that you are taking insurance. If it was added on without that disclosure that potentially is also mis-selling. To cover themselves the banks often keep such phone calls (if that's how it was arranged) recorded. Why don't you write to them and ask for a copy of the recording? Only the price of a stamp (and a weeks wait until the Royal Mail decides that delivering letters is fairly central to what they do).

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Thank you for your advice Andrew