It is not so much as being about 'thick punters', because i remember (going back a few years now) being strongly advised to take out payment protection. In fact it was strongly intimated that i would not successfully get the loan without purchasing PPI. It got to the stage, where i would go in to the bank, ask for a loan and request PPI...... which i would cancel within the cooling off period. Each time they were livid lol.
I do agree that it is out of all proportion though, because now banks are having to pay out to all and sundry, even to the majority of people who genuinely wanted and requested the insurance. I dare say they are even paying out to many customers, who made a claim against the insurance. It is ridiculous and there should be a more thorough vetting process, though I doubt there is any vetting whatsoever, as how do they determine genuine cases from the others.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.