CPP card insurance mis-selling: how to claim compensation

I still remember a conversation with a loans adviser at my bank telling me about the benefits of PPI. When I said that I didn't need PPI, she said, point blank, that the bank would not even consider my application if I didn't opt for PPI. In other words, I was mis-sold PPI, like many others, so we can be mis-sold something if they use threat tactics. Also, we can be mis-sold something if they tell us that it will cover something that it doesn't, or sell us something that can be bought for free. For example, you can buy pipe insurance cover from your water company, even though the first leak is covered by them automatically at no cost to you (they don't tell you this when you buy their plan). So, I did take out PPI when I set up my bank loan, then cancelled it a week later, after receiving the funds from the bank. As with all insurances, you have a cooling off period, where you can cancel without penalty. I think it is fourteen days, but I could be wrong. As NickPike says (reading between the lines), you need to be a savvy buyer, but even savvy people can be mis-sold, or forced to buy against their better judgement. When purchasing my car, they tried to sell me additional warranty in addition to the one year included, and a chip and dent insurance. Ironically, if you claim off your chip and dent insurance, it can count as an accident claim which you MUST inform you vehicle insurer about by law, and which can affect future premiums on your primary policy. So, beware of what you are buying, and how it may impact what you already have in place. Making a simple claim for a stone chip could see your main insurance go up at renewal, even though they are separate policies. When the salesman sold me the policy, he said I could make as many claims as I wanted, yet not once did he tell me that it could affect my main policy. This could be construed as mis-selling. We have to remember that we employ Financial Advisers because they should know the law regarding financial matters, the same as we employ a solicitor or lawyer to advise us about law. We can not all be experts, so we rely on experts for their advise. If that advise is in error, then they have failed in their role, and we have been mis-sold advise or service.

Nick is quite wrong to describe everyone who paid for CPP without really needing it as an idiot. When I walked into my branch years ago wanting to open a new account I expected honesty and information from the manager who spoke to me. I was told that the account I wanted required me to open a second account through which I would have to transfer money into and out of the first which remains entirely web based. This was true, that's how they operate it. I was then told that to have the second account I would also have their credit card as it came as a sort if 'package'. This turned out not to be true but at the time I wasn't bothered because the card was free and I could choose not to use it. Then the last part of the package was the card protection for the card I didn't want - CPP. The interest on the account I had gone there to open was attractive enough at the time to make me overlook the CPP fee, that the manager 'kindly' set up as a regular payment from the new credit card and became the only thing it's been used for. This is misselling in practice, it's knowing your products, knowing your customer doesn't and knowing that what you've just told them isn't entirely true. If Nick has ever bought something that didn't do what it said on the tin, as almost all of us have, then he was missold that product, trusting information that wasn't entirely true. He shouldn't feel so hard done to, or perhaps so smug - assuming nothing will ever happen to him.

Nobody is mis-sold anything. It's surely a case of mis-bought. If someone buys something that is bad value, that's their fault. I bet loads of people have paid too much for their double glazing, especially when it first became popular, or who have been conned to buy rooftop solar cells, for example, but that's up to them. Is this compensation coming from tax payers money? I don't see why I have to subsidise idiots, of which we seem to have a lot of in the UK now. Caveat emptor