View Full Version : Sharp Practice by Banks, Building Societies and Credit Card Companies

Lance Murdoch
7th Feb 2004, 19:08
Ive just been approved a loan by one of the big high street building societies. I applied over the 'phone and I expressly said that I did not want the payment protection insurance. I received the loan agreement through the post this morning and guess what? they charged me for the insurance. After 'phoning them today where I pointed out their 'mistake' they have agreed to remove the insurance and send out a revised agreement. A similar thing happened to me about six months ago when I applied for a credit card.
My point is that the people who sell these loans trade on peoples insecurities to sell them this insurance which quite often represents appalling value. I am sure that they have done this to me on purpose counting on my not being bothered to do anything about it. If not actually illegal then surely this is a bit underhand?
These policies aswell as quite often exhorbitant interest rates must exarcerbate this countries debt problem. The debt problem must contribute to many of the other problems prevalent in society. Much of my confidence in the government would be restored if they were to make a bigger effort to crack down on these bad practices.