PCP Mis-selling scandal

[Fred Bloggs]

I had a mate who had the same deal for credit card PPI (or whatever it was).

He reckoned that 50% of something for doing nothing was better than 50% of nothing because he didn’t realised he was owed it.

He was happy with his 50%.

I guess PCP is the next opportunity for the ambulance chasers after they drained the swamp of PPI claims. Pension transfers next in line? If so, it's the second time. I had a pension transfer misselling claim for Mrs Bloggs back in the 1990's when the big manufacturing firms were all closing thus creating a rich pool of naive pension transfer fodder.

[northernladuk]

I guess PCP is the next opportunity for the ambulance chasers after they drained the swamp of PPI claims. Pension transfers next in line? If so, it's the second time. I had a pension transfer misselling claim for Mrs Bloggs back in the 1990's when the big manufacturing firms were all closing thus creating a rich pool of naive pension transfer fodder.

In this day of never pay for anything there will be plenty to look at I am sure. They are just waiting for someone like Klarna to not have the right information in the right place and not flashing red for people to read and they will be all over them next etc etc. To be fair unscrupulous sales is to blame for the emergence so while people will always try to sell more than they should then these guys will have something to keep them in business.

[northernladuk]

I had a mate who had the same deal for credit card PPI (or whatever it was).

He reckoned that 50% of something for doing nothing was better than 50% of nothing because he didn’t realised he was owed it.

He was happy with his 50%.

Thing is with that, over time when the banks put the process in it became very easy to do it yourself. We did it and a simple call to Black Horse and a few months wait and my other half bagged 13k from them so these 50% companies bag a lot of money for doing absolutely nothing.

I'd be tempted to wait on PCP claims until it becomes big news, PCP companies put their processes in place to deal with it internally and then do it myself.

[Fred Bloggs]

In this day of never pay for anything there will be plenty to look at I am sure. They are just waiting for someone like Klarna to not have the right information in the right place and not flashing red for people to read and they will be all over them next etc etc. To be fair unscrupulous sales is to blame for the emergence so while people will always try to sell more than they should then these guys will have something to keep them in business.

Off topic, but I think with pension miss selling this time around when it happens the fall out won't be so widespread. In the 1990's it was absolutely massive. I think that the potential for claims going forward has been recognised fairly early by the industry as a whole and the soaring cost of PII for advisors doing that business has driven a lot of lower quality "advisors" (sales people) away. I suppose there's still plenty of stuff out there for agressive ambulance chasers though. But it's really not so easy these days to do a pension transfer at less than eye watering fee rates. I think that can only be a good thing because some folk really cannot be trusted to act in their own very long term best interests.

[northernladuk]

Off topic, but I think with pension miss selling this time around when it happens the fall out won't be so widespread. In the 1990's it was absolutely massive. I think that the potential for claims going forward has been recognised fairly early by the industry as a whole and the soaring cost of PII for advisors doing that business has driven a lot of lower quality "advisors" (sales people) away. I suppose there's still plenty of stuff out there for agressive ambulance chasers though. But it's really not so easy these days to do a pension transfer at less than eye watering fee rates. I think that can only be a good thing because some folk really cannot be trusted to act in their own very long term best interests.

The interesting thing (as I believe it to be anyway) is that the PPI miss-selling was technically only situations where someone was sold cover that would not pay out due to that persons situation. My other half and her ex husband took it out but if you looked at the small print, should the worst have occurred, her ex couldn't claim on it due to his job and financial situation or something. So it was sold to someone illegible to claim because they didn't check. That's miss selling, but then everyone jumped on it saying it wasn't explained etc but the key is they were eligible and could have claimed it. Time, lies and pressure turned it in to the debacle it was with many people getting paid out just because they fell for the hard sell, not that the product was useless.

So in the future their might be, and just guessing for an example here, Gap Insurance miss selling. So if the terms says the gap insurance would cover the difference in price but only for people under 5 foot 4 inches. So if anyone over 5'4" took it then it's been miss sold. If people under 5'4" took it they will try claim just because they took it and were given the hard sell and ticked the box have not been miss sold but they'll be pressured in to claiming by no fee ambulance chasers.

There is a hard line over what has been miss sold and what people have bought without thinking but that won't make a difference to the claims company when the big slow train sets off. Being over charged by unscrupulous sales people isn't miss selling so I think future ones will have a slightly different angle. Not true miss selling but will probably be called that.