Daily Headline – 05/03/13

Insurance, legal fraud

Massive FraudComplaints against insurance companies in the UK are dramatically on the rise.
The UK’s Financial Ombudsman Service said that they have received 2.5 times the amount of complaints relating to mis-sold loan insurance.

For example:
A double glazing company sells you double glazing (what are the odds!), you pay some money towards this and the rest you pay in instalments. The company does not offer this service. However they have two companies who will provide this service, one is a mainstream, high street bank and the other is a more obscure and lesser know bank (with a much higher interest rate).
The company has to check you have a good enough credit rating to be eligible, they come back and say that the mainstream bank said no but the other guys said yes so you can get your nice new double glazing.
When you question them, they say they don’t know why and then with true sales pitch they pressure you into signing up.

Banks have allegedly already set aside around £14 billion to compensate customers who were wrongly sold this payment protection insurance (PPI).
If this has happened to you, you may be able to claim you money back and get the rest of the payments cancelled.

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