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Buyer beware

I read this morning that 2,000 new claims are lodged every day for compensation in respect of improperly sold payment protection insurance. PPI has become a huge industry. It’s a dripping roast for ambulance chasing lawyers. It’s costing banks billions at the very time when they are supposed to be rebuilding after the crisis.

Why?

I have no trouble in accepting that in cases where borrowers were pressured aggressively or coerced into signing up for such insurance, payback is due. But in others, where the punters simply didn’t know that PPI was included in their package, I’m sceptical. I don’t see why people should be compensated for their own failure to read the small print. I did Latin at school; I know what caveat emptor means.

Why do I give a toss about this? Because I am seriously pissed off by unsolicited text messages from con-men telling me that I am due two or three grand in compensation for missold PPI when I know for sure that I have never had that sort of cover.

A sensible Westminster government would put a statutory time limits on PPI claims. Unfortunately we don’t have one.

Categories: General, Politics
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