Insurance Companies Refusing PPI To People That May Need It
Insurance companies have been acting in their best interest for a change, and have been refusing payment protection insurance, (PPI) to the people that most need it. The people that are at risk of losing their jobs, during to the weakness of the economy.
It is staff of HBOS that are reported to be finding it the most difficult, and insurance companies are simply flat refusing their custom.
It is a fact that since Lloyds TSB and HBOS decided to merge, approximately a third of the combined workforce is going to be made redundant. This is due to the rationalisation of the workforce, and also administration activities. It has absolutely noting to do with the maximisation of profits.
There are many within the PPI industry that are appalled by the negative response that so many are experiencing, in relation to the procurement of PPI. It is perceived as a move that typifies the behaviour of financial institutions and insurance companies, in relation to PPI. It is a branch of insurance that has always been ostensibly mismanaged. When it suited them, and the policies were new to the market, they quickly profited by charging too much for the policies.
And to further the scandal, a paradox exists, whereby it has been common practice for mis-sold ppi to people who are not legible to make a claim, should they need to. Now that people want to buy the policies because they will be likely to require them, and would be legible to do just that, the companies selling PPI simply do not want to know.
It certainly seems unfair that HBOS staff, are being systematically blackballed by insurers. There has been no formal announcement of how many jobs will be lost, (just educated guesses) so there is no fair explanation of why the insurers are acting in this way. It is as though they are running away from the service that they offer, in fear of it actually having to be provided.
There are PPI companies out there, fortunately, that are taking a sympathetic approach to the seemingly pending plight of the HBOS people, and people who face a similar scenario. One of these is a company called British Insurance, who are working to source policies from across the entire market, in order for peoples PPI needs to be fulfilled.
It seems ironic indeed, that the staff from two of the worst companies for mis-sold PPI, are now in a position whereby they cannot get PPI for themselves. Perhaps being made to deal with a company such as British Insurance, will bring about some kind of realisation, as to how underhanded the tactics of the high street institutions really are.
It is ludicrous really, that the banks are allowed to act in the way that they do. It is as though they can just move the goalposts as and when they like. They profiteer from people who are unaware of the policies that they are pretty much being manipulated/forced into purchasing, at a grossly inflated price, and when people actually want to willingly purchase the policies, the opportunity is completely removed.
It looks as though the situation is one whereby the majority of companies will only sell PPI to people who they can guarantee, are not going to claim from their policies. It really does sound like a fantastic business model.