Creditors vote in favour of CPP compensation scheme

Creditors vote in favour of CPP compensation scheme

Creditors vote in favour of CPP compensation scheme

Updated in News York Press: Photograph of the Author by , Business editor

CUSTOMERS who were mis-sold insurance by York-based CPP have voted in favour of accepting a multi billion pound compensation scheme.

A creditors meeting was held at Wembley Arena on Tuesday where customers who were sold or renewed a policy since January 2005 were give the chance to vote on whether to accept a redress scheme.

Votes were cast by 18 per cent of those eligible to vote and of those, 98 per cent of votes were in favour of the scheme.

The scheme will now proceed to the High Court for approval, with a hearing date of January 14. If approval is granted compensation payments will begin in the Spring.

Announcing the vote results today Brent Escott, group chief executive, said: "A key priority is to achieve the best outcome for customers affected by the historical issues in the UK business and customer approval for the scheme marks a further step forward in this process.

“While the group will continue to face significant risks and uncertainties in the short to medium term, we continue to work closely with our stakeholders to complete the scheme and provide a stable platform from which the business can look forward.”

CPP Group, which has its headquarters in Holgate where it employs 600 staff, announced last month that is had increased its provision for customer redress and associated costs to £65.8 million, reflecting a proportionately higher level of votes from the scheme creditors for whom CPP is directly responsible.

However CPP has stated the actual pay-out may be higher or lower depending on how many customers will respond during the claims process.

If the High Court grants approval CPP will join 13 high streets banks in paying an estimated £1.3 billion compensation as part of the scheme.

After fining CPP a record £10.5 million in November 2012 for mis-selling insurance products, the Financial Conduct Authority revealed in August last year a redress scheme in which banks and financial institutions, along with CPP, will pay compensation to as many as seven million people in the UK who were sold policies between 2005 and 2011.

The banks and credit card issuers set to join CPP in the redress scheme are Bank of Scotland, Barclays, Canada Square Operations, Capital One (Europe), Clydesdale Bank, Home Retail Group Insurance Services, HSBC, MBNA, Morgan Stanley, Nationwide Building Society, Santander UK, The Royal Bank of Scotland and Tesco Personal Finance.

Comments (21)

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12:57pm Thu 9 Jan 14

Ignatius Lumpopo says...

An 18% turnout? Disgraceful. I voted. Perhaps the compensation should only be allocated to the 98% of the 18% in favour.
An 18% turnout? Disgraceful. I voted. Perhaps the compensation should only be allocated to the 98% of the 18% in favour. Ignatius Lumpopo
  • Score: 6

1:04pm Thu 9 Jan 14

Jim says...

Going by the past record of the company perhaps most people don't think CPP will ever payout.
Going by the past record of the company perhaps most people don't think CPP will ever payout. Jim
  • Score: 8

1:08pm Thu 9 Jan 14

Minguel says...

Ignatius Lumpopo wrote:
An 18% turnout? Disgraceful. I voted. Perhaps the compensation should only be allocated to the 98% of the 18% in favour.
Not quite worked out this democracy lark have you...
[quote][p][bold]Ignatius Lumpopo[/bold] wrote: An 18% turnout? Disgraceful. I voted. Perhaps the compensation should only be allocated to the 98% of the 18% in favour.[/p][/quote]Not quite worked out this democracy lark have you... Minguel
  • Score: 8

1:26pm Thu 9 Jan 14

sounds weird but says...

Was there an alternate choice of action CPP could take/voters could vote for?
Was there an alternate choice of action CPP could take/voters could vote for? sounds weird but
  • Score: 3

3:06pm Thu 9 Jan 14

BL2 says...

sounds weird but wrote:
Was there an alternate choice of action CPP could take/voters could vote for?
If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything!
[quote][p][bold]sounds weird but[/bold] wrote: Was there an alternate choice of action CPP could take/voters could vote for?[/p][/quote]If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything! BL2
  • Score: 2

3:08pm Thu 9 Jan 14

smudge2 says...

Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country. smudge2
  • Score: -7

3:42pm Thu 9 Jan 14

Oyy you says...

smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
[quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it...... Oyy you
  • Score: 7

3:54pm Thu 9 Jan 14

sounds weird but says...

BL2 wrote:
sounds weird but wrote: Was there an alternate choice of action CPP could take/voters could vote for?
If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything!
Thanks for the info. I wonder if the 2% who voted against are institutional voters... Not sure why you got negatively marked for the response!

"smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame"

theoritically I agree with you but I am aware of some of the tactics used to scare some of the customers into buying this. Not everyone is as financially savvy as each other!!
[quote][p][bold]BL2[/bold] wrote: [quote][p][bold]sounds weird but[/bold] wrote: Was there an alternate choice of action CPP could take/voters could vote for?[/p][/quote]If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything![/p][/quote]Thanks for the info. I wonder if the 2% who voted against are institutional voters... Not sure why you got negatively marked for the response! "smudge2 wrote: Anybody who took out this kind of card protection only has themselves to blame" theoritically I agree with you but I am aware of some of the tactics used to scare some of the customers into buying this. Not everyone is as financially savvy as each other!! sounds weird but
  • Score: 3

4:26pm Thu 9 Jan 14

piemagico says...

sounds weird but wrote:
BL2 wrote:
sounds weird but wrote: Was there an alternate choice of action CPP could take/voters could vote for?
If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything!
Thanks for the info. I wonder if the 2% who voted against are institutional voters... Not sure why you got negatively marked for the response!

"smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame"

theoritically I agree with you but I am aware of some of the tactics used to scare some of the customers into buying this. Not everyone is as financially savvy as each other!!
Banks didn't exactly advertise the fact that they are responsible for covering fraudulent use of cards (and why would they when they got big commissions from sale of CPP's products?). And CPP's marketing made out that cover for fraud was one of the key benefits of their policies. It was one big programme of mis-information.

I consider myself financially savvy - I did not take PPI despite concerted sales pressure, have never bought an extended warranty, etc - but I thought that the CPP policy seemed worthwhile given the marketing messages from CPP and the banks. Yes I was rather a mug in retrospect but yes I was happy to vote for some free money given this opportunity!
[quote][p][bold]sounds weird but[/bold] wrote: [quote][p][bold]BL2[/bold] wrote: [quote][p][bold]sounds weird but[/bold] wrote: Was there an alternate choice of action CPP could take/voters could vote for?[/p][/quote]If I remember correctly - you either voted for or against it. If you voted against it, no-one got anything![/p][/quote]Thanks for the info. I wonder if the 2% who voted against are institutional voters... Not sure why you got negatively marked for the response! "smudge2 wrote: Anybody who took out this kind of card protection only has themselves to blame" theoritically I agree with you but I am aware of some of the tactics used to scare some of the customers into buying this. Not everyone is as financially savvy as each other!![/p][/quote]Banks didn't exactly advertise the fact that they are responsible for covering fraudulent use of cards (and why would they when they got big commissions from sale of CPP's products?). And CPP's marketing made out that cover for fraud was one of the key benefits of their policies. It was one big programme of mis-information. I consider myself financially savvy - I did not take PPI despite concerted sales pressure, have never bought an extended warranty, etc - but I thought that the CPP policy seemed worthwhile given the marketing messages from CPP and the banks. Yes I was rather a mug in retrospect but yes I was happy to vote for some free money given this opportunity! piemagico
  • Score: 5

5:39pm Thu 9 Jan 14

ouseswimmer says...

Cons only ever work when people are either greedy or don't do their homework. This could easily have been avoided just by doing low level research.
Cons only ever work when people are either greedy or don't do their homework. This could easily have been avoided just by doing low level research. ouseswimmer
  • Score: -5

6:21pm Thu 9 Jan 14

ycfc says...

The investigation refers to one aspect of the policy I've been a card protection customer for years and will continue to re new as it defiantly has good useful aspects to the cover....... People need to actually put this into perspective it's not completely useless and come on anyone who thinks there going to get a big payout like we've seen with ppi better check how much they've be paying!! You might be surprised....... Anyway everyone is entitled to there opinion.
The investigation refers to one aspect of the policy I've been a card protection customer for years and will continue to re new as it defiantly has good useful aspects to the cover....... People need to actually put this into perspective it's not completely useless and come on anyone who thinks there going to get a big payout like we've seen with ppi better check how much they've be paying!! You might be surprised....... Anyway everyone is entitled to there opinion. ycfc
  • Score: 4

7:25pm Thu 9 Jan 14

Guthred says...

Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
[quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in. Guthred
  • Score: 4

7:49pm Thu 9 Jan 14

smudge2 says...

Guthred wrote:
Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science.
[quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science. smudge2
  • Score: 1

7:59pm Thu 9 Jan 14

Guthred says...

smudge2 wrote:
Guthred wrote:
Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science.
Back when this started, 2002, many people did not have online banking facilities, functions were done through telephone banking. When you called to cancel that particular Standing Order the banks just put you through to CPP.
[quote][p][bold]smudge2[/bold] wrote: [quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science.[/p][/quote]Back when this started, 2002, many people did not have online banking facilities, functions were done through telephone banking. When you called to cancel that particular Standing Order the banks just put you through to CPP. Guthred
  • Score: 1

8:55pm Thu 9 Jan 14

smudge2 says...

Guthred wrote:
smudge2 wrote:
Guthred wrote:
Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science.
Back when this started, 2002, many people did not have online banking facilities, functions were done through telephone banking. When you called to cancel that particular Standing Order the banks just put you through to CPP.
If you did not have online then go into the bank branch..They cannot refuse to cancel any account holders direct payments..I'm afraid people just go through life taking the easy options as they are to busy to take control of there own finances and bury there heads in the sand..Stop making excuses and get the job done !!
[quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: [quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]I don't quite think it worked like that as you could just cancel the direct debit/standing order online or at the bank and wait for them to phone you.Its not rocket science.[/p][/quote]Back when this started, 2002, many people did not have online banking facilities, functions were done through telephone banking. When you called to cancel that particular Standing Order the banks just put you through to CPP.[/p][/quote]If you did not have online then go into the bank branch..They cannot refuse to cancel any account holders direct payments..I'm afraid people just go through life taking the easy options as they are to busy to take control of there own finances and bury there heads in the sand..Stop making excuses and get the job done !! smudge2
  • Score: -3

10:32pm Thu 9 Jan 14

ycfc says...

Guthred wrote:
Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron
[quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron ycfc
  • Score: 1

11:11pm Thu 9 Jan 14

Guthred says...

ycfc wrote:
Guthred wrote:
Oyy you wrote:
smudge2 wrote:
Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron
You're trying to defend the indefensible, good for you!! CPP admited to their mis-selling thus getting a 30% discount on the FSA fine.
[quote][p][bold]ycfc[/bold] wrote: [quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron[/p][/quote]You're trying to defend the indefensible, good for you!! CPP admited to their mis-selling thus getting a 30% discount on the FSA fine. Guthred
  • Score: 0

9:14am Fri 10 Jan 14

ycfc says...

Guthred wrote:
ycfc wrote:
Guthred wrote:
Oyy you wrote:
smudge2 wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.
They aren't to blame when not told they even have it......
Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.
No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron
You're trying to defend the indefensible, good for you!! CPP admited to their mis-selling thus getting a 30% discount on the FSA fine.
If you read the fsa report the mis-selling related to one insurance feature on the policy which I'm not trying to defend, card protection has many other features which a lot of people use and are happy with, a lot of your points you have posted on here are a mixture of massive exaggeration and not factual that's hardly fair!!
[quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]ycfc[/bold] wrote: [quote][p][bold]Guthred[/bold] wrote: [quote][p][bold]Oyy you[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: Anybody who took out this kind of card protection only has themselves to blame...it's the same as people who bought timeshare off a man in the street abroad and now don't want it...nobody's forces you to do this...Are the electrical companies who try to sell you extended warranties on appliances going to have to pay out next ?? ...A lot of economists are saying that the uk recession has been turned around by people receiving these payments and spending it straight away so at least it has helped the country.[/p][/quote]They aren't to blame when not told they even have it......[/p][/quote]Correct, consumers are not to blame. The contract was between CPP and the banks. In nearly all the cases the policies were not even mentioned by the bank to the customer, the banks automatically applied the insurance charges (ranging between £10 and £20 per month). There was no verbal agreement or contract with the customer and when you called the bank to cancel they referred you to CPP, when you called CPP they referred you back to the bank... and so it went on. CPP have only themeselves to blame for the mess they are in.[/p][/quote]No cpp policy has charged between £10 - £20 a month you lot don't actually have a clue what your talking about!! You should at least get your facts right before claiming to know it all!! Moron[/p][/quote]You're trying to defend the indefensible, good for you!! CPP admited to their mis-selling thus getting a 30% discount on the FSA fine.[/p][/quote]If you read the fsa report the mis-selling related to one insurance feature on the policy which I'm not trying to defend, card protection has many other features which a lot of people use and are happy with, a lot of your points you have posted on here are a mixture of massive exaggeration and not factual that's hardly fair!! ycfc
  • Score: 1

1:47pm Fri 10 Jan 14

Guthred says...

Yeah mate, £ 1.3billion in refunds and a £10.5m fine "happy". That one insurance feature was most of the company income, which is why CPP are in a big mess. You sound like one of those staff getting paid a bonus to STOP someone cancelling their policy, lol! Get a proper job.
Yeah mate, £ 1.3billion in refunds and a £10.5m fine "happy". That one insurance feature was most of the company income, which is why CPP are in a big mess. You sound like one of those staff getting paid a bonus to STOP someone cancelling their policy, lol! Get a proper job. Guthred
  • Score: -2

2:05pm Fri 10 Jan 14

ycfc says...

Guthred wrote:
Yeah mate, £ 1.3billion in refunds and a £10.5m fine "happy". That one insurance feature was most of the company income, which is why CPP are in a big mess. You sound like one of those staff getting paid a bonus to STOP someone cancelling their policy, lol! Get a proper job.
I have a proper job that had no relation to cpp infact probably couldn't get any more different but thanks for your concern..... You with your wrong information and poor knowledge sound like someone who is jumping on the media bandwagon instead of looking at the facts and making your own mind up!
[quote][p][bold]Guthred[/bold] wrote: Yeah mate, £ 1.3billion in refunds and a £10.5m fine "happy". That one insurance feature was most of the company income, which is why CPP are in a big mess. You sound like one of those staff getting paid a bonus to STOP someone cancelling their policy, lol! Get a proper job.[/p][/quote]I have a proper job that had no relation to cpp infact probably couldn't get any more different but thanks for your concern..... You with your wrong information and poor knowledge sound like someone who is jumping on the media bandwagon instead of looking at the facts and making your own mind up! ycfc
  • Score: 1

7:39pm Fri 10 Jan 14

jandialbi says...

Market must be happy with the news....share price up 73.91%
Market must be happy with the news....share price up 73.91% jandialbi
  • Score: -1

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