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News

Gladstone Brookes Criticse PPI Sales By Banks

In a revelation that will no doubt intrigue those with an interest in the world of missold payment protection, experts in this field Gladstone Brookes have revealed a variety of different techniques that were used by banks in order to falsely sell the policies.

Some of the most shocking techniques listed include highlighting two main questions: ‘Do you believe you have a job for life’ and ‘what happens if you get sick and can’t pay the bills?’ designed to get customers on the psychological back foot and to weaken their resolve against the salesman.

One of the main reason that the sales of PPI were so massive was that the banks themselves make a pure profit on the policies, due to the fact that it is actually the insurance companies that pay out on any claims, and the banks simply get paid a substantial commission, and are – as David Taylor, GB employee, puts it – ‘on their merry way.’

Continuing to comment on the situation, Mr Taylor stated that ‘Banks train their staff to play on the fears of the customers, with PPI two questions form the basis of the training: Do you really have a job for life? and What happens if you get sick and can’t pay the bills? You’ve immediately got someone on the back foot psychologically with these questions; you put customers in a position where they have to agree with you – a great situation to command a sale. This is basically the banks’ telling their staff to use your own fears and insecurities against you to sell you PPI.’

For more of the latest information from the world of missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 12 Apr 2011

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