Friday, September 3, 2010
Competition Watchdog Not Happy About How Insurance is Bundled With Loans
After sending out mystery shoppers to investigate. John Davies, the Executive Director, said banks may be offering too little choice in terms of insurance to people who take housing loans. You can read the statement released to the press a few days ago here.
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3 comments:
Speaking from the bitter experience of seeking (supplicating, rather) a housing loan, one of them is worse than the lot: Barclays. Li, dépi 2006, li ti pé dire so bann nouvo clients ki envie arett all mett laké kott MRA: "e-banking pé vini la". Nou en 2010, mo'nn kitt zott, zott enkor pé dire mem zaffer...
I must applaud this move by the Competition Commission. I have gone through this bitter experience of having to subscribe to TWO insurances which I did not like at all when going for my housing loan at biiiip Bank. Je maudis encore cet instant ou j'ai signé pour m'engager pour les 30 (trente) années à venir!
I must agree, their "marketing" ploy worked perfectly: i was in a hurry to fund the construction of my house, I was thoroughly dissatisfied with MCB (in 2006, it was very "civil service" approach , not like it is now), and its competitors(SBM, HSBC etc) offered more or less the same conditions, while Biiip Bank promised fast-track processing (3 weeks, "no" charges etc). EIGHT bloody months later, my papers were finally to the taste of their board for disbursing the first portion of the loan, while in the meantime construction was well ahead... And I ended up with two insurances which asked special premiums for everything, and I was always told that these insurances were the only ones "acceptable" by Biiip Bank. Biiip them!
Maybe you'll like this...
Call it "humour anglais"...?
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