Submitted on Saturday 26th November 2016
Rejected on Friday 2nd December 2016
Current status: Rejected
Rejection code: no-action (see below for details)
Exploitative insurance financial services
Stop insurance financial services exploiting customers by taking instalments upfront, and spreading costs over a period shorter than the insured period itself. At present, most insurance companies who are deemed most affordable by search engines are exploiting customers' vulnerabilities.
One takes out an insurance policy and spreading costs with monthly instalments over one year to ease the financial burden. IFS take the 1st instalment within 14days of the direct debit setup in addition to huge deposit taken upfront. The balance is spread 9 monthly instalments, less than insurance term period. It's like taking a 12 month loan, paying the 1st instalment on drawdown, a second instalment within 14 days, and balance spread over 9 monthly instalments. This needs to change urgently.
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The Government e-Petitions Team gave the following reason:
Petitions need to call on the Government or Parliament to take a specific action. You could start a new petition explaining clearly what you would like the Government or Parliament to do.
3.149.24.143 Sat, 23 Nov 2024 12:01:40 +0000
