Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

[Turboman]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

AC,

Thanks I just thought an open letter to the ICO on the issue of PPI and defaults may give us a general idea on where we stand on this matter.
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Bill and Turbo have an excellent spreadsheet for this not sure if it is stickied though however that is the one to be used.

Turbo is very good with EXCEL perhaps we could get him to do a couple for us users for both CREDIT CARD PPI and single upfront PPI

Hi PF

Yes-I'll have a look-

Bill has updated my spreadsheets re single premium loans to include options for usung % other than 8%, and compound interest + other interest options I don't fully understand-when I'm with it-I'll post it + my views on treating overall final rebates and intermediate PPi refunds,

I'll try and bounce these off Budgie first also

However, Credit Cards are not my cup of tea so I look to Budgie & Bill in this area.

Re- the loans PF/Di30/AC---I will try to finish my thoughts in the sub-forum "Understanding PPI Calculations"

Hoewever, my previous experiences 2 years ago on MSE, and on here--resulted in lots of cases of individual queries of of people wanting their figures checked, often without having previously done an SAR or obtaining their statements---

Frankly-I tried to help-but could not cope with the volume and it affected me healthwise.--I anticipate that across the forums in the future---these requests for assistance will be immense

Soooooooo--I will not be dealing with individual cases---but I will gladly try and give some basic Spreadsheet assistance and hope Budgie and Bill can support me------my speciality is Loans & Excel--Credit Cards I get confused re all the discussions re which type of interest we should use---and , frankly, I am not going to try to understand it personnally at this late stage.

Turbs

[leclerc]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Jeff Salway: We'll all be losers when PPI saga leads to bank fees - Scotland on Sunday


I'm sorry guys but I am going to counter this specific argument,
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http://www.independent.co.uk/money/s...e-2284167.html

similar article here

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

http://www.guardian.co.uk/money/2011...rance-policies

£5bn PPI payout expected 'in months'

As the banks abandon a legal challenge, millions are set to claim. But are any genuine insurance policies available?

Banks were this week urged to pay up quickly and without fuss to compensate people mis-sold payment protection insurance (PPI).

The decision to abandon their legal challenge paves the way for millions to share billions of pounds in compensation. The "big four" banks – Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC – this week revealed they face a combined bill of more than £5bn.

If you think you were mis-sold PPI, complain first to the loan provider. The Guardian has produced a template letter. If the complaint is not dealt with to your satisfaction within eight weeks, take your case to the free-to-use Financial Ombudsman Service, which has, until now, upheld three out of four cases.
Where the ombudsman upholds a complaint, the consumer is put back in the position they would have been had they not been mis-sold the cover. The average payout for PPI cases that the ombudsman has upheld is £2,750.
The ombudsman service, even before this week's developments, had been receiving around 5,000 PPI complaints a week.

Banks and other companies will have to look back at past sales, even where people have not complained, and contact customers if necessary. However, the FSA has said a firm "will only have to act towards non-complainants if it finds recurring shortcomings in its own sales in the course of its own [investigations into its sales practices] ..." Some banks are likely to be better than others in pro-actively contacting people.

Martin Lewis, of the MoneySavingExpert.com website, says everyone should check their documents. "If you have PPI, and were told it was compulsory, if you were given employment cover but you were self-employed, or if you were not asked about pre-existing medical conditions, you are likely to be a victim."
Many people have been demanding, and receiving, a full refund of premiums paid, plus interest. Asked whether all this will take days, weeks, months or years to clear up, one financial industry insider told Money that "people aren't going to get letters in the next few days". The answer was likely to be "months".

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Why are they not doing that proactively themselves?

Because they don't have to.

The Root Cause Analysis requirements in the 10/12 Policy Statement only oblige firms to review the past sales of non-complainants and only then under certain circumstances.

[leclerc]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

According to BBC Money Box, Barclays said that they would look at previously rejected complaints again if they were resubmitted.

The piece on PPI begins at 06.30 BBC iPlayer - Money Box: 14/05/2011

Why are they not doing that proactively themselves?

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

According to BBC Money Box, Barclays said that they would look at previously rejected complaints again if they were resubmitted.

The piece on PPI begins at 06.30 BBC iPlayer - Money Box: 14/05/2011

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

That's good to hear, so hopefully things are starting to move in the right direction - thanks Di

Let's certainly hope so.

[nelliewops]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Someone had a payout this morning from Halifax OTR, this was held up previously due to the JR, so hopefully its all happening from now folks.

That's good to hear, so hopefully things are starting to move in the right direction - thanks Di

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Someone had a payout this morning from Halifax OTR, this was held up previously due to the JR, so hopefully its all happening from now folks.

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I was just making a start and getting you all thinking about that payout and how you are going to check if it is correct. It looks like it may be some weeks so now is the time to start thinking about this.

The FSA have provided various examples for calculating redress in the Policy Statement.

Appendix 2 (from page 104) http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

That's true Di, I did At the time they had already provided me (via the FOS who emailed them to me) the calculations for how they had worked out the amounts they were to refund on several of the loans previously held by Mr Wops and myself. After they sent out an additional refund cheque for one of these I queried whether they should not all have additional sums refunded based upon the fact that if the same method had been used to calculate them all and one was incorrect, they must all be incorrect..............they never replied to my letter

Yes I remember now , and we never heard anything back either :tinysmile_hmm_t2:.

I know the letter received like yours - did state don't do anything, just put it into the account, something like that.
They did give the account number, in which this was related to the loan taken out in 2004.
So again like yourself we had others as well, so it does make you think mistakes must have been made on them as well, and if there are any more they will automatically send further cheques, then suddenly the JR started.
It makes you think doesn't it?

[nelliewops]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I agree TUTTSI, they will keep it down.
However, I was very surprised to have received an unexpected cheque later in the year last year on a reclaim I made earlier in the year 2010, they admitted they underpaid on the one, if I recall correctly it was the same for Nellie too, so we have to keep a close eye on them all.

I think its so wrong they send acceptances, telling us they are putting us back in the position as if PPI were not taken out, they will add the interest and so, but they should send a detailed breakdown with it.
People like me are hopeless at working out calculations, so they should get it right first time to save all the bother and hassle later on.

That's true Di, I did At the time they had already provided me (via the FOS who emailed them to me) the calculations for how they had worked out the amounts they were to refund on several of the loans previously held by Mr Wops and myself. After they sent out an additional refund cheque for one of these I queried whether they should not all have additional sums refunded based upon the fact that if the same method had been used to calculate them all and one was incorrect, they must all be incorrect..............they never replied to my letter

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I was just making a start and getting you all thinking about that payout and how you are going to check if it is correct. It looks like it may be some weeks so now is the time to start thinking about this.

I myself do not have any PPI as have always declined it being self employed. My cousin who took a business loan a couple of years ago, she was not given the option by Lloyds to decline as it was mandatory when she took the loan. They charged her a one off fee of £899 and added this to the loan. Ever since she has been nagging her bank manager for the T&C's to check if she was covered.,as I told her as self employed people are unvariably not covered by these types of policies and therefore it was most likely that she would be covered.

I suppose that spreadsheet is useful for single premium loans where redress just means a refund of premiums + 8% simple interest (I think?).

But it's more complicated for credit cards, as people need to work out what the running balance would have been without the PPI premiums, taking into account contractual compound interest, other penalty charges that may have resulted from it (+compound interest), and 8% simple interest if the adjusted balance ever falls below 0 and into "credit".

I found the FOS' explanation on redress useful when I built my spreadsheet. It was extremely time consuming to go through my statements - it took at around 8 or 9 hours to do it properly!

I've heard some lenders claim that contractual interest isn't added to PPI premiums and therefore refuse to refund it - even though that's immaterial.

So I have no doubt that the banks will use tricks like this to underestimate redress, and many people simply won't realise.

As somebody else mentioned up-thread, incorrect information may have also been given to the CRA's. I am seeking the removal of these notices as part of my own redress. Not sure whether the FOS has ever commented or ruled on this aspect, and whether anybody else has been successful in having notices removed?

[LouieJ]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Looking back at my letter from HSBC when my claim was put on hold. It says...

"In relation to your complaint , when it was assessed, it was considered that it was affected by the JR and we responded accordingly" (putting it o hold in other words)

If your complaint was put on hold is there more chance that it will be upheld?

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

The FOS covered their approach to 'Compensation for distress, inconvenience and other non-financial loss'' in the latest Ombudsman News issue 93 - ombudsman focus: compensation for distress, inconvenience or other non-financial loss