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

[leclerc]

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

I'd also like to know whether there's an angle for compensation? The consequence of being "mis-sold" PPI (which I call deception and fraud) has caused me financial distress and much anxiety over the years.
The issue is proving that distress because the loan taken out is a fixed sum(excluding credit cards) and therefore is a difficult thing to prove. Personally, I think all premiums paid plus interest at contractual rate should be paid, furthermore, I think any loans that had PPI and are still open should be specifically redrawn up at the rate given with the balance given minus any payments made already. You have to remember, that cancelling PPI will lower the payments but not to the level of payment that it would be had the PPI never been taken out.
Is it sufficient that the remedy to this is that we're simply brought to the position we would have otherwise been in, had the mis-selling not occurred? What about the distress, and the "opportunity cost" of being wrongfully put in this position?
I still think that the burden of proof is on you to prove what distress you have had and how that distress put you in a worse position. I know that may sound slightly odd but it would be needed.
Why can't we claim REAL compensation? The FSA can fine banks for failings, but why are these fines so pathetic (hardly punitive!), and why don't they flow to us, the victims?
Most of the financial institutions shy away from PPI however, they do sell income protection, life insurance etc., etc which no doubt has a good mark up for the banks(and will be cheaper elsewhere). I'm not sure any bank will particularly come out smelling of roses, after all we are now looking at the next misselling item.......(shhhh! they're now flogging packaged accounts..the ones with extras and they'll sell their grandmother to get you to buy into that nonsense).
In my case, I believe the fair outcome would be a full refund + about 5 grand for all the trouble.

Rant over.

I think that the FOS will see a lot of cases because I'm not sure everyone will accept just premiums and 8%

[cappo]

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

it,s surprising how these banks work isn,t it? i had a loan and two credit cards with the black horse,phoned them, they put a trace on my accounts as they go back to the 90,s, took two days then sent me a letter telling me i don,t have ppi on the accounts which is tosh as i had ppi on all my credit accounts and i always have(before i realised they were no good) whats more i was self employed when i was sold it, ico and sar time here we come,what twisters will be emailing mr osirio methinks thanks to di who gave me the email address,cheers di.

[millymollymoo]

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

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?

Hi IgglePiggle

Citi are stalling on repaying debited/compound interest. They keep saying as in yesterdays letter 'if after the Judical Review we find etc etc...'

Well what they don't know is I found the T&C's and it clearly states it will be added to the whole balance for interest each month, so they can't use that argument

Alllso the allocation of payment doesn't show that either .

Going to do the court route as I feel the CI I have claimed is fully justified


Milly Xxxxxx

[Angry Cat]

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

by PF:
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

Good thinking, PF

It is clear, that many members will require assistance when working out the interest owed!

[Angry Cat]

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.

I do not disagree, PF.
However, I would have thought that the following should be sufficient:
http://www.ico.gov.uk/for_organisati...rinciples.aspx

http://www.ico.gov.uk/~/media/docume..._V3%20DOC.ashx

[igglepiggle]

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

I'd also like to know whether there's an angle for compensation? The consequence of being "mis-sold" PPI (which I call deception and fraud) has caused me financial distress and much anxiety over the years.

Is it sufficient that the remedy to this is that we're simply brought to the position we would have otherwise been in, had the mis-selling not occurred? What about the distress, and the "opportunity cost" of being wrongfully put in this position?

Why can't we claim REAL compensation? The FSA can fine banks for failings, but why are these fines so pathetic (hardly punitive!), and why don't they flow to us, the victims?

In my case, I believe the fair outcome would be a full refund + about 5 grand for all the trouble.

Rant over.

[pompeyfaith]

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.
------------------------------- merged -------------------------------
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

[Angry Cat]

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

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?

It is not difficult to work out the interest that has been applied. Yes, of course it is time consuming but if you want matters to be brought back to the status quo, it has to be done!

[Angry Cat]

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

Yes you could be right, but the response I got from the FOS on this matter was that CRA issues are nothing to do with them and could not make a ruling on the matter as it comes under the DPA 1998 and the ICO so would need to make a separate complaint.
[/color][/left]

The FOS are correct, the Data Protection Act 1998 does not fall within the remit of the FOS.

Consumers, will have to log separate complaints with the Information Commissioners Office!

[igglepiggle]

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

Interesting the FOS doesn't feel it's able to get into this area - it really ought to be able to. They should at least be lobbying the ICO on our behalf.

Anyway, if you write an open letter then I will definitely send a copy. Hopefully we could get a little campaign going..

[pompeyfaith]

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

Wouldn't it be better to first try and get the Ombudsman to build this consideration into their policies for recommending redress?

Yes you could be right, but the response I got from the FOS on this matter was that CRA issues are nothing to do with them and could not make a ruling on the matter as it comes under the DPA 1998 and the ICO so would need to make a separate complaint.

[igglepiggle]

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

@pompeyfaith Worth a try, but why the ICO? Wouldn't it be better to first try and get the Ombudsman to build this consideration into their policies for recommending redress?

In my case I expect Egg to make an offer in terms of refunding premiums/interest but probably not on the issue of CRA notices, so then I'll take it to the Ombudsman, and if they still refuse to do proper redress I may consider going to court.

[pompeyfaith]

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

I think it is time for an open letter to the ICO it get there understanding on the issue of defaults registered as a result of wrongly applied PPI.

The likelihood of the financial industry removing these is pretty remote so if we have a copy of an open letter from the ICO it may help.

What you think?

I dont mind doing that letter if everyone agrees

[igglepiggle]

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

When everyone starts receiving their refunds from the banks I just hope they dont short change anyone and that they add the appropriate interest charge of 8% (which I am assuming this is the minimal amount that they should receive)

I guess everyone should put onto a basic spready the amounts paid with 8% interest based on the dates of payments to check if the figures are correct.

Maybe we should start thinking about this whilst everyone is waiting?

http://www.legalbeagles.info/forums/...ead.php?t=4776

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?

[pompeyfaith]

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

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.

I did get the method of calculation out of the FOS for my claim but I had to badger the FOS for it, funny how the bank could send those calcs to the FOS but not the complainer.

he mentioned that there was something on the FOS website (I haven't checked)

That is on FSA policy statement 10/12 under appendix 2

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf