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

[Bill-K]

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

Oh - May I extend a welcome to those who have 'come out from behind the sofa' and said hello to us here, after following this massive thread for all this time. I guess there are probably many more who have been doing so, and are still reading it, so a sincere 'hi' to you guys, too, and thank you for your interest.

Big credit to our Di for starting it, too, of course !!! Cheers, Di !!! :tinysmile_kiss_t4:

[tatty27]

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

The Policy Statement (which is the new rules) requires firms to pay 8% simple interest:

3.45 Many responses from the industry felt that the 8% simple interest rate set out in our guidance as appropriate was too high and that we should consider the outcome of
the Ministry of Justice (MoJ) consultation on the rates used by the courts.

Our response: We responded to these points in CP10/6 (see paragraph 3.37 pg. 57). Since then the consultation by the MoJ has ended, but did not result in legislative change. So 8% remains in line with the approach of the courts and the FOS and we see no good reason to depart from it..

(“simple interest” means a non-compound rate of 8% per annum)

For the rules on interest added to the loan I suggest you word search 'interest' in the Policy Statement http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

Thanks for that

[roffster]

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

Yes, i believe they are still in business.

Out of interest, i called them last night and they have updated their answer message, saying 'following the decision on April 20th they hope claims will now start being assessed and decisions coming very soon. And will contact people blah blah blah, '

I dont know if i will be breaking any rules by disclosing their name! :noidea:

Yes, unfortunately despite the news last week and this the banks have not instantly started settling claims they put on hold. So it looks like your CMC has been as proactive as they can be. I have to say that at 10% they must be very selective with their cases as many successful claims are only a few hundred pounds and you won't get a lot of letters written or time devoted to a case for £40 or £50. If they are selecting only the cases that will deliver payouts in the thousands then it probably works for them. In my experience this would rule out most Credit Card cases and many smaller loans. There is a sort of 'market rate' and any higher and you will struggle to get business and much lower and you have to question what they are doing for it and how far they are prepared to go to win your case.
I have had many claims on hold like many people on here. Despite numerous chases and threats the banks were resolutely refusing to deal with them. Of course the FSA were quick to enforce their rhetoric with hard action......not! So we were really left with two options
1. Wait until the court case and any potential appeal was resolved (the preferred advice from this forum)
2. Take your complaint to the FOS and be prepared to wait for between 12months and two years!

Unfortunately I have a case of two claims that went to the FOS months ago, both of which have been upheld. The lender then ignored the Ombudsman, choosing to not even make contact after they were told to pay. The result is that the Adjudicator has had to refer the cases to the Ombudsman above him to re-look at the case and decide if the adjudicator was right and if so how to get the lender to pay up.
What a waste of time and money for the FOS.
Just fine them!!!!

[Bill-K]

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

Agree, Bill-K!

Personally, I would not use a CMC but I would consider using a specialist legal firm in the case of a complcated PPI reclaim; some cases are extremely complex.

The problems faced by the apathetic, is finding a reputable CMC who will not rip them off?

We concur entirely, I feel, AC. Yep - the big problem seems to be filtering out the good guys when they all appear to be wearing white stetsons !!!

[bravoecho]

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

I have done, I do apologise!

[EXC]

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

RBS have been paying back just premiums paid with no interest, if you want interest you had to take it to the FSO.

Did the new ruling say they have to pay interest? Also, what about the interest paid by us when the full cost of the PPI was added on to the loans etc?

The Policy Statement (which is the new rules) requires firms to pay 8% simple interest:

3.45 Many responses from the industry felt that the 8% simple interest rate set out in our guidance as appropriate was too high and that we should consider the outcome of
the Ministry of Justice (MoJ) consultation on the rates used by the courts.

Our response: We responded to these points in CP10/6 (see paragraph 3.37 pg. 57). Since then the consultation by the MoJ has ended, but did not result in legislative change. So 8% remains in line with the approach of the courts and the FOS and we see no good reason to depart from it..

(“simple interest” means a non-compound rate of 8% per annum)

For the rules on interest added to the loan I suggest you word search 'interest' in the Policy Statement http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

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

Never heard of them so thats a good thing.... I hope

I have just read on their website that refunds go directly to them. May I respectfully suggest that you now keep a strict eye on this and make sure that they pay you, your 90% as soon as they receive it. You may want to contact the banks which you have claim(s) with to ensure that they have not already paid them out.

Ok then! Gosh, i hope you lot havent heard bad things about these now...........but im using JSK Claims in London.

Also, i think they meant the banks will now be assessing claims. I put my claim into JSK, early October.

eace:

[Angry Cat]

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

It did not all start in 2008/2009 the fsa was on to this at the start in 2005.
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http://www.mortgagestrategy.co.uk/fs...113739.article

[EXC]

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

I'm sorry bravoecho but this website has a policy of not allowing any advertising from Claims Management Companies. In inviting our members to use our Private Messaging facility to market your company, you are advertising and I would respectfully ask you to edit the above paragraph from your post.

[pompeyfaith]

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

The company I work for is a small family business that has been helping people get PPI refunds since it all started in 2008/2009.

It did not all start in 2008/2009 the fsa was on to this at the start in 2005.

[Turboman]

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

Indeed, AC, and this is why I believe there will always be a need for CMC's - and thus an option to use them. Much as I personally dislike the idea of paying someone else to do what I could do myself - I do not think we should assume that our own preferences are the same as everybody else's. So I am in agreement with you there.

I can strip down and rebuild a car engine, having done so on several occasions. But I really can't be @rsed with all the grief and grease these days. I take mine to a mechanic and pay the guy to do it for me. Sure, it took a while to find one who wasn't a rip-off merchant, but it suits me. So - yeah - I could still do the work myself, with the aid of a Haynes manual and a socket set, but I just don't. Not because I'm unable to, or even lazy. I just don't have the time or inclination any more.

I detest rip-off car mechanics as much as I detest rip-off merchants of any sort (and I'm a rip-off taxi driver - hocc, spit....!!!) But I sure don't think that car mechanics should be outlawed for that reason !!!

Just catching up----nice to see you back to your usual ars.ey self

[pompeyfaith]

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

Cant see any thing on Barclays/woolwich sites yet am I looking in the wrong place?

[bravoecho]

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

Hi guys, I have been following this thread for months now as I work for a CMC.

I would just like to say that not all CMC's are bad news, there are obviously ones that just scam people out of money for up front fee's and have poor customer service, but we're not all like that. The company I work for is a small family business that has been helping people get PPI refunds since it started in 2008/2009. We help people that don't have the time to keep sending letters to the lenders and following things up, we provide a service for the people that don't want to deal with it themselves.

[Angry Cat]

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

Indeed, AC, and this is why I believe there will always be a need for CMC's - and thus an option to use them. Much as I personally dislike the idea of paying someone else to do what I could do myself - I do not think we should assume that our own preferences are the same as everybody else's. So I am in agreement with you there.

I can strip down and rebuild a car engine, having done so on several occasions. But I really can't be @rsed with all the grief and grease these days. I take mine to a mechanic and pay the guy to do it for me. Sure, it took a while to find one who wasn't a rip-off merchant, but it suits me. So - yeah - I could still do the work myself, with the aid of a Haynes manual and a socket set, but I just don't. Not because I'm unable to, or even lazy. I just don't have the time or inclination any more.

I detest rip-off car mechanics as much as I detest rip-off merchants of any sort (and I'm a rip-off taxi driver - hocc, spit....!!!) But I sure don't think that car mechanics should be outlawed for that reason !!!

Agree, Bill-K!

Personally, I would not use a CMC but I would consider using a specialist legal firm in the case of a complcated PPI reclaim; some cases are extremely complex.

The problems faced by the apathetic, is finding a reputable CMC who will not rip them off?

[Bill-K]

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

Claiming at the compound rate requires a math geek, as well as studying the PPI terms in detail...:beagle:

I'm sure I reply in concord with Turbo in saying that, although we can publish spreadsheets to calculate all this stuff, people still need help in dealing with these tools. I KNOW this for a fact. We have seen cases time and time again where the lenders have offered derisory sums, and done so within the FOS guidelines. Getting our dosh back ain't as simple as it seems. It NEVER has been, and THAT's why we're here. If it WERE that simple, then we wouldn't be discussing it now, would we ?