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

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

''In a letter dated 26 April, just 3 days after the High Court ruling.......''

Clearly, ReclaimUK are incapable of counting of counting up to six.

Oh yes of course, and I didn't even notice that lol.

[JakeRippedOffBritons]

Re: Latest updates on PPI Judicial Review and claims on hold

Not sure where they got their figures from but if correct a ppi ROE of 490% is scary, im clearly in the wrong game, how do i get into this selling ppi lark??

(said in jest, before the entire LB community come gunning for me lol.)

The figure for ROE of 490% is from the Competition Commission's report here - http://www.competition-commission.or...ind_report.pdf

See paragraph 27 -
"PPI distribution is highly profitable. We calculated that the 12 largest distributors
made profits after tax in excess of the cost of capital on PPI of £1.4 billion in 2006,
representing a return on equity (RoE) of 490 per cent. "

Have a look at some of the other posts in this blog. Interesting and well sourced stuff about other rip-offs, including pensions, ISAs,.
Rippedoffbritons.com

[Garlok]

Re: Latest updates on PPI Judicial Review and claims on hold

Absolutely pompeyfaith, a service sector cannot survive in the longer term without something to generate wealth i.e. added value which is what manufacturing is all about.

I will never change nlp's views because the mind is closed to anything other than a set way of thinking which was started in earnest by Thatcherism. However just take a look nlp now at con-man Camerons pleas to get "apprenticeships" going again. perhaps we should also get rid of a lot of the mickey mouse universities giving out worthless degrees and get them back to being technical colleges and polytechnics again. Doing some real work.

And on topic there is much discussion that the banks will Appeal around the net and I still believe that they will. One such discussion in a newspaper slated the European Court for having non-elected judges interfering in our way of life, quite unlike here. Can someone point me in the direction where I might cast my vote for or against a judge in this country, particularly at the seniority level of the ECJ judges please?

Regards
Garlok.

[leclerc]

Re: Latest updates on PPI Judicial Review and claims on hold

I'm sure we've discussed the possibility of the BBA winning their case, this does not stop payouts whatsoever, merely the manner in which they are judged. Even if the Supreme Court rules in the BBA's favour payouts will continue. Suggesting that reclaiming PPI that is missold will stop dead if the BBA win is simply unrealistic and scaremongering.

[NLP]

Re: Latest updates on PPI Judicial Review and claims on hold

I'm sure we've discussed the possibility of the BBA winning their case, this does not stop payouts whatsoever, merely the manner in which they are judged. Even if the Supreme Court rules in the BBA's favour payouts will continue. Suggesting that reclaiming PPI that is missold will stop dead if the BBA win is simply unrealistic and scaremongering.

fair points.

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

I'm sure we've discussed the possibility of the BBA winning their case, this does not stop payouts whatsoever, merely the manner in which they are judged. Even if the Supreme Court rules in the BBA's favour payouts will continue. Suggesting that reclaiming PPI that is missold will stop dead if the BBA win is simply unrealistic and scaremongering.

Absolutely and the reality is that the banks have already lost PPI as a product - that at one time accounted for 25% of bank retail profits - since the Competition Commission banned PPI at the point of sale (which accounts for the vast majority of PPI sales) and out-lawed single premium PPI. Only 2 of the UK's 5 largest banks still offer it any more.

Only the cretinous could suggest that ''the banks always win''.

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

What the court decision on PPI means for you

Posted by April 27th, 2011 at 5:15 am.

http://www.fmwf.com/taxonomy/persona...means-for-you/

Millions of borrowers who were mis-sold insurance on loans or credit cards are closer to receiving compensation after the courts last week rejected a challenge by the British Bankers’ Association (BBA).

One of the comments as in the above link.....

How quickly will things move?

THAT depends on whether the banks decide to appeal against the verdict. First, they must seek leave to appeal and have until May 10 to do that.
A judge will then decide if there are grounds for an appeal. If granted, the process could drag on for months. But if the BBA throws in the towel, claims could move quickly.
Adam Phillips, chairman of the Financial Services Consumer Panel, says: ‘It would be disappointing if this marked the beginning of a long legal dispute. It is time for the banks to stop hiding behind lawyers and finally give consumers the redress they deserve.’

[NLP]

Re: Latest updates on PPI Judicial Review and claims on hold

A hungry man is an angry man

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

I will never change nlp's views because the mind is closed to anything other than a set way of thinking which was started in earnest by Thatcherism. However just take a look nlp now at con-man Camerons pleas to get "apprenticeships" going again. perhaps we should also get rid of a lot of the mickey mouse universities giving out worthless degrees and get them back to being technical colleges and polytechnics again. Doing some real work.

Totally agree here collage and university does not teach hands on experience which is what this nation needs more of my son went to collage for 3 years in the hope of getting a job at the end of it and nope he did not despite many certificates in computing the answer was always the same what experience do you have.

Indeed in hindsight an apprenticeship would have been a better option.

He does now have a job although it is only 25 hrs a week and only for 6 months but it is giving him the experience that employers are after.

[leclerc]

Re: Latest updates on PPI Judicial Review and claims on hold

Pompey, and slightly off topic, did he do any work experience during the holidays, ie summer holidays, Easter/Christmas holidays?

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Pompey, and slightly off topic, did he do any work experience during the holidays, ie summer holidays, Easter/Christmas holidays?

Yes he did, working in asda/walmart as a shelf stacker but it did not relate to the jobs he was applying for.

Oh and as for that job he applied for he was 16.5 yrs old and was told to come back when he was 18 lol

[di30]

Re: Latest updates on PPI Judicial Review and claims on hold

In regards to the appeal, my feeling is that it will be announced the day before the final day on the 9th May.

I could be wrong, but as we all know they will drag it out, possibly will try for appeal, if accepted, know in them they will get it, it will be then months before it takes place.

Still as said earlier, I'm staying positive through this, even though it is frustrating, but we will get through it folks, that is my opinion anyway.

[leclerc]

Re: Latest updates on PPI Judicial Review and claims on hold

Yes he did, working in asda/walmart as a shelf stacker but it did not relate to the jobs he was applying for.

Oh and as for that job he applied for he was 16.5 yrs old and was told to come back when he was 18 lol

Still off topic, I'm afraid, did he do any work experience during his Uni studies? Reason I ask, is that in hindsight, I wished I had done, but didn't and it is important if that is the career you want to go into, ie networking.
Ah well, I did the shelf stacking job all the way through my Uni studies and ended up in a bank in spite of the fact that my degree was nothing to do with banking or finance(unless you count me working out how many pints I could drink of watered down beer in the SU during the degree ).

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

From yesterday's Times:


Claims farmers bombard banks with refund demands

A host of so-called claims farmers could share millions of pounds if the big banks are forced to refund customers who were mis-sold payment protection insurance.

The claims managers, whose advertisements proliferate on daytime television and alongside internet searches, have submitted many thousands of demands for refunds. They are acting on behalf of customers who might have been misled by their banks into buying the policies, which cover loan and credit repayments if the holders lose their jobs or become unable to work.

Up to 80 per cent of the claims being received by the banks are from claims managers, rather than from customers directly, an investigation by The Times

The volume of cases received through these middlemen, some of which are aligned to law firms, has almost doubled in the past two years, according to internal bank figures. The development is fuelling concerns in the industry that “ambulance chasers” are taking advantage of the mis-selling scandal to line their pockets.
About one in five of the demands for refunds submitted by the claims managers is so speculative that the claimaint is not even a customer of the bank or has never held a policy, banking insiders said.

None of the big banks would comment. The British Bankers’ Association, the industry representative, also declined to respond.

More than a million customers who were mis-sold the cover are in line for refunds after the banks lost a High Court case. The Financial Services Authority estimates that the banks will have to pay £3.2 billion in compensation for past mis-selling and another £1.2 billion to customers mis-sold policies in the next five years.

The taxpayer-controlled Lloyds and Royal Bank of Scotland were the largest sellers of the insurance cover and therefore could face the largest payouts.

A substantial part of the refunds will go to the claims managers, who typically charge customers 25 per cent of any funds recovered. In cases paid out by the banks so far, the average refund is estimated to have been more than £2,000, implying an average fee for the claims handlers of £500. Spread over hundreds of thousands of cases, this would equate to tens of millions of pounds.

The claims management industry has mushroomed in recent years. According to the Ministry of Justice’s claims regulation unit, 3,177 companies are registered in the field, most of which are small operators and many of which have started to trade recently. Most specialise in personal injury claims, accounting for 2,552 of the companies on the ministry’s register. But businesses that handle claims relating to financial products, such as payment protection insurance, are the next most common, with 945 companies active.
The claims managers, whose websites promise quick, hassle-free recoveries on a no-win, no-fee basis, have been criticised by regulators and consumer groups. They have expressed concern that the managers take a significant amount of the refunds for work that customers could easily do themselves.

However, the Claims Standards Council said that the claims managers had played a crucial role in exposing the banks’ poor behaviour by spending millions of pounds on advertising. The industry lobby group’s spokesman Andrew Wigmore said: “The consumer has been educated of their rights to claim by the advertising, which of course the banks don’t like.” The industry has been working with the Ministry of Justice to establish protocols for settling claims quickly at a fixed cost to the consumer, he said.

The Financial Services Authority estimates that more than 16 million policies have been sold since 2005 and more than 1.5 million complaints have been received by the banks. The regulator issued guidance to the banks in August reminding them of their obligation to handle complaints fairly. The banks issued a legal challenge arguing that the guidance was not enforceable and clashed with previous regulations that the FSA had put in place.

In the High Court this month, Mr Justice Ouseley dismissed the banks’ challenge. The British Bankers’ Authority, which brought the case, is considering whether to appeal.

Brunel Franklin is one of seven trading names registered to Flairford Securities, a company based in Altrincham, Cheshire.

It pursues claims for PPI refunds on a no-win, no-fee basis, in return for taking a cut of 30 per cent of any funds recovered, including VAT. A typical claim takes about six months to resolve. Brunel Franklin also seeks refunds on behalf of people who believe that they have been hit with excessive charges by their banks for paying credit card bills late or for exceeding their overdraft limits.

Sally Bowyer, its managing director, defended the business. “Opting to use a claims company means you have an industry expert on hand to guide you through what can be a difficult and time-consuming process,” she said.

“Many people struggle to pursue a refund alone, as dealing with banks and insurance companies in unfamiliar financial territory can be a daunting prospect and feels like a minefield if you don’t know the rules.” has revealed.

[enaid]

Re: Latest updates on PPI Judicial Review and claims on hold

The volume of cases received through these middlemen, some of which are aligned to law firms, has almost doubled in the past two years, according to internal bank figures. The development is fuelling concerns in the industry that “ambulance chasers” are taking advantage of the mis-selling scandal to line their pockets. Well that fact has taken an awful long time to sink in to the powers that be.