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

[igglepiggle]

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

I've spoken to Egg again today and was told that my complaint is still on hold until the outcome of the judicial review is known. Egg apparently thinks the nature of my complaint (being self-employed) is caught by matters being challenged in court - I don't really understand why. Can anybody summarise it for me?

It's been almost 12 weeks. Should I just go to the FOS now? I've heard it's better to get complaint in to the FOS before the JR outcome, because the FOS would be forced to use existing rules to handle all outstanding complaints - is that true?

[EXC]

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

The CC have also updated their Q&A document on issues raised during their investigation which serves as quite a useful summary of the final order.

http://www.competition-commission.or..._PPI_Order.pdf

[EXC]

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

The Competition Commission have published their final order banning the selling of PPI at the point of sale.

Article
Competition Commission confirms PPI sales ban - IFAonline

Order
http://www.competition-commission.or...%282011%29.pdf

Graphic illustration

[di30]

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

Nothing different as such or to what we already know - but this was posted on 18 March about banks intentially delaying PPI reclaims.

http://www.artsgrantsfinder.com/fina...ng-ppi-claims/

Hundreds of thousand of ppi claims from loan insurance will be put on hold for many months until legal battle ends. The British Bankers’ Association has announced that banks will postpone the old ppi claims relating to the sale of payment protection insurance (PPI). The cases is going to be dealt only if the conclusion of a judicial review has completed. The Financial Ombudsman Service (FOS) has revealed that ppi claims topped the list of complaints in the last financial year.

In August 2010, the Financial Services Authority (FSA) released a crackdown on the way banks along with other financial firms have been managing complaints about the mis-sold ppi policies. The City watchdogs required that banks along with other lenders will have to review old complaints about ppi claims and other ppi related issues. It ordered to follow fresh rules which were added on December 1.

The FSA expects its new rules to force financial services industry to deal with 2.75 million ppi claims and ppi associated cases and claimants could be refunded just as much as ¡Ì2.7bn. However, the British Bankers’ Association (BBA), which represents the High Street banks, called the new rules illegal and retrospective by applying new standards to their old sales. It announced lately that it was seeking a judicial review.

The BBA then states that any case that may be affected by the results of the said judicial review which can not be heard in the High Court until earlier this year will be put on hold. The BBA mentioned in its statement that the evaluation of the complaint will not be affected by the judicial review and these complaints will be handled in a normal way. However, if the complaint will be impacted by the judicial review, and cannot be resolved at this time, then banks will write to notify their customers.

FSA’s rules allowed these cases to be put on hold until the case was over. There also been no application for a waiver similar to the official hold on cases set up during the past legal arguments over unauthorized bank charges. However, this move is likely to add an additional aspect to the dispute, with the FSA saying that firms will be expected to continue handling ppi claims and other complaints while this process is ongoing. Also, complainants would still be eligible for take their cases to the Financial Ombudsman Office if the bank has not dealt with it within eight weeks of the initial complaint, even if the case is on hold.

The banks assume that FSA is acting beyond its powers in ordering them to offer compensation to their customers for past mis-selling under its general rules referred to as Principles of Business Sourcebook.

[leclerc]

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

They told me that to cancel the policy, as it was a single premium, that the loan would have to be restructured and I would not get a new loan on the same rate as I had the origional, therefore the amount I was saving by removing the policy was practically nothing.
------------------------------- merged -------------------------------


The letter in January included the following...

"Please be assured, your time limits should you wish to take your complaint further, either via the Courts or FOS, will be extended to include the effect of this delay"

Are the time limits set by the bank or the FOS? Are the bank speaking for the FOS in the above statement?

Cheers.

My understanding is that the statement is a lie. Most loans are "fixed rate" loans, ie the loan rate is fixed at the time of being taken out. Cancelling PPI should not change the rate of the loan. This is the problem some consumers have, ie when you ask verbally to cancel it you are told that the loan has to be "restructured". Ultimately, that is utter nonsense. That's why you should ask them to put it in writing to you. That would allow you, should the dummy actually put it in writing, to start a grievance against that person based on them lying.
Please can you confirm that your loan is a fixed rate loan(it will say so on your paperwork).

[EXC]

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

The letter in January included the following...

"Please be assured, your time limits should you wish to take your complaint further, either via the Courts or FOS, will be extended to include the effect of this delay"

Are the time limits set by the bank or the FOS? Are the bank speaking for the FOS in the above statement?

Cheers.

Generally the FOS will only take on a complaint within 6 months from the point that the bank rejects it.

But as the statement includes the 'courts' they may also be referring to 6 year statute limitation - but as Di said earlier this only really kicks in from the point you became aware of being potentially mis-sold to, rather than from when the PPI was sold.

The FSA's current policy on PPI time-barring is as follows:


Time barring and pre-2005 sales
Some firms argued that complaints about pre-2005 sales should not be included in the
scope of our Handbook provisions because they are all or mostly already out of time to be
considered on their merits (i.e. they are ‘time barred’ under our existing DISP rules).33

We disagree with this view. Decisions concerning the time barring of individual
complaints are ultimately for the FOS to make, but in general terms, our view (as set
out in CP10/6 para 3.14), is that general media coverage of the PPI issue, including
comments or publications by us, would not be enough to have given a consumer the kind
of specific ‘constructive knowledge’ required by DISP’s time limits.

Accordingly, while some consumers who bought PPI before January 2005 may, on an
assessment of their individual circumstances and events, be deemed to have had appropriate
awareness before January 2008, such that they will be out of time by January 2011, our view
is that this is unlikely to apply to consumers generally (though that is ultimately a decision for
the FOS to make concerning complaints referred to it).

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

[LouieJ]

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

See above.

They told me that to cancel the policy, as it was a single premium, that the loan would have to be restructured and I would not get a new loan on the same rate as I had the origional, therefore the amount I was saving by removing the policy was practically nothing.
------------------------------- merged -------------------------------

Did the letter in january give you a final response and 6 months to go to FOS? It's just that usually the on hold letters give you the option of going to the FOS but the 6 months doesn't start to run.

The letter in January included the following...

"Please be assured, your time limits should you wish to take your complaint further, either via the Courts or FOS, will be extended to include the effect of this delay"

Are the time limits set by the bank or the FOS? Are the bank speaking for the FOS in the above statement?

Cheers.

[EXC]

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

Read this

http://www.national-accident-helplin...ppi-claimline/


Now read this

http://www.dailymail.co.uk/money/art...-continue.html

Interesting???

It looks like Lloyds Development Capital currently hold a 30% shareholding in National Accident Helpline http://www.lloydsbankcorporatemarket...k100Top100.pdf

That National Accident Helpline have only recently decided to move into PPI reclaiming indicates that regardless of the outcome of the JR, it's still seen as a growth market.

[pompeyfaith]

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

Was given this the other day...thought it would be of interest. What is more concerning, (if the above is all correct?) then L/TSB through this banking arm would be recieving a cut of mis sold policies sold by themselves...its beautiful!!!! Then I suppose this is why these guys are paid what they are paid to come up with this!!!!!!!!!!!!!!!

Cutting the banks losses through claiming fees yes I think so although I am not surprised by this at all.

Expect more banks to follow specially if the JR is won

Anyone going via a claims management co must choose carefully and do the homework first to ensure they have no links to a bank or any other PPI provider

[Class Act]

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

Now lets get this right because when Lloyds TSB are mentioned that is a bad oman

NAH claim to have brought PPI Claimline but, NAH is owned by Lloyds Development Capital part of Lloyds TSB

Thats does not look good for consumers with Lloyds PPI policies whether they be Lloyds TSB or Blackhorse and given that NAH advertise heavily on TV they are bound to get quite a few clients.

Furthermore How many of those Lloyds PPI consumers will be given an offer which to you and me will know is wrong but they accept not knowing of help and advice sites like this.


Not good at all another act of damage limitation going on here because whos aim will they be working too certainly not the consumers

Was given this the other day...thought it would be of interest. What is more concerning, (if the above is all correct?) then L/TSB through this banking arm would be recieving a cut of mis sold policies sold by themselves...its beautiful!!!! Then I suppose this is why these guys are paid what they are paid to come up with this!!!!!!!!!!!!!!!

[cappo]

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

Now lets get this right because when Lloyds TSB are mentioned that is a bad oman

NAH claim to have brought PPI Claimline but, NAH have sold to Lloyds Development Capital part of Lloyds TSB

Thats does not look good for consumers with Lloyds PPI policies whether they be Lloyds TSB or Blackhorse and given that NAH advertise heavily on TV they are bound to get quite a few clients.

Furthermore How many of those Lloyds PPI consumers will be given an offer which to you and me will know is wrong but they accept not knowing of help and advice sites like this.


Not good at all another act of damage limitation going on here because whos aim will they be working too certainly not the consumers

what rip off merchants,there so predictable(Lloyds tsb) they,ll definitely have the upper hand then won,t they?

[pompeyfaith]

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

Now lets get this right because when Lloyds TSB are mentioned that is a bad oman

NAH claim to have brought PPI Claimline but, NAH is owned by Lloyds Development Capital part of Lloyds TSB

Thats does not look good for consumers with Lloyds PPI policies whether they be Lloyds TSB or Blackhorse and given that NAH advertise heavily on TV they are bound to get quite a few clients.

Furthermore How many of those Lloyds PPI consumers will be given an offer which to you and me will know is wrong but they accept not knowing of help and advice sites like this.


Not good at all another act of damage limitation going on here because whos aim will they be working too certainly not the consumers

[Class Act]

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

Read this

http://www.national-accident-helplin...ppi-claimline/


Now read this

http://www.dailymail.co.uk/money/art...-continue.html

Interesting???

[skv123]

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

Hi all,

Sorry for the jump in without a proper introduction, I will get details of my claim up in the appropriate section when I have abit more time.

I put in my complaint in October to HSBC who sent me a letter in January stating my claim had been put on hold due to the review. Now I am still, reluctantly, paying PPI on my loan which has 19 months to run, the ppi amounts to about 18% of the payments and is really annoing me just being there.
What I need to know is, do I get my complaint in to the FOS and wait alot longer for it to be sorted, more than likely the loan will have been finished by then, or do I wait to see the outcome of the review and see what the bank come back with.
Also, I am running out of ntime on the 6 months deadline, does anyone know if this has bee extended or does it still stand, if so I have no choice but to go to FOS??

Did the letter in january give you a final response and 6 months to go to FOS? It's just that usually the on hold letters give you the option of going to the FOS but the 6 months doesn't start to run.

[leclerc]

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

Hi all,

Sorry for the jump in without a proper introduction, I will get details of my claim up in the appropriate section when I have abit more time.

I put in my complaint in October to HSBC who sent me a letter in January stating my claim had been put on hold due to the review. Now I am still, reluctantly, paying PPI on my loan which has 19 months to run, the ppi amounts to about 18% of the payments and is really annoing me just being there.
Why? You cancel the PPI at any time during the course of the loan

What I need to know is, do I get my complaint in to the FOS and wait alot longer for it to be sorted, more than likely the loan will have been finished by then, or do I wait to see the outcome of the review and see what the bank come back with.
Also, I am running out of ntime on the 6 months deadline, does anyone know if this has bee extended or does it still stand, if so I have no choice but to go to FOS??

See above.