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

[di30]

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

I guarantee you Di, that they wont over pay - underpay is more like it and peeps have to be able to confirm when they receive the letters that they agree with the sum that they have calculated and which they are paying back.

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.

[cappo]

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

If someone did have that kind of payout but paid off say their loans and credit cards taking the amount they had under that limit, does that have a bearing or is it simply that if they have a 16K payout then their benefits are stopped for the period of time that they have that money?(am kinda looking at the get out clause for people who may be affected or a strategy for those that do have that amount of PPI paid out).

thats a very good point

[StrayPup]

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.

Thank goodness we have clever guys on here for the calcs, but it can be difficult to keep up with dealing with everyone's, bless.:tinysmile_cry_t:

This is what is concerning me too.

When I spoke to FOS today, I raised this point and he basically said that whatever you are happy to accept as a settlement is OK by them and they would only get involved if you think it is unfair. I asked if there were any template calculations for refunds under different scenarios and he mentioned that there was something on the FOS website (I haven't checked), but he added that every case is different.

Hence, I keenly await the outcomes that will be posted on this forum in coming days and weeks.

[di30]

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

Well I have just read that someone OTR who has a complaint with Black Horse (and was also held up due to the JR) contacted BH, and they confirmed a letter of payment should be received in the next 14 days, so it looks like they are finally making a start.

[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

[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 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......

@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......

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......

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..

[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!

[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!

[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

[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.

[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