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

[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!

[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

[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.

[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%

[EXC]

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

The FOS covered their approach to 'Compensation for distress, inconvenience and other non-financial loss'' in the latest Ombudsman News issue 93 - ombudsman focus: compensation for distress, inconvenience or other non-financial loss

[LouieJ]

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

Looking back at my letter from HSBC when my claim was put on hold. It says...

"In relation to your complaint , when it was assessed, it was considered that it was affected by the JR and we responded accordingly" (putting it o hold in other words)

If your complaint was put on hold is there more chance that it will be upheld?

[TUTTSI]

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

I was just making a start and getting you all thinking about that payout and how you are going to check if it is correct. It looks like it may be some weeks so now is the time to start thinking about this.

I myself do not have any PPI as have always declined it being self employed. My cousin who took a business loan a couple of years ago, she was not given the option by Lloyds to decline as it was mandatory when she took the loan. They charged her a one off fee of £899 and added this to the loan. Ever since she has been nagging her bank manager for the T&C's to check if she was covered.,as I told her as self employed people are unvariably not covered by these types of policies and therefore it was most likely that she would be covered.

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?

[nelliewops]

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.

That's true Di, I did At the time they had already provided me (via the FOS who emailed them to me) the calculations for how they had worked out the amounts they were to refund on several of the loans previously held by Mr Wops and myself. After they sent out an additional refund cheque for one of these I queried whether they should not all have additional sums refunded based upon the fact that if the same method had been used to calculate them all and one was incorrect, they must all be incorrect..............they never replied to my letter

[di30]

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

That's true Di, I did At the time they had already provided me (via the FOS who emailed them to me) the calculations for how they had worked out the amounts they were to refund on several of the loans previously held by Mr Wops and myself. After they sent out an additional refund cheque for one of these I queried whether they should not all have additional sums refunded based upon the fact that if the same method had been used to calculate them all and one was incorrect, they must all be incorrect..............they never replied to my letter

Yes I remember now , and we never heard anything back either :tinysmile_hmm_t2:.

I know the letter received like yours - did state don't do anything, just put it into the account, something like that.
They did give the account number, in which this was related to the loan taken out in 2004.
So again like yourself we had others as well, so it does make you think mistakes must have been made on them as well, and if there are any more they will automatically send further cheques, then suddenly the JR started.
It makes you think doesn't it?

[EXC]

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

I was just making a start and getting you all thinking about that payout and how you are going to check if it is correct. It looks like it may be some weeks so now is the time to start thinking about this.

The FSA have provided various examples for calculating redress in the Policy Statement.

Appendix 2 (from page 104) http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

[di30]

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

Someone had a payout this morning from Halifax OTR, this was held up previously due to the JR, so hopefully its all happening from now folks.

[nelliewops]

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

Someone had a payout this morning from Halifax OTR, this was held up previously due to the JR, so hopefully its all happening from now folks.

That's good to hear, so hopefully things are starting to move in the right direction - thanks Di

[di30]

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

That's good to hear, so hopefully things are starting to move in the right direction - thanks Di

Let's certainly hope so.

[EXC]

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

According to BBC Money Box, Barclays said that they would look at previously rejected complaints again if they were resubmitted.

The piece on PPI begins at 06.30 BBC iPlayer - Money Box: 14/05/2011

[leclerc]

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

According to BBC Money Box, Barclays said that they would look at previously rejected complaints again if they were resubmitted.

The piece on PPI begins at 06.30 BBC iPlayer - Money Box: 14/05/2011

Why are they not doing that proactively themselves?